Canadian Dollar FX Update May 9, 2018
USD/CAD Open: 1.2885-1.2886 Overnight Range: 1.2870-1.2975
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $70.70 and gold is at $1,313. 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 1.2981. Support is at 1.2859.
CAD has recovered early in today’s session, up from yesterday’s seven-week low. Domestic rate expectations are unchanged. Commodity prices continue to climb, with WTI firmly above $70/barrel, providing an important offset to CAD against further declines. There are no domestic releases of consequence for today’s session, so we expect CAD to track the broader market.
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 9, 2018 | Daily Update |
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