Canadian Dollar Update July 24, 2017
USD/CAD Open: 1.2508-1.2509 Overnight Range: 1.2507-1.2552
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.06 and gold is at $1,263. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2605. Support is at 1.2460.
The Canadian dollar is higher this morning, with today’s high nearly reaching CAD/USD of 0.80. Canadian dollar bullishness is salient, as short-sellers continue to unwind positions. The U.S. dollar remains broadly weak. Commodities are stable. Monetary policy is poised to continue to be the primary driver for CAD over the medium term. There are no major data releases scheduled for the remainder of today’s session, and we expect CAD to trade based on market sentiment.
Today’s Suggested Range USD/CAD: 1.2450 – 1.2550
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.
Click Here to Subscribe
By Admin | July 24, 2017 | Daily Update |
0 comments