Canadian Dollar Update May 3, 2018
USD/CAD Open: 1.2854-1.2855 Overnight Range: 1.2816-1.2886
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $67.46 and gold is at $1,315. 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 1.2889. Support is at 1.2805.
The Canadian dollar has improved early in today’s session, amidst an environment of broad-based USD weakness. Canada’s trade deficit jumped in March as imports surged, however exports also improved significantly. Exports posted a 3.7% gain, which represents a comforting rebound. Yesterday’s Fed meeting was decidedly neutral, leading to no change amongst expectations of future rate hikes. There are no additional domestic releases scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.2800 – 1.2900
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, 2018 | Daily Update |
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