Canadian Dollar Update May 11, 2017
USD/CAD Open: 1.3731-1.3732 Overnight Range: 1.3653-1.3769
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.97 and gold is at $1,220. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3759. Support is at 1.3664.
The Canadian dollar is lower this morning, underperforming all of the G10 currencies, with the exception of NZD. Moody’s downgraded the credit ratings of the major 6 Canadian banks, citing unprecedented levels of private debt in Canada as a major risk moving forward. Housing-related concerns remain salient in the context of the downgrade. WTI has rebounded materially, a positive for CAD. The USD is broadly lower against the G10 early in today’s session. There are no domestic risks scheduled for today in Canada.
Today’s Suggested Range USD/CAD: 1.3700 – 1.3800
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 11, 2017 | Daily Update | 0 comments