Canadian Dollar Update May 3, 2016
USD/CAD Open: 1.2601-1.2602 Overnight Range: 1.2460-1.2620
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.33 and gold is at $1,299. 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 1.2612. Support is at 1.2498.
The Canadian dollar is following oil lower this morning, and leading to market underperformance alongside NOK. The USD remains vulnerable due to a hesitant Fed, and monetary policy will continue to be an important consideration moving towards the middle of the year. There are central bank speakers from both Canada and the US today, which will be the main event risk for the NA session. We expect CAD to closely track crude prices as we wait for tomorrow’s trade data.
Today’s Suggested Range USD/CAD: 1.2550 – 1.2650
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 3, 2016 | Daily Update |
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