Canadian Dollar Update, May 12, 2020 – Canadian Dollar climbs in early Toronto trading
USD/CAD Open: 1.4005-08, Overnight Range: 1.3972-1.4064
WTI Oil is at $25.29 and gold is at $1,712.40. US markets are mixed today.
For today, USD resistance is at 1.4035. Support is at 1.3959.
• Canadian dollar boosted by improved risk sentiment
• Oil prices jumps after Saudis cut June production
• FX traders are skittish as COVID-19 restrictions start to ease
Oil prices climbed following reports that Saudi Arabia will cut June crude production by an additional 1.0 million barrels per day.
The Canadian dollar is closely tracking US dollar sentiment, while getting some additional direction from crude prices. The intraday and short term USDCAD technicals are bearish.
US CPI Fell 0.8%, as expected and the news was ignored by Canadian dollar traders.
Today’s Suggested Range USD/CAD: 1.3950– 1.4050
Get Started With Knightsbridge Foreign Exchange
Book Foreign Exchange Rate
By KBFX | May 12, 2020 | Daily Update | 0 comments