Canadian Dollar Update May 16, 2017
USD/CAD Open: 1.3604-1.3605 Overnight Range: 1.3596-1.3659
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.17 and gold is at $1,235. 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 1.3693. Support is at 1.3572.
CAD is underperforming most of the G10 this morning, amidst an environment of broad-based USD weakness, following speculation that President Trump revealed confidential information to Russian officials. CAD’s primary drivers remain mixed; recent oil price rises have been a benefactor for CAD, however short-term spreads remain wide. There are no domestic data releases scheduled for today’s session, with event risk rising later in the week as market participant look to retail sales and CPI 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 16, 2017 | Daily Update |
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