Canadian Dollar Update July 31, 2015
USD/CAD Open: 1.3010-1.3011 Overnight Range: 1.2990-1.3098
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.80 and gold is at $1,087. US futures are lower. Today, the EIA releases oil inventories. The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3082. Support is at 1.2963. The Canadian dollar has continued to trade in a narrow range since the Bank of Canada rate cut on July 15. Today, Canada released GDP figures for May, showing the economy contracted by 0.2% against expectations of 0% change. It’s clear the Canadian economy has responded sluggishly to last year’s oil price shock, with the recovery timeline appearing to be longer than the Bank of Canada expected. In the short-term, look for domestic developments as well as oil prices to drive the Canadian dollar.
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 31, 2015 | Daily Update |
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