Canadian Dollar Update May 13, 2016
USD/CAD Open: 1.2888-1.2890 Overnight Range: 1.2835-1.2916
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.11 and gold is at $1,270. 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 1.2764.
The Canadian dollar is soft this morning, as FX markets take on a cautious tone. WTI is lower, contributing to CAD’s slump. This week has been extremely quiet in respect to Canadian domestic releases, and today is no different. We can expect CAD to continue to follow WTI and broader market sentiment in the short-term. In the medium term, we will be assessing whether the Bank of Canada’s policy outlook will change, as non-energy exports have failed to meet expectations thus far.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
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 13, 2016 | Daily Update |
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