Canadian Dollar Morning Update March 17, 2017
USD/CAD Open: 1.3309-1.3310 Overnight Range: 1.3307-1.3346
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.02 and gold is at $1,229. 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 1.3365. Support is at 1.3289.
CAD is trading lightly, failing to extend Fed-driven gains made on Wednesday. CAD is underperforming most of the G10 amidst an environment of broad-based USD weakness, alongside commodity block peers AUD and NZD. Drivers of the USD remain supportive against G10 peers, suggesting limited further downside following Wednesday’s slide. Domestic risk is limited throughout today’s session, leaving CAD to trade based on market sentiment.
Today’s Suggested Range USD/CAD: 1.3250 – 1.3350


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 17, 2017 | Daily Update |
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