Canadian Dollar Morning Update May 8, 2017
USD/CAD Open: 1.3702-1.3703 Overnight Range: 1.3643-1.3718
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.05 and gold is at $1,231. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3770. Support is at 1.3620.
Domestic risk is limited for CAD this week, with no top tier data releases or Bank of Canada events scheduled. The Canadian dollar has begun the week trading slightly above recent 14 month lows. CAD’s primary drivers remain bearish, with U.S.-Canada yield spreads continuing to widen. WTI is moving lower, retreating to slightly above $46/barrel. Bearish fundamentals are poised to continue to limit CAD upside in the short-term.
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 8, 2017 | Daily Update |
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