Canadian Dollar Update April 26, 2016
USD/CAD Open: 1.2644-1.2645 Overnight Range: 1.2625-1.2690
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $43.30 and gold is at $1,236. 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 1.2708. Support is at 1.2617.
The Canadian dollar is continuing to grind slowly higher, in the absence of domestic data releases. The US dollar is broadly weaker this morning, trading at levels below the levels currently implied by yield spreads and oil prices. Governor Poloz delivers a speech entitled “A New Balance Point: Global Trade, Productivity and Economic Growth”, which has the potential to be unsupportive for CAD. In the absence of major data releases, CAD is expected to look to its main drivers in the absence of data releases.
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 27, 2016 | Daily Update |
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