Canadian Dollar Forex Update April 27, 2016
USD/CAD Open: 1.2597-1.2598 Overnight Range: 1.2571-1.2634
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.87 and gold is at $1,252. US futures are lower. Today, the FOMC releases their April rate policy decision.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2661. Support is at 1.2548.
The Canadian dollar has followed oil higher this morning, as WTI is approaching $45/barrel. The main event for today will be the FOMC rate decision. A hold is widely expected, with a slightly more hawkish tone expected in the statement. Fed hawkishness will likely have the usual USD supportive effect, with any moderation in tone having the opposite effect. This morning’s EIA oil inventory levels could potentially impact WTI in the short-term. Oil prices and relative monetary policy will be CAD’s main drivers for today’s session.
Today’s Suggested Range USD/CAD: 1.2550 – 1.2700
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 27, 2016 | Daily Update |
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