Canadian Dollar FX Update March 16, 2018
USD/CAD Open: 1.3081-1.3082 Overnight Range: 1.3045-1.3095
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $61.23 and gold is at $1,316. 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 1.3124. Support is at 1.3031.
The Canadian dollar is lower once again, testing fresh lows last seen in June of last year. Escalating trade uncertainty has continued to weigh on trade, and until NAFTA talks conclude, are subject to significant headline risk. Expectations of future rate hikes continue to moderate. There are no domestic releases of consequence scheduled for today.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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 16, 2018 | Daily Update | 0 comments