Canadian Dollar Update July 27, 2016
USD/CAD Open: 1.3184-1.3185 Overnight Range: 1.3159-1.3212
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $42.77 and gold is at $1,330. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3239. Support is at 1.3155.
The Canadian dollar is trading slightly below yesterday’s levels. Today’s session carries considerable risk in the form of the US Fed rate decision and the implications on the broader market tone. A rate hold is expected from the Fed, but as always statement sentiment will be of importance. EIA oil inventories are also scheduled for today, which could influence oil prices. Expect CAD to track the broader market tone for today’s session, with some potential volatility after the Fed decision.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
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.
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By Admin | July 27, 2016 | Daily Update |
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