Canadian Dollar FX Update March 13, 2017
USD/CAD Open: 1.3456-1.3457 Overnight Range: 1.3438-1.3477
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.44 and gold is at $1,203. 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 1.3499. Support is at 1.3406.
CAD is better supported this morning, rising nearly 0.5% from Thursday’s close. Oil prices continue to slip lower, as WTI is now firmly below $50/barrels. Oil price stability had provided support to CAD, partially offsetting implied prices from interest rate differentials, with lower oil prices leaving CAD vulnerable in the short-term. Markets are pricing a rate hike of 25bps as a near certainty, which would provide the Fed with additional flexibility to make policy decisions later in the year. There are few domestic releases of note this week, with event risk for the Canadian dollar centered around Wednesday’s Fed rate decision.
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 13, 2017 | Daily Update |
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