Canadian Dollar Update May 2, 2018
USD/CAD Open: 1.2860-1.2861 Overnight Range: 1.2802-1.2863
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $67.14 and gold is at $1,307. 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 1.2897. Support is at 1.2787.
The Canadian dollar is relatively flat from yesterday’s levels. Domestic rate expectations are firmer following yesterday’s positive GDP report, and the speech from BoC Governor Poloz. A full 25bp rate hike is now being priced in by the July Bank of Canada meeting. There are no domestic releases scheduled for today, with the focal point of the North American calendar being this afternoon’s Fed meeting.
Today’s Suggested Range USD/CAD: 1.2800 – 1.2900
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 2, 2018 | Daily Update |
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