Canadian Dollar Update May 12, 2016
USD/CAD Open: 1.2786-1.2787 Overnight Range: 1.2785-1.2879
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.79 and gold is at $1,274. 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 1.2916. Support is at 1.2758.
The Canadian dollar is stronger this morning, as rising oil prices have helped CAD rise to a one week high. Oil price movements are dominating relative policy considerations early in today’s session. With no domestic data releases scheduled in Canada, US Fed speak will have the biggest chance to impact CAD, as three speakers will make speeches at various points in the day. Yield spreads continue to widen between Canada and the US, which has largely been ignored in favour of oil price movements thus far. Expect CAD to look to its main drivers in the absence of domestic data.
Today’s Suggested Range USD/CAD: 1.2750 – 1.2850
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 | May 12, 2016 | Daily Update |
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