Canadian Dollar Update May 1, 2017
USD/CAD Open: 1.3650-1.3651 Overnight Range: 1.3636-1.3679
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.92 and gold is at $1,264. 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 1.3694. Support is at 1.3622.
CAD is flat this morning, consolidating around levels seen late last week, slightly above last week’s one year low. CAD’s primary drivers continue to move in a CAD-negative manner, as interest rate differentials with the U.S. are widening materially, and oil prices remaining lower. This week’s FOMC meeting is likely to further highlight policy divergence between a hawkish Fed and a neutral/dovish BoC. Ongoing trade issues look to continue to be a factor moving forward.
Today’s Suggested Range USD/CAD: 1.3600 – 1.3700
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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 | May 1, 2017 | Daily Update | 0 comments