Canadian Dollar Update May 9, 2016
USD/CAD Open: 1.2975-1.2976 Overnight Range: 1.2905-1.2982
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.39 and gold is at $1,274. US futures are flat. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2988. Support is at 1.2864.
The Canadian dollar opens the week lower, in an environment of broad-based USD strength. Soft employment data from late last week has failed to undermine the US dollar, which is largely firmer against the rest of the G-10. Domestic data releases are limited for the rest of the week in Canada, so the focus will be squared commodity prices and the broader market tone. Weak trade data from last week has raised concerns about second quarter growth in Canada, which could be a negative for CAD moving towards to middle of the year.
Today’s Suggested Range USD/CAD: 1.2900 – 1.3000
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 9, 2016 | Daily Update |
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