Canadian Dollar FX Update May 2, 2016
USD/CAD Open: 1.2523-1.2524 Overnight Range: 1.2512-1.2560
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.78 and gold is at $1,298. 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 1.2573. Support is at 1.2485.
The Canadian dollar opens the week quietly, consolidating slightly below last week’s highs. CAD is a relative underperformer early in the week, in an environment of broad-based USD weakness. Trading in FX should start the week quietly, as markets in the UK, China, and Hong Kong are closed. This week, Wednesday’s trade figures along with Friday’s employment figures will be the main domestic risk for CAD. In the absence of domestic data early in the week, CAD is likely to follow WTI, which has been its strongest correlate over the last month.
Today’s Suggested Range USD/CAD: 1.2500 – 1.2600
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 2, 2016 | Daily Update |
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