Canadian Dollar FX Update March 28, 2017
USD/CAD Open: 1.3383-1.3384 Overnight Range: 1.3374-1.3415
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.29 and gold is at $1,261. 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 1.3440. Support is at 1.3347.
CAD continues to trade defensively early in the week, and is moving slightly lower. Soft crude prices, coupled with wide yield spreads between Canada and the U.S. look to limit CAD upside in the medium term. The increasingly hawkish Fed continues to stand in stark contrast to the neutral Bank of Canada, the latter whom have taken every opportunity to highlight the persistent slack in the Canadian economy. Event risk is limited today, with speakers from both the BoC (Poloz), as well as the Fed (George, Chair Yellen, Kaplan, Governor Powell).
Today’s Suggested Range USD/CAD: 1.3350 – 1.3450
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 28, 2017 | Daily Update |
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