Canadian Dollar FX Morning Update March 27, 2017- Range Trading Continues for CAD
USD/CAD Open: 1.3353-1.3354 Overnight Range: 1.3321-1.3373
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.43 and gold is at $1,261. 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 1.3573. Support is at 1.3210.
The Canadian dollar continues to range trade in the absence of domestic data. Oil prices are providing little support to CAD, as they continue to retreat slowly. Following the rate hike from the Fed in the middle of the month, USD/CAD has been trading narrowly, continuing to lack direction. Markets are currently pricing in a small amount of tightening from the Bank of Canada over the next 12 months, which is in contrast to the Bank of Canada’s current neutral-dovish stance. CAD appears to lack a catalyst in the short-term.
Today’s Suggested Range USD/CAD: 1.3300 – 1.3400
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 27, 2017 | Daily Update |
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