Canadian Dollar Update May 23, 2017- CAD Firmer on Crude
USD/CAD Open: 1.3463-1.3464 Overnight Range: 1.3455-1.3509
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.81 and gold is at $1,261. 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 1.3521. Support is at 1.3436.
The Canadian dollar is higher early in today’s session, as firmer oil prices provide continuing support. It is expected that OPEC and non-OPEC producers are likely to decide to extend production cuts at this week’s meeting in Vienna, which would be a boon to oil prices, and by extension, CAD. The U.S. dollar is trading defensively, with the GBP lower following yesterday’s terrorist attacks in Manchester. Canadian data has been disappointing thus far in May. Monetary policy in Canada is unlikely to change in the short-term, as inflation remains well below Bank of Canada targeted levels. As monetary policy between the U.S. and Canada remains divergent, CAD will look to oil prices to extend gains.
Today’s Suggested Range USD/CAD: 1.3400 – 1.3500
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 23, 2017 | Daily Update |
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