Canadian Dollar Update May 8, 2018
USD/CAD Open: 1.2967-1.2968 Overnight Range: 1.2876-1.2985
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $70.26 and gold is at $1,309. 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 1.3017. Support is at 1.2872.
The Canadian dollar is lower early in today’s session, down 0.8% from yesterday and underperforming all of the G10 currencies. Domestic rate expectations are unchanged, and oil prices are well-supported ahead of President Trump’s decision on the Iran deal. The move appears technically driven. NAFTA headlines continue to have the potential to influence CAD. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.2900 – 1.3000
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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