Canadian Dollar Update March 4, 2016
USD/CAD Open: 1.3401-1.3402 Overnight Range: 1.3391-1.3472
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $34.66 and gold is at $1,269. US futures are higher. Today, US employment figures for February were released.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3473. Support is at 1.3374.
The Canadian dollar has traded quietly, consolidating just below Tuesday’s multi-month highs. US employment figures were strong, beating expectations for jobs added (242k vs. 195k expected). Unemployment remains at 4.9%, but stagnant wage growth has been a persistent issue for the US labour market. Despite poor wage growth, core inflation in the US has performed well enough to consider additional policy tightening this year. There is significant event risk in the next week, leading up to the BoC, Fed, and Canadian Federal budget.
Today’s Suggested Range USD/CAD: 1.3350 – 1.3450
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 | March 4, 2016 | Daily Update |
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