Canadian Dollar FX Update July 14, 2016
USD/CAD Open: 1.2927-1.2929 Overnight Range: 1.2905-1.2987
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.76 and gold is at $1,322. 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 1.3042. Support is at 1.2865.
The Canadian dollar has risen to a one-week high in an environment of risk appetite. Yesterday’s Bank of Canada tone was surprisingly optimistic, helping to buoy CAD. CAD’s other drivers have become increasingly supportive in the short-term, with oil prices slightly firmer after dropping to a two-month low, alongside relative stability in yield spreads. There is the potential for CAD upside in the short-term, as domestic risk is limited for the rest of the week after yesterday.
Today’s Suggested Range USD/CAD: 1.2900 – 1.3000
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 14, 2016 | Daily Update |
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