Canadian Dollar FX Update May 15, 2017
USD/CAD Open: 1.3618-1.3619 Overnight Range: 1.3601-1.3723
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.49 and gold is at $1,235. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3701. Support is at 1.3569.
CAD is one of the best performers early in today’s session, as oil prices are sharply higher following reports that Russia and Saudi Arabia have agreed to extend oil production cuts. The USD is broadly underperforming, and has been trading defensively since Friday’s data releases. Fed futures continue to price a June rate hike as a near certainty; starkly in contrast to a neutral Bank of Canada. Short-term yield spreads remain wide and USD supportive, leaving CAD’s main drivers mixed. As the upside for WTI is likely to remain limited, CAD continues to lack a catalyst.
Today’s Suggested Range USD/CAD: 1.3550 – 1.3650
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 | May 15, 2017 | Daily Update |
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