Canadian Dollar FX Update May 18, 2018
USD/CAD Open: 1.2881-1.2882 Overnight Range: 1.2790-1.2905
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $71.33 and gold is at $1,287. US futures are higher. Today Canada released retail sales data for March, alongside CPI data for April.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2956. Support is at 1.2725.
The Canadian dollar is lower early in today’s session. CPI data narrowly missed expectations (+2.2% annualized vs. expectations of +2.3%). Slightly cooler inflation numbers will put a damper on the possibility of a rate hike in the short-term. Retail sales data was better than expected (+0.6% vs. +0.3% expected), on the back of stronger auto sales. The US’s NAFTA deadline has passed, and negotiations could now go on into 2019. There are no additional domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
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 KBFX | May 18, 2018 | Daily Update | 0 comments