Canadian Dollar FX Update April 20, 2017
USD/CAD Open: 1.3492-1.3493 Overnight Range: 1.3461-1.3495
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.36 and gold is at $1,281. 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 1.3532. Support is at 1.3413.
The Canadian dollar is soft, as last month’s post-Fed CAD rally has been erased at current levels. Oil appears to be the dominant factor for CAD, as yesterday’s sharp decline in WTI has pushed CAD lower. The USD appears poised to consolidate as market participants assess the likelihood of a Fed rate hike in June. Domestic releases are limited moving towards tomorrow’s CPI release.
Today’s Suggested Range USD/CAD: 1.3450 – 1.3550
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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 20, 2017 | Daily Update | 0 comments