Canadian Dollar FX Update April 12, 2017- Bank of Canada Rate Decision for April
USD/CAD Open: 1.3317-1.3318 Overnight Range: 1.3306-1.3340
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $53.63 and gold is at $1,277. US futures are lower. Today, the Bank of Canada makes its rate decision for April.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3356. Support is at 1.3309.
CAD is trading narrowly ahead of this morning’s Bank of Canada rate decision and accompanying press conference. A dovish hold is expected, as the Bank of Canada points to “material excess capacity” in the Canadian economy. Inflation, the Bank of Canada’s primary mandate, continues to lag expectations. OIS are pricing in approximately 6bps of tightening over the next 12 months, so room for moderation in CAD expectations exists. Event risk will be elevated throughout today’s session.
Today’s Suggested Range USD/CAD: 1.3300 – 1.3400
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 | April 12, 2017 | Daily Update |
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