Canadian Dollar Update April 27, 2017
USD/CAD Open: 1.3589-1.3590 Overnight Range: 1.3529-1.3648
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.57 and gold is at $1,266. U.S. 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 1.3753. Support is at 1.3498.
The Canadian dollar is better this morning, rising on news that President Trump plans to renegotiate NAFTA, rather than withdraw from the agreement. CAD primary drivers are aligning in a CAD-negative manner; yield spreads with the U.S. continue to widen, and oil prices continue to move lower. There are no major domestic data releases scheduled for today. Tomorrow’s GDP figures for February will be the final major Canadian data release of the week.
Today’s Suggested Range USD/CAD: 1.3550 – 1.3650
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 | April 27, 2017 | Daily Update |
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