Canadian Dollar Update April 21, 2017- Canadian CPI Misses Expectations
USD/CAD Open: 1.3492-1.3493 Overnight Range: 1.3457-1.3498
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.86 and gold is at $1,284. US futures are higher. Today Canada releases CPI data for March.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3494. Support is at 1.3451.
Quiet trading early in today’s session has left the Canadian dollar flat. CPI data for March missed expectations (+1.6% YOY actual vs. +1.8% YOY expected), which does not come as a surprise, given recent rhetoric from the Bank of Canada. The BoC continues to point to persistent slack in the Canadian economy as the reason for stagnant inflation. Markets have priced in an approximate 50% chance of a rate hike in the U.S. in June. CAD continues to face headwinds moving forward due to contrasting monetary policy between Canada and the U.S.
Today’s Suggested Range USD/CAD: 1.3450 – 1.3550
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 | April 21, 2017 | Daily Update |
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