Canadian Dollar Update April 5, 2017
USD/CAD Open: 1.3395-1.3396 Overnight Range: 1.3378-1.3409
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.65 and gold is at $1,251. 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 1.3437. Support is at 1.3355.
CAD is trading quietly early in today’s session. Oil prices are firmer, once again stabilizing above $50/barrel. Yesterday’s disappointing trade data could weigh on CAD in the short-term, as market participants assess the implications for first quarter GDP growth. U.S. releases of note today include the ADP employment figures, as well as Fed minutes for the last meeting. Domestic data in Canada is limited leading up to Friday’s employment data.
Today’s Suggested Range USD/CAD: 1.3350 – 1.3450
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 5, 2017 | Daily Update |
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