Canadian Dollar FX Update May 9, 2017
USD/CAD Open: 1.3740-1.3741 Overnight Range: 1.3670-1.3744
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.23 and gold is at $1,221. 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 1.3733. Support is at 1.3643.
CAD continues to trade quietly, a relative performer amidst an environment of broad-based USD strength. Expectations for a June rate hike are firming, with Fed futures pricing June as a near certainty. Further USD upside exists, if market participants reassess the Fed’s expectation of three rate hikes in 2017 (another hike in June ostensibly opens the door to four hikes in 2017). Commodities are soft. Oil is consolidating above last week’s lows below $45/barrel. There are no major domestic releases scheduled for today’s session, leaving CAD to trade based on broader market sentiment.
Today’s Suggested Range USD/CAD: 1.3700 – 1.3800
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.
Click Here to Subscribe
Stop overpaying with
your bank on foreign exchange
We are built to beat bank exchange rates and save you money
By Admin | May 9, 2017 | Daily Update | 0 comments