Canadian Dollar Update April 6, 2017
USD/CAD Open: 1.3435-1.3436 Overnight Range: 1.3418-1.3451
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.57 and gold is at $1,254. 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 1.3461. Support is at 1.3389.
CAD is soft, as the key drivers remain mixed. Yield spreads with the U.S. continue to widen in a CAD-negative manner; as WTI is firmer. Following yesterday’s Fed minutes, the probability of rate hike occurring again in June is increasing (currently approximately a 60% chance of a June rate hike). Domestically, we look to tomorrow’s employment data, and consider the potential implications for next week’s Bank of Canada policy rate decision.
Today’s Suggested Range USD/CAD: 1.3400 – 1.3500
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 6, 2017 | Daily Update |
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