Canadian Dollar FX Morning Update May 29, 2017
FX Morning Update May 29, 2017
USD/CAD Open: 1.3446- 1.3447 Overnight Range: 1.3436- 1.3467
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.78 and gold is at $1,268.90. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.3491. Support is at 1.3418.
The Canadian dollar will remain steady today as most US exchanges and markets will be closed due to Memorial Day. The Canadian Dollar could face potential risks which is contingent to this week’s release. Oil prices continue to be a big driver of the loonie’s direction.
Today’s Suggested Range USD/CAD: 1.3400 – 1.3500
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 29, 2017 | Daily Update |
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