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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.

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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

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By KBFX | May 12, 2020 | Daily Update | 0 comments