Canadian Dollar FX Update July 29, 2016
USD/CAD Open: 1.3114-1.3115 Overnight Range: 1.3107-1.3186
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $40.87 and gold is at $1,350. US futures are mixed. Today, both Canada and the US release GDP data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3245. Support is at 1.3094.
The Canadian dollar is better supported this morning. Canadian GDP for May was the worst one month change in the last 7 years, with GDP contracting 0.6%, which was slightly more than expectations. In large part, this is attributed to the Alberta wild fires. USD GDP also disappointed, with Q2 figures missing expectations, (+1.2% vs. +2.6% expected). The weak US figures have helped CAD to rise early in today’s session, despite the poor Canadian data and softer oil prices.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
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 29, 2016 | Daily Update |
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