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Canadian Dollar Update May 20, 2016

USD/CAD Open: 1.3092-1.3093      Overnight Range:      1.3076-1.3133

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $48.00 and gold is at $1,259.  US futures are higher. Today Canada releases CPI data for April.

The short term Canadian dollar technicals are neutral.  For today, USD resistance is at 1.3172.  Support is at 1.3029.

The Canadian dollar is flat this morning, consolidating the losses of the prior few days. CPI data for April met expectations, with YOY inflation being 1.7%. The US dollar has gained momentum following last month’s Fed meeting minutes, which served as a reminder that the Fed could raise rates in 2016. Oil prices have been firmer, but athe correlation between CAD and WTI is not strong at the moment. Divergent monetary policy between Canada and the United States is likely to be the headline moving towards the middle of 2016.

Today’s Suggested Range USD/CAD: 1.3050 – 1.3150

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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

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 20, 2016 | Daily Update | 0 comments