Canadian Dollar Foreign Exchange Outlook April 3, 2017
USD/CAD Open: 1.3352-1.3353 Overnight Range: 1.3293-1.3363
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.67 and gold is at $1,249. 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 1.3382. Support is at 1.3299.
CAD is soft to begin the week, underperforming the majority of G-10 peers alongside AUD and GBP. Market participants will look to today’s Business Outlook Survey from the Bank of Canada, weighing the implications on next week’s rate decision. Recent commentary from BoC members references persistent slack in the Canadian economy, and as such the assessment of capacity will be of interest. A rate hold is widely expected at next week’s meeting, with the primary risk for CAD centered around statement tone.
Today’s Suggested Range USD/CAD: 1.3300 – 1.3400
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 | April 3, 2017 | Daily Update |
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