Canadian Dollar FX Update April 18, 2016
USD/CAD Open: 1.2902-1.2903 Overnight Range: 1.2862-1.2990
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $38.86 and gold is at $1,241. 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 1.3004. Support is at 1.2811.
The Canadian dollar has followed crude lower earlier in the week, in response to the lack of an agreement of OPEC producers and Russia to limit crude production. A reduction in supply is essential to materially higher oil prices, as crude supply continues to significantly outweigh demand. Lower oil prices has had the expected risk off effect in FX, with JPY and CHF better supported, and commodity currencies like CAD and AUD faring worse. Event risk for CAD is limited early in the week, with Bank of Canada speakers on Tuesday and Wednesday being the primary events.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
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 18, 2016 | Daily Update |
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