Canadian Dollar FX Update April 22, 2016
USD/CAD Open: 1.2660-1.2661 Overnight Range: 1.2654-1.2758
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $43.66 and gold is at $1,248. 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 1.2729. Support is at 1.2592.
The Canadian dollar has consolidated the gains of earlier this week, as we’ve seen material gains in crude following Sunday’s lack of an agreement to curb crude production. We’ve seen a remarkable rally in CAD from January’s multi-year low, and the CAD rally appears to have some room to continue to extend this rally. In the absence of domestic data, CAD is expected to continue to trade in tandem with oil prices, as it has over the past several sessions.
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 22, 2016 | Daily Update |
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