Canadian Dollar FX Update July 11, 2016
USD/CAD Open: 1.3062-1.3063 Overnight Range: 1.3029-1.3097
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.54 and gold is at $1,356. 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 1.3121. Support is at 1.3014.
The Canadian dollar is lower this morning, regressing to levels last seen in late June following the UK referendum. Oil prices continue to fall alongside CAD. This week, we should see relative policy once again become a primary factor for the Canadian dollar. Wednesday’s Bank of Canada decision will provide the main event risk for the Canadian dollar, with a rate hold widely expected. OIS are pricing in a 30% chance of a 25bp rate cut over the next 12 month, the highest it’s been since early 2016.
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.
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By Admin | July 11, 2016 | Daily Update |
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