Canadian Dollar FX Update April 13, 2016
USD/CAD Open: 1.2798-1.2799 Overnight Range: 1.2750-1.2818
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $41.48 and gold is at $1,245. US futures are lower. Today the Bank of Canada holds its April rate policy decision.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2901. Support is at 1.2730.
The Canadian dollar rose to a 9-month high yesterday, leading up to today’s Bank of Canada meeting. It’s widely expected that the BoC will hold rates at 0.5%, and the main risks lie in the accompanying press conference, as well as the revisions to the growth timeline forecast. WTI has been performing well, which has helped to fuel the CAD rally. We can expect some volatility today due to the event risk, and markets are not likely to settle down until after Governor Poloz’s speech (scheduled for 11:15AM EST).
Today’s Suggested Range USD/CAD: 1.2750 – 1.2850
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 13, 2016 | Daily Update |
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