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USD/CAD Open: 1.3451-1.3452 Overnight Range: 1.3410-1.3499
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.63 and gold is at $1,271. 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 1.3505. Support is at 1.3391.
The Canadian dollar is higher this morning, outperforming amidst an environment of broad-based risk appetite. Centralist, pro-European Macron won the first round of the French presidential election, quelling fears of a potential Frexit. Global equities are higher, with safe haven currencies and gold underperforming. March’s CPI figures were well below Bank of Canada targets. Wednesday’s retail sales and Friday’s monthly GDP for February are the main event risks for CAD this week.
Today’s Suggested Range USD/CAD: 1.3400 – 1.3500
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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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