Canadian Dollar Update March 16, 2017- Federal Reserve Raises Rates at March Meeting
USD/CAD Open: 1.3315-1.3316 Overnight Range: 1.3276-1.3321
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.13 and gold is at $1,230. 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 1.3440. Support is at 1.3232.
The U.S. dollar is broadly lower this morning, following yesterday’s rate increase from the Fed. Despite raising rates, the statement tone was more dovish than markets expected, with the Fed still expecting two additional rate increases this year. Commodities and global equities are higher following the announcement. CAD’s drivers are mixed; oil prices firmer, yield spreads widening in a CAD-negative manner. Contrasting monetary policy between the Bank of Canada and the Federal Reserve will be an ongoing narrative throughout the remainder of 2017.
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 16, 2017 | Daily Update |
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