Canadian Dollar FX Update March 23, 2016- CAD Trading Narrowly Ahead of CPI
USD/CAD Open: 1.3341-1.3342 Overnight Range: 1.3315-1.3355
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.95 and gold is at $1,255. 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 1.3381. Support is at 1.3288.
CAD continues to trade in a narrow range this week. Commodity prices are slightly firmer. Yesterday’s Federal Budget provided few surprises, consequently having a minimal impact on the Canadian dollar. Domestic risk will be centered around tomorrow’s CPI data, with no North American events of importance scheduled for today. Expect the Canadian dollar to continue trading narrowly ahead of tomorrow’s data release.
Today’s Suggested Range USD/CAD: 1.3300 – 1.3400
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 23, 2017 | Daily Update |
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