Canadian Dollar Update May 19, 2017- Canada Releases CPI and Retail Sales
USD/CAD Open: 1.3582-1.3583 Overnight Range: 1.3553-1.3611
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.00 and gold is at $1,252. US futures are higher. Today Canada released CPI data for April and retail sales data for March.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3639. Support is at 1.3535.
The Canadian dollar is firmer early in today’s session, testing highs for May. CPI data for April was largely in line with expectations (+1.6% YOY actual vs. +1.7% expected). Inflation remains below Bank of Canada targets by most estimates. Retail sales for March were stronger than anticipated (+0.7% MOM actual vs. +0.3% expected), largely due to stronger auto sales. WTI has once again touched $50/barrel, providing further support to CAD. We expect CAD to trade based on sentiment for the remainder of today’s session, with market participants considering the impact today’s releases will have on next week’s Bank of Canada meeting.
Today’s Suggested Range USD/CAD: 1.3500 – 1.3600
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 19, 2017 | Daily Update |
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