Canadian Dollar Update July 24, 2015
FX Morning Update July 24, 2015
USD/CAD Open: 1.3072-1.3073 Overnight Range: 1.3016-1.3103
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.91 and gold is at $1,082. US futures are flat. There are no major data releases scheduled today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3125. Support is at 1.2991.
The Canadian dollar has softened to levels last seen in 2004. There are no major data releases scheduled for today; however next week should prove to be more eventful. Next week’s FOMC meeting will likely provide additional insights into the projected timeline of the Fed’s rate hike timeline. The renewed decline in oil prices combined with weakening indicators of global growth out of China and Europe will be important factors contributing to the Fed’s assessment of the US economy’s ability to meet the inflation target of 2%. The Canadian dollar continues to lack a catalyst over the medium term, as US events and releases will continue to be the main driver.
Today’s Suggested Range USD/CAD: 1.3000 – 1.3100
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
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 24, 2015 | Daily Update |
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