Canadian Dollar Update July 31, 2017
USD/CAD Open: 1.2484-1.2485 Overnight Range: 1.2419-1.2490
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.51 and gold is at $1,273. 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 1.2546. Support is at 1.2398.
The Canadian dollar is soft, underperforming the majority of G10 peers early in today’s session. Domestic policy expectations continue to firm, with another 25bp rate increase almost entirely priced in for October’s BoC meeting. Spreads with the U.S. continue to converge in a CAD supportive manner, and crude is holding onto last week’s gains. Domestic risk is limited throughout the earlier part of the week, with event risk centered around Friday’s trade and employment data.
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.
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By Admin | July 31, 2017 | Daily Update |
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