Canadian Dollar FX Update March 22, 2016
USD/CAD Open: 1.3083-1.3084 Overnight Range: 1.3053-1.3139
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $41.20 and gold is at $1,255. 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 1.3141. Support is at 1.2990.
The Canadian dollar is slightly lower this morning, as the cowardly terrorist attacks in Brussels have had the expected effect on markets. Equities are down and there is broad-based risk aversion in FX, but these effects are usually temporary after events of this nature. Oil prices remain well supported, with WTI above $40/barrel. At 4PM today we will get the Canadian federal budget, which will be the main event of the day. CAD upside is possible post-budget, as market participants consider the implications of a stimulus budget on monetary policy and economic performance.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
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 22, 2016 | Daily Update |
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