Canadian Dollar Update April 2, 2018
USD/CAD Open: 1.2877-1.2878 Overnight Range: 1.2862-1.2907
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $64.42 and gold is at $1,339. 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 1.2897. Support is at 1.2858.
The Canadian dollar is quiet, trading at similar levels to late last week. CAD has shown remarkable resistance, given last week’s GDP disappointment. Domestic rate expectations have moderated, particularly for the April Bank of Canada meeting; markets are currently pricing in just 3bps of tightening in April, down from 9bps a week ago. There is an implied 50% probability of a 25bp rate hike at the May BoC meeting. There are no domestic releases scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
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 | April 2, 2018 | Daily Update |
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