CAD Morning Update March 14, 2017
USD/CAD Open: 1.3489-1.3490 Overnight Range: 1.3438-1.3494
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.77 and gold is at $1,203. 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 1.3504. Support is at 1.3425.
FX markets are quiet this morning, with trading in North American markets likely to remain passive due to an expected storm across the Northeast of the U.S., as well as tomorrow’s Fed rate decision. CAD has looked to its primary drivers of interest rate differentials and oil prices for direction. Interest rate differentials between Canada and the U.S. remain wide, but have narrowed in a CAD-positive fashion over the past session. Oil prices appear to have found stability among recent lows. Domestic data is limited throughout today’s session, with tomorrow’s Fed rate decision posing the primary event risk for CAD.
Today’s Suggested Range USD/CAD: 1.3450 – 1.3550
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 14, 2017 | Daily Update |
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