Canadian Dollar Morning Update February 23, 2016
USD/CAD Open: 1.3738-1.3739 Overnight Range: 1.3694-1.3756
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $33.34 and gold is at $1,223. US futures are flat. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3797. Support is at 1.3646.
The Canadian dollar is quiet, continuing to consolidate below early-February highs. CAD has been rangebound in the absence of meaningful domestic data releases. Finance Minister Morneau revealed additional details surrounding the March budget, with the deficit projected to be $18.4B. With US inflation progressing well, we can expect yield spreads to pressure CAD in the short-term, as divergent monetary policy becomes more salient. The Canadian dollar will continue to tread water until it is given clearer direction from oil prices and domestic data releases.
Today’s Suggested Range USD/CAD: 1.3700 – 1.3800
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.
By Admin | February 23, 2016 | Daily Update |
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