Canadian Dollar Update May 7, 2018
USD/CAD Open: 1.2874-1.2875 Overnight Range: 1.2838-1.2891
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $70.14 and gold is at $1,313. 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 1.2926. Support is at 1.2844.
CAD is quiet, consolidating around recent levels. NAFTA negotiations are set to resume this week, and market participants expect an eventual resolution to provide support to the Canadian dollar. Oil prices remain firm, as WTI has climbed to over $70/barrel. The next Bank of Canada meeting is scheduled for May 30. Domestic rate expectations remain firm, with one 25bp rate hike expected by July. There are no domestic releases of consequence scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
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 7, 2018 | Daily Update |
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