Canadian Dollar Foreign Exchange Update April 18, 2017
USD/CAD Open: 1.3361-1.3362 Overnight Range: 1.3310-1.3375
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.65 and gold is at $1,285. US futures are flat. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3392. Support is at 1.3285.
CAD is soft this morning, underperforming amongst its G10 peers. CAD’s main drivers are conflicted, as oil prices are weaker, but yield spreads have narrowed in a CAD-supportive manner. Risk appetite appears limited early in today’s session, with global equities broadly lower following yesterday’s European holiday. The focus of today’s session for CAD is likely to be relative policy. Room for moderation exists for CAD as OIS continue to price in approximately 5bps of tightening from the Bank of Canada over the next twelve months.
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 18, 2017 | Daily Update |
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