Canadian Dollar FX Update March 7, 2016
USD/CAD Open: 1.3366-1.3367 Overnight Range: 1.3320-1.3377
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $36.13 and gold is at $1,267. 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 1.3446. Support is at 1.3288.
Following last Friday’s strong session, the Canadian dollar opens the week outperforming, consolidating just below last week’s multi-month highs. Market participants will be looking towards upcoming event risk, as the Bank of Canada meets on March 9th, followed by an ECB meeting later in the week. A rate hold is widely expected at this month’s BoC meeting, as the BoC continues to await the Canadian Federal budget. The Canadian dollar has rallied almost 10% since the last BoC meeting, so expectations are that this will be mentioned in the statement. Some volatility is to be expected in the coming weeks, given the event risk of the BoC meeting, Fed meeting, and Canadian Federal budget.
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.
Click Here to Subscribe
By Admin | March 7, 2016 | Daily Update |
0 comments