Canadian Dollar Update April 29, 2016
USD/CAD Open: 1.2540-1.2541 Overnight Range: 1.2499-1.2558
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.31 and gold is at $1,280. US futures are lower. Today, Canada releases GDP figures for February.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2589. Support is at 1.2483.
The Canadian dollar is testing multi-month highs early in the day, in an environment of broad-based US dollar weakness. Canadian GDP slipped in February, contracting 0.1%, against expectations of a 0.2% contraction. Weak February GDP was expected, after positive results for the preceding three months. Oil prices have been grinding higher all week, which has been a benefactor to CAD. For the rest of the session we can expect CAD to follow its main drivers of relative policy and oil, particularly oil as WTI has been CAD’s strongest correlate of late.
Today’s Suggested Range USD/CAD: 1.2500 – 1.2600
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 29, 2016 | Daily Update |
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