Canadian Dollar Morning Update April 25, 2017
USD/CAD Open: 1.3588-1.3589 Overnight Range: 1.3495-1.3614
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.07 and gold is at $1,268. 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 1.3624. Support is at 1.3461.
The Canadian dollar is lower, reacting to news from the Trump administration that tariffs will be introduced on Canadian softwood. The news is a reminder that trade issues between Canada and the new administration are still prevalent, with dairy also being an issue raised recently. Further tariff impositions are likely to be CAD-negative. Commodity prices are broadly lower on the session, including WTI. There are no domestic releases of note scheduled for today.
Today’s Suggested Range USD/CAD: 1.3550 – 1.3650
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 Admin | April 25, 2017 | Daily Update | 0 comments