Canadian Dollar Update April 17, 2017
USD/CAD Open: 1.3285-1.3286 Overnight Range: 1.3276-1.3334
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $53.09 and gold is at $1,288. 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 1.3323. Support is at 1.3276.
The Canadian dollar is higher early in today’s session, a mid-performer amidst an environment of broad-based USD weakness. CAD’s key drivers of oil prices and yield spreads are providing support, as WTI has pushed to over $53/barrel, with 2 year U.S.-Canada yield spreads falling below 50bps, the lowest level in several months. OIS continue to price in approximately 5bps of tightening from the Bank of Canada, leaving room for moderation. The domestic calendar is light leading up to Friday’s CPI data, leaving the focus for CAD on the broader market tone.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
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 17, 2017 | Daily Update |
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