Canadian Dollar Foreign Exchange Update March 15, 2017
USD/CAD Open: 1.3454-1.3455 Overnight Range: 1.3442-1.3486
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.55 and gold is at $1,200. US futures are higher. Today, the U.S. Federal Reserve makes its interest rate decision for March.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3485. Support is at 1.3429.
The Canadian dollar is unchanged this morning, ahead of this afternoon’s Fed rate decision. The U.S. released CPI and retail sales data for February, with both being largely in line with expectations. U.S. inflation looks to be on track to meet the Fed’s expectation of 2%, with the labour market approaching full employment. A rate increase of 25bps is widely expected today, with risk centered around statement tone, as well as the future outlook. Elevated volatility can be expected from the Canadian dollar during today’s session.
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 15, 2017 | Daily Update |
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