Canadian Dollar Foreign Exchange Update May 31, 2016
FX Morning Update May 31, 2016
USD/CAD Open: 1.3022-1.3025 Overnight Range: 1.3000-1.3049
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.90 and gold is at $1,215. US markets are higher. Canada releases Q1 GDP data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3100. Support is at 1.2970.
Softer than expected Q1 GDP data in Canada has the Canadian dollar a bit weaker this morning. The USD dollar has had a decent Month rallying on the back of a potential Fed rate increase this summer. Oil prices remain near $50/bbl and a rally could help the loonie counteract USD gains due to monetary policy sentiment. Look for the US dollar to continue to rally if expectations of a Fed rate hike become firmer.
Today’s Suggested Range USD/CAD: 1.3025 – 1.3125
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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 31, 2016 | Daily Update | 0 comments