Canadian Dollar FX Update April 25, 2016
USD/CAD Open: 1.2671-1.2672 Overnight Range: 1.2650-1.2718
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $43.70 and gold is at $1,237. 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 1.2747. Support is at 1.2612.
The Canadian dollar is flat early in the week, consolidating around 1% below last week’s high. Oil has remained steady above $40/barrel. The CAD rally has been heavily tied to oil prices; oil’s lack of volatility over the last few sessions has stalled CAD as well. This week is filled with event risk for CAD, as BoC Governor Poloz is speaking tomorrow, and monthly GDP figures for February will be released Friday. For today’s session, CAD is likely to continue to track oil prices in the absence of domestic data releases.
Today’s Suggested Range USD/CAD: 1.2650 – 1.2750
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.
Click Here to Subscribe
By Admin | April 25, 2016 | Daily Update |
0 comments