Canadian Dollar FX Update April 16, 2018
USD/CAD Open: 1.2584-1.2585 Overnight Range: 1.2575-1.2623
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $66.85 and gold is at $1,350. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2633. Support is at 1.2562.
The Canadian dollar has consolidated last week’s gains. Higher commodity prices have been the primary benefactor of CAD in the short-term. WTI is well supported at current levels. The focus of the week will be Wednesday’s Bank of Canada meeting, where a rate hold is widely expected. Market participants will look to the statement tone, where a constructive outlook is expected given recent improvement on the NAFTA front. There are no domestic releases scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.2550 – 1.2650
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 16, 2018 | Daily Update |
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