Canadian Dollar FX Update May 25, 2017- Bank of Canada Outlook Improving
USD/CAD Open: 1.3422-1.3423 Overnight Range: 1.3387-1.3449
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.82 and gold is at $1,258. 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 1.3518. Support is at 1.3366.
The Canadian dollar rose to an approximately one month high, following yesterday’s Bank of Canada rate decision. Yesterday’s statement featured a change in tone from the Bank of Canada, as the BoC has ostensibly begun to consider the possibility of rate increases. The BoC commented on the positive data we have seen from Canada over the first quarter of the year this year, leaving rates unchanged. OIS have begun to price in the possibility of rate increases, moving CAD higher, and narrowing yield spreads with the U.S. in a CAD-supportive manner. No domestic data releases are scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.3400 – 1.3500
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 25, 2017 | Daily Update |
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