Canadian Dollar Forex Update March 30, 2016
USD/CAD Open: 1.3011-1.3012 Overnight Range: 1.2986-1.3081
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $39.13 and gold is at $1,235. 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 1.3160. Support is at 1.2949.
The Canadian dollar has continued to strengthen moving towards the middle of the week. Yesterday’s comments from Fed Chair Yellen were much more dovish than markets had expected, leading to broad-based USD weakness. This will continue to be a USD story in the short-term, as markets continue to attempt to forecast the rate hike timeline for the Fed. Yellen’s comments appeared to take the Q2 rate hike off the table. There remains a possibility of further CAD upside as markets continue to digest Yellen’s comments.
Today’s Suggested Range USD/CAD: 1.2950 – 1.3050
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 30, 2016 | Daily Update |
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