Canadian Dollar FX Update March 24, 2017- February CPI Meets Expectations
USD/CAD Open: 1.3371-1.3372 Overnight Range: 1.3346-1.3385
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.93 and gold is at $1,249. US futures are higher. Today Canada released CPI data for February.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3385. Support is at 1.3323.
The Canadian dollar continues to trade narrowly following this morning’s CPI release for February. Inflation for February was in line with expectations (+0.2% MoM actual vs. +0.2% MoM expected), leaving the Canadian dollar largely unchanged. The Bank of Canada continues to monitor expectations, referencing the persistent slack in the Canadian economy at every opportunity as an attempt to limit CAD upside. Domestic data is limited throughout the rest of today’s session.
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 24, 2017 | Daily Update |
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