Canadian Dollar Update May 26, 2017
USD/CAD Open: 1.3451-1.3452 Overnight Range: 1.3432-1.3497
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.95 and gold is at $1,268. 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 1.3505. Support is at 1.3396.
CAD is a mid-performer amongst G-10 currencies against the U.S. dollar this morning. The USD is broadly weaker moving towards the U.S. long weekend, despite and upside surprise from first quarter GDP (+1.2% actual annualized growth vs. expectations of +0.9%). Market participants will continue to assess the impact of recent U.S. data on a potential rate hike in June. Domestic rate expectations are firming in Canada, with 6bps of tightening priced in at current levels. There are no domestic data releases scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.3400 – 1.3500
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 26, 2017 | Daily Update |
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