Canadian Dollar Update May 24, 2017- CAD Quiet Ahead of BoC Decision
USD/CAD Open: 1.3505-1.3506 Overnight Range: 1.3490-1.3540
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.33 and gold is at $1,256. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3548. Support is at 1.3464.
The Canadian dollar is quiet, consolidating within a relatively tight range ahead of today’s Bank of Canada rate decision. A rate hold is widely expected, and no press conference is scheduled. Market risk lies in today’s statement, with the Bank of Canada likely to make reference to May’s poor data, including mention of slack in the economy, as well as lower than targeted inflation. Crude prices are flat. Event risk will be elevated throughout the morning of today’s session as market participants digest the Bank of Canada decision.
Today’s Suggested Range USD/CAD: 1.3450 – 1.3550
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 24, 2017 | Daily Update |
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