Canadian Dollar FX Update March 6, 2018
USD/CAD Open: 1.2912-1.2913 Overnight Range: 1.2862-1.2995
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $62.66 and gold is at $1,332. 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 1.2995. Support is at 1.2862.
The Canadian dollar is higher this morning, amidst an environment of broad-based USD weakness. Uncertainty surrounding NAFTA talks continues to persist, with the latest round of negotiations concluding today. A hold is likely at next week’s Bank of Canada meeting, and 9bps of tightening are currently priced into the April BoC meeting. There are no domestic releases scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
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 6, 2018 | Daily Update |
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