Canadian Dollar Update April 19, 2017
USD/CAD Open: 1.3436-1.3437 Overnight Range: 1.3373-1.3444
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.37 and gold is at $1,287. 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 1.3474. Support is at 1.3349.
The Canadian dollar is lower early in today’s session, despite a rebound in oil prices. Domestic risk is limited leading towards Friday’s CPI release. Inflation expectations are moderating, as all three of the Bank of Canada’s core inflation measures are below 2%. Domestic rate expectations have fallen to 4bps of expected tightening over the next 12 months, but further room for moderation exists.
Today’s Suggested Range USD/CAD: 1.3400 – 1.3500
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 19, 2017 | Daily Update | 0 comments