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Canadian Dollar FX Update March 15, 2018

USD/CAD Open: 1.2988-1.2990      Overnight Range:     1.2945-1.2994

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $61.23 and gold is at $1,319.  US futures are mixed. There are no major domestic data releases scheduled for today.

The short term Canadian dollar technicals are neutral.  For today, USD resistance is at 1.3025.  Support is at 1.2941.

The Canadian dollar is lower early in today’s session, further extending losses. Friday’s rebound for CAD was short-lived, as BoC Governor Poloz’s comments continue to weigh on CAD. Expectations have moderated heavily for a rate hike in April from the Bank of Canada. There are no domestic releases scheduled for today’s session, so we expect CAD to track the broader market.

Today’s Suggested Range USD/CAD: 1.2950 – 1.3050

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 KBFX | March 15, 2018 | Daily Update | 0 comments

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