Canadian Dollar Update April 21, 2016
USD/CAD Open: 1.2667-1.2668 Overnight Range: 1.2627-1.2679
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $43.89 and gold is at $1,271. 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 1.2770. Support is at 1.2603.
The Canadian dollar extended its rally yesterday, with oil prices climbing towards $40/barrel. CAD has been trading in lockstep with oil prices in the absence of domestic data. In 2016, the Canadian dollar has outperformed all currencies in the G10 space, with the exception of the JPY. Given this momentum, it’s possible we see the CAD continue to strengthen in the short-term, particularly against the USD. CAD will continue to follow its main drivers of relative monetary policy and WTI in the short-term.
Today’s Suggested Range USD/CAD: 1.2600 – 1.2700
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 21, 2016 | Daily Update |
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