Canadian Dollar Update May 17, 2016
USD/CAD Open: 1.2950-1.2951 Overnight Range: 1.2837-1.2954
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.71 and gold is at $1,275. US futures are lower. Today, Canada releases manufacturing sales data for March.
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 flat, consolidating around the levels of last week’s trading. Manufacturing sales fell 0.9% in March, against expectations of -1.8%, and February’s figures were revised downwards to -4.0% (the largest month-over-month decrease in 7 years). The Canadian economy (and resultantly, Bank of Canada), will be under renewed pressure given weaker trade and manufacturing data. Oil prices have been firmer, finding support above $47/barrel. Despite this, we have not seen a commensurate rise in CAD, suggesting a disconnect from WTI.
Today’s Suggested Range USD/CAD: 1.2900 – 1.3000
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 17, 2016 | Daily Update |
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