Canadian Dollar FX Update April 13, 2017- Bank of Canada Holds Rates
USD/CAD Open: 1.3233-1.3234 Overnight Range: 1.3223-1.3265
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $53.23 and gold is at $1,289. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3316. Support is at 1.3213.
CAD is better supported following yesterday’s Bank of Canada decision to hold rates. The Bank of Canada appears content to take a wait-and-see approach, communicating that a further rate cut is not on the table at this time. The BoC is expecting weaker exports and business investment throughout the end of 2017, putting additional pressure on the domestic sector for GDP growth. Crude continues to provide support to CAD at current levels comfortably above $50/barrel.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
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, 2017 | Daily Update |
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