Canadian Dollar Update July 29, 2017- July GDP Stagnant
USD/CAD Open: 1.2462-1.2463 Overnight Range: 1.2416-1.2488
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.49 and gold is at $1,291. US futures are mixed. Today Canada released GDP data for July.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2494. Support is at 1.2392.
The Canadian dollar is lower this morning, following July’s GDP data release. GDP was essentially unchanged (+0.0% actual MOM vs.+0.1% MOM expected), cooling off after the rapid pace of growth experienced over the first six months of the year (a 4.5% growth rate, annualized). Domestic rate expectations continue to be CAD’s primary driver. Given the speech made by Governor Poloz earlier in the week stressed data dependence for the path of interest rates moving forward, domestic data releases will heavily influence the likelihood of an additional rate hike before the year’s end. There are no additional releases of consequence scheduled for today.
Today’s Suggested Range USD/CAD: 1.2400 – 1.2500
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 | September 29, 2017 | Daily Update |
0 comments