Canadian Dollar FX Update March 10, 2017
USD/CAD Open: 1.3428-1.3429 Overnight Range: 1.3421-1.3515
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.85 and gold is at $1,201. US futures are higher. Today both Canada and the U.S. released employment data for February.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3534. Support is at 1.3482.
Following today’s dual employment releases, the Canadian dollar is stronger. Canadian employment data beat expectations (+15.3k actual vs. -5k expected), with the majority of gains being made in full-time employment. U.S. data also beat expectations (+235k actual vs. +200k expected), however the magnitude was lower than the expectations set by the earlier ADP report.
Canadian employment has trended positively over the last few months, with gains largely in part-time employment. Full-time employment gains from February’s report are a positive sign. The first employment release of the Trump era in the United States is ostensibly strong enough to facilitate a March rate hike. Relative policy will remain CAD’s primary driver in the short-term.
Today’s Suggested Range USD/CAD: 1.3400 – 1.3500
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 10, 2017 | Daily Update |
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