Canadian Dollar FX Update April 28, 2017- February GDP Meets Expectations
USD/CAD Open: 1.3655-1.3656 Overnight Range: 1.3624-1.3666
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.63 and gold is at $1,267. US futures are mixed. Canada released GDP data for February this morning.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3696. Support is at 1.3555.
The Canadian dollar is soft this morning, trading near its 1 year low. Canada released GDP figures for February, which were flat on a MOM basis (+0.0% actual vs. +0.1% expected), following January’s strong GDP results. The U.S. released GDP figures for the first quarter, showing the economy grew 0.7%, which is a relatively slow start to the year. WTI is better supported this morning. Domestic risk is limited throughout the remainder of today’s session.
Today’s Suggested Range USD/CAD: 1.3600 – 1.3700
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 28, 2017 | Daily Update | 1 comments