Canadian Dollar Forex Update March 23, 2016
USD/CAD Open: 1.3105-1.3106 Overnight Range: 1.3038-1.3111
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $40.96 and gold is at $1,227. 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 1.3121. Support is at 1.3011.
The Canadian dollar is soft this morning, in an environment of broad-based US dollar strength. Yesterday’s Federal budget had a muted effect on the Canadian dollar, with the impact most easily observed in the bond market. Commodities, including oil, are weaker this morning. WTI remains above $40/barrel, but has slowly retreating. CAD has a remarkably high correlation to oil prices of late, and we expect that to continue moving into the long weekend.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
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 23, 2016 | Daily Update |
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