News image

Canadian Dollar Update, May 4, 2020 – Canadian Dollar pressure by new trade fears

USD/CAD Open: 1.4101-05, Overnight Range: 1.4051-1.4152

WTI Oil is at $19.35 and gold is at $1,714.30. US markets are lower today.

For today, USD resistance is at 1.4149. Support is at 1.4023.

• Trump warns China that Phase 1 deal could be cancelled
• Positive risk sentiment underpinned by easing of lockdown restrictions
• US Dollar opens in Toronto with gains against the G-10 majors

The Canadian dollar rode the coat-tails of US dollar sentiment in a choppy, but thin overnight session. Holidays in Japan and China greatly reduced liquidity in Asia, which exacerbated US dollar gains at the open.

Don't Waste Money With Banks.
Get Exchange Rates Up to 2% Better With KnightsbridgeFX

Get An Exchange Quote Now

President Trump appears to be using his 2016 election playbook, with threats of tariffs on China the theme. He described tariffs as “the greatest negotiating tool that we have ever devised that we never use.” Yesterday, he threatened to scrap the US/China Phase 1 Trade deal, unless China follows through and buys $200 million of US products.

EURUSD dropped when Asia opened, and never recovered. A German court will be ruling on the legality of recent ECB actions, which has raised some concerns. Also, prices were depressed due to weak Eurozone April Manufacturing PMI data, which dipped to 33.4 from 33.6 previously. The technical picture is modestly bullish while prices are above 1.0930.

There are not any notable Canadian or US economic reports available today.

Today’s Suggested Range USD/CAD: 1.4050– 1.4150

Get Started With Knightsbridge Foreign Exchange


Get Your Free Quote


Book Foreign Exchange Rate


Send Funds



Step 1 : Get Your Free Quote

You completed 0% of your profile.

First Name *

Last Name *

Address *

City *

Province *

Postal Code *

Phone *

Email *

Occupation *

Date of Birth *

Please provide the reason for buying or selling the currency: *

(Travel, Bills to Pay, Purchase or Sale of Investment, etc.)

Please explain how you first obtain the source of funds being sold: *

(such as: Work Income, Sale of Investment, Gift, Inheritance, etc)

Are you or any close relative a Politically Exposed Foreign Person? *

(Head of State, Member of Senate, House of Commons, or Legistrature, etc)



I confirm I am not transacting on behalf of a third party and I have read and I agree to the Terms and Conditions

By KBFX | May 4, 2020 | Daily Update | 0 comments