Canadian Dollar Update May 30, 2018
USD/CAD Open: 1.2983-1.2984 Overnight Range: 1.2951-1.3040
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $67.11 and gold is at $1,306. 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 1.3020. Support is at 1.2933.
The Canadian dollar is stronger early in today’s session. Commodity prices have begun to stabilize around recent levels. The focus for today’s session will be the Bank of Canada’s rate decision, where a rate hold is widely expected, with approximately 5bps of tightening currently priced in by markets. Statement tone will be of particular importance, as the direction the BoC is taking has become increasingly uncertain.
Today’s Suggested Range USD/CAD: 1.2950 – 1.3050
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 30, 2018 | Daily Update |
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