Canadian Dollar Update May 17, 2017
USD/CAD Open: 1.3629-1.3630 Overnight Range: 1.3579-1.3642
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.84 and gold is at $1,252. 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 1.3659. Support is at 1.3575.
CAD is flat this morning, underperforming the majority of the G10 currencies against the USD. Political uncertainty remains elevated in the United States, resulting in risk-off trading in FX markets. EIA oil inventories pose secondary risk for CAD. Oil prices have been better of late. Yield spreads are poised to narrow in a CAD-supportive manner, if political uncertainty continues to escalate in the United States. There are no top tier domestic data releases in Canada, so we expect CAD to trade based on market sentiment.
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 17, 2017 | Daily Update |
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