Canadian Dollar FX Update March 2, 2018
USD/CAD Open: 1.2889-1.2890 Overnight Range: 1.2819-1.2898
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $60.74 and gold is at $1,324. US futures are higher. Canada released 4th quarter GDP data this morning.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2904. Support is at 1.2818.
The Canadian dollar is soft to start today’s session. 4th quarter GDP data missed expectations (+1.7% annualized vs. expectations of +2.0%). The broader market tone remains a headwind for CAD in the short-term, as worrisome trade rhetoric from the US contributes to a more cautious tone. There are no additional domestic releases scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
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 2, 2018 | Daily Update |
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