Canadian Dollar Morning Update May 10, 2017
USD/CAD Open: 1.3684-1.3685 Overnight Range: 1.3680-1.3733
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.58 and gold is at $1,223. 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 1.3750. Support is at 1.3668.
CAD is flat, trading narrowly over the first half of the week. CAD’s primary drivers have begun to consolidate; 2Y U.S.-Canada spreads remain at approximately 60bps, with WTI flatlining above $46/barrel. The USD is broadly lower following Trump’s firing of the director of the FBI. U.S. equities are also lower on the news. Market sentiment appears to be risk averse. As there are no domestic releases scheduled in Canada, and only second tier data in the U.S., we expect CAD to trade based on market sentiment for today’s session.
Today’s Suggested Range USD/CAD: 1.3650 – 1.3750
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 10, 2017 | Daily Update |
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