Canadian Dollar FX Update March 15, 2016
USD/CAD Open: 1.3365-1.3366 Overnight Range: 1.3261-1.3400
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $36.22 and gold is at $1,237. 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 1.3447. Support is at 1.3256.
The Canadian dollar is weak this morning, as broad based risk aversion stemming from China. Commodities, as well as US equities, are down as well. These combined factors have led to CAD underperformance, alongside AUD, NZD, and NOK. Today is the first of the Fed’s two-day meeting. Tomorrow’s events will include a statement, press conference, and fresh set of economic projections. The tone of the FOMC’s message will be important, as it relates to their potential rate hike timeline. Realignment with yield spreads/central bank policy would be a negative for the Canadian dollar in the short-term.
Today’s Suggested Range USD/CAD: 1.3350 – 1.3450
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 17, 2016 | Daily Update |
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