Canadian Dollar FX Update May 16, 2016
USD/CAD Open: 1.2918-1.2919 Overnight Range: 1.2901-1.2963
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.26 and gold is at $1,288. 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 1.2972. Support is at 1.2868.
To start the week, the Canadian dollar is trading within the same narrow range we saw late last week. Overall, risk appetite is stronger in FX, as higher WTI has commodity currencies outperforming. Monetary policy considerations have been offset in the short-term by higher commodity prices, but moving towards the middle of the year they should re-emerge as a leading factor for CAD. Weaker net exports will weigh on first half economic growth, but to what extent we will not find out until later in the year. Expect CAD to trade on sentiment today in the absence of domestic data releases.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
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 16, 2016 | Daily Update |
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