Canadian Dollar FX Morning Update May 31, 2017
FX Morning Update May 31, 2017
USD/CAD Open: 1.3477 – 1.3479 Overnight Range: 1.34365 – 1.35191
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.06 and gold is at $1.270.20. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are bearish-neutral. For today, USD resistance is at 1.3500. Support is at 1.3431.
The Canadian dollar initially rallied but has since fallen since the GDP release this morning. Despite the positive GDP data release this morning, oil prices have taken a sharp dive today taking the loonie along with it. Canadian GDP data did beat expectations which should help the longer term outlook, however, oil prices remain the key factor in the short term.
Today’s Suggested Range USD/CAD: 1.3465 – 1.3565
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 31, 2017 | Daily Update |
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