Canadian Dollar FX Morning Update March 1, 2016
USD/CAD Open: 1.3482-1.3483 Overnight Range: 1.3469-1.3552
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $34.33 and gold is at $1,244. US futures are higher. Today, GDP figures for Q4 of 2015 were released.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3569. Support is at 1.3464.
The Canadian dollar opens the morning stronger, approaching the high point of recent levels. Canadian Q4 GDP surprised to the upside this morning, showing the economy posted 0.8% annualized growth during Q4 of last year, against expectations of 0.2%. OIS continues to price in roughly 10 bps of easing in Canada over the next 12 months. If the Canadian economy continues to perform well, this sentiment is likely to change, lending strength to the Canadian dollar. Relative monetary policy will continue to be the dominant driver as we move towards the key meetings taking place during the middle of the month.
Today’s Suggested Range USD/CAD: 1.3450 – 1.3550
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
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By Admin | March 1, 2016 | Daily Update |
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