Canadian Dollar FX Update April 28, 2016
USD/CAD Open: 1.2587-1.2588 Overnight Range: 1.2527-1.2607
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.31 and gold is at $1,259. 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 1.2681. Support is at 1.2515.
The Canadian dollar is stronger this morning, paved by the sentiment from yesterday’s Fed meeting. The Fed continues to be cautious, which has been CAD supportive. Oil prices are showing signs of support over $45/barrel. Today’s US GDP release missed expectations, as Q1 GDP grew 0.5% against expectations of 0.7%. The US economy has shown signs of slowing down since last year’s rate hike, which puts the rate hike timeline for 2016 in jeopardy. So far, this has been CAD supportive. Relative policy as well as oil will continue to be the focus leading up to tomorrow’s Canadian GDP release.
Today’s Suggested Range USD/CAD: 1.2550 – 1.2650
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 28, 2016 | Daily Update |
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