Canadian Dollar FX Update March 11, 2016
USD/CAD Open: 1.3295-1.3296 Overnight Range: 1.3232-1.3369
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $38.43 and gold is at $1,267. US futures are higher. Today Canada releases employment figures for February.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3363. Support is at 1.3197.
The Canadian dollar is outperforming this morning, as risk appetite is strong in FX post-ECB meeting. CAD, MXN, AUD, and NZD are the day’s top performers thus far. The Canadian unemployment rate has ticked up to 7.3%, the highest it’s been in 3 years, but this had a muted effect on Canadian dollar trading. CAD continues to look toward next week’s Fed meeting, as well as the Canadian Federal budget for further direction in the short-term.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
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 11, 2016 | Daily Update |
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