Canadian Dollar Daily Update March 8, 2017
USD/CAD Open: 1.3464-1.3465 Overnight Range: 1.3396-1.3467
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.49 and gold is at $1,209. 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 1.3396. Support is at 1.3483.
The downtrend for CAD continued this morning, moving lower based on relative policy considerations. U.S. ADP jobs data were far higher than expected in February (+298k actual vs. +189k expected), which would be the largest employment gain over the last three years. Should these gains be reflected in Friday’s non-farm payrolls report, the case for a rate hike in March gains even more conviction. Monetary policy will continue to be the primary driver for the Canadian dollar in the short-term.
Today’s Suggested Range USD/CAD: 1.3400 – 1.3500
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 8, 2017 | Daily Update |
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