Canadian Dollar Morning Update March 28, 2016
USD/CAD Open: 1.3213-1.3214 Overnight Range: 1.3209-1.3286
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $39.69 and gold is at $1,220. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3278. Support is at 1.3220.
The Canadian dollar continues to follow the path of oil, which has largely been the case over the last month. CAD is strong this morning, outperforming most of the G10 currencies. US personal consumption expenditures were unchanged at 1.7%, falling just short of expectations. Q4 GDP in the US was revised upwards on Friday (1.4% vs. 1.0%), as well as personal consumption. In the absence of domestic data releases, CAD will continue to follow oil prices as well as broader market sentiment.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
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 28, 2016 | Daily Update |
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