Canadian Dollar Forex Update March 14, 2016
USD/CAD Open: 1.3240-1.3241 Overnight Range: 1.3210-1.3279
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $37.56 and gold is at $1,257. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3351. Support is at 1.3160.
The Canadian dollar is soft early this week, falling alongside oil prices. The main event for the week will Wednesday’s FOMC meeting, where a rate hold is expected from the Fed, as expectations have largely shifted to a potential June rate hike. CAD has traded with oil prices as well as broader risk appetite, which makes CAD vulnerable leading up to Wednesday’s FOMC, if we see a possible realignment with yield spreads. The next few weeks carry significant event risk for CAD, in the form of Wednesday’s FOMC meeting and next week’s Canadian Federal budget.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
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, 2016 | Daily Update |
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