Canadian Dollar FX Update May 18, 2017
USD/CAD Open: 1.3613-1.3614 Overnight Range: 1.3580-1.3670
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.51 and gold is at $1,258. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3682. Support is at 1.3585.
CAD has consolidated over the past few sessions. Amidst an environment of broad-based USD weakness, CAD has underperformed relative to the rest of the G10 currencies. Commodity currencies have followed resource prices lower. There are no major domestic releases of consequence scheduled for today’s session. Event risk for this week will be centered around tomorrow’s CPI and retail sales data.
Today’s Suggested Range USD/CAD: 1.3550 – 1.3650
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 | May 18, 2017 | Daily Update |
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