Canadian Dollar Update April 15, 2016
USD/CAD Open: 1.2879-1.2880 Overnight Range: 1.2797-1.2896
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $40.33 and gold is at $1,232. 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 1.2905. Support is at 1.2790.
The Canadian dollar is likely to range-trade today, following the price of oil. Markets have consolidated CAD gains, which look to have the possibility to extend, given the recent positive Canadian data. Since the Fed has tempered expectations of additional policy tightening significantly, CAD appears poised to extend gains throughout the middle of the year, provided economic data continue to be positive. We look to oil prices in the short-term, as CAD has traded in tandem with WTI over the last few sessions.
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 | April 15, 2016 | Daily Update |
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