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Canadian Dollar Update July 23, 2015

USD/CAD Open: 1.3000-1.3001 Overnight Range: 1.2946-1.3048

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.32 and gold is at $1,095. US futures are flat. Today, Canada releases retail sales data for May.

The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3038. Support is at 1.2922.

The Canadian dollar remained flat overnight, trading in a narrow range following last week’s Bank of Canada rate cut. Canadian retail sales for May were strong, growing 1%, beating expectations of 0.5% growth. This outperformance had negligible impact on the Canadian dollar, which saw little movement in spite of the data. Attention still remains with the US Fed meeting next week. US weekly jobless claims continue to fall, now reaching their lowest levels in four decades. The improving labour market will be a factor in the Fed’s decision to raise rates, which is expected later in 2015. With the absence of a catalyst for the Canadian dollar, this will continue to be a US dollar story.

Today’s Suggested Range USD/CAD: 1.2950 – 1.3050


Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.

By Admin | July 23, 2015 | Daily Update | 0 comments

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