Canadian Dollar Foreign Exchange Update March 29, 2017
USD/CAD Open: 1.3375-1.3376 Overnight Range: 1.3355-1.3401
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.47 and gold is at $1,255. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3403. Support is at 1.3344.
Little is changed this morning in FX markets, with the USD slightly higher early in today’s session. The next Bank of Canada meeting is now two weeks away, with Governor Poloz once again highlighting the persistent slack in the economy. Market participants will look for a possible update to the MPR forecast. Domestic risk is limited throughout the rest of the week, with Friday’s GDP posing the largest event risk for CAD.
Today’s Suggested Range USD/CAD: 1.3300 – 1.3400
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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 29, 2017 | Daily Update | 0 comments