Canadian Dollar FX Update March 3, 2017
USD/CAD Open: 1.3394-1.3395 Overnight Range: 1.3377-1.3422
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.82 and gold is at $1,229. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3443. Support is at 1.3345.
The Canadian dollar continues to decline late in the week, consolidating a week of declines totaling over 2.5%. Oil prices have been a stabilizing factor for CAD over the past several weeks, with recent declines adding further vulnerability to CAD in the short-term. Yield spreads between Canada and the U.S., a primary driver for CAD, continue to diverge in a CAD-negative manner, declining to levels seen last January where USD/CAD traded over 1.40. Domestic risk is limited today, as there are no data points of importance being released in Canada.
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 3, 2017 | Daily Update |
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