Canadian Dollar FX Update March 9, 2017
USD/CAD Open: 1.3506-1.3507 Overnight Range: 1.3482-1.3535
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.71 and gold is at $1,205. 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 1.3573. Support is at 1.3438.
CAD is soft this morning in response to a sharp decline in oil prices experienced yesterday and today. Steady oil prices have provided support to CAD over the past several weeks, leaving CAD vulnerable. Relative policy continues to be the dominant factor, with yield spreads widening to levels last seen when USD/CAD was trading in excess of 1.40. Event risk is limited leading up to tomorrow’s dual employment release, as there are no domestic data releases of consequence scheduled for today.
Today’s Suggested Range USD/CAD: 1.3450 – 1.3550
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 9, 2017 | Daily Update |
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