Canadian Dollar Morning Update March 19, 2018
USD/CAD Open: 1.3075-1.3076 Overnight Range: 1.3046-1.3125
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $62.13 and gold is at $1,312. 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 1.3131. Support is at 1.3052.
The Canadian dollar is slightly higher early in today’s session, moving slightly above 2018 lows set during the European trading session. The primary focus for the week will be the FOMC meeting taking place Wednesday, where market participants will look for further information regarding the Fed’s tightening plans for the remainder of the calendar year. Domestically, rate expectations have begun to stabilize following last week’s trade/BoC induced volatility, with markets currently pricing in 7bps of tightening for April’s meeting. The domestic calendar is light leading up to Friday’s CPI/retail sales data.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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 KBFX | March 19, 2018 | Daily Update | 0 comments