Canadian Dollar Morning Update February 27, 2017
USD/CAD Open: 1.3108-1.3109 Overnight Range: 1.3093-1.3123
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $54.44 and gold is at $1,257. 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 1.3144. Support is at 1.3078.
The Canadian dollar is underperforming in quiet trade early in today’s session. CAD’s primary driver are mixed; oil prices remain well supported, while yield spreads have widened in a CAD negative manner. Event risk for CAD is centered around Wednesday’s Bank of Canada rate decision, where a rate hold is widely expected. The domestic schedule is eventful later in the week, with light trading expected in the interim.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
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 | February 27, 2017 | Daily Update |
0 comments