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Canadian Dollar Update May 5, 2016

USD/CAD Open: 1.2816-1.2817      Overnight Range:      1.2785-1.2876

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $45.78 and gold is at $1,287.  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 1.2922.  Support is at 1.2734.

Despite firmer commodity prices, the Canadian dollar continues to trade at levels similar to yesterday. Weak trade data resulted in CAD weakness yesterday, and positive Canadian data has ostensibly been priced in around the 1.25 level. WTI is firmer, which has largely been ignored by CAD, suggesting the two will not trade as closely over today’s session. Tomorrow’s employment data will be the last major data release for CAD this week.

Today’s Suggested Range USD/CAD: 1.2750 – 1.2850

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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

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 5, 2016 | Daily Update | 0 comments

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