Canadian Dollar Update April 3, 2018
USD/CAD Open: 1.2835-1.2836 Overnight Range: 1.2828-1.2924
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $63.35 and gold is at $1,337. 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 1.2928. Support is at 1.2847.
The Canadian dollar is stronger this morning, amidst an environment of renewed risk appetite. NAFTA headlines have buoyed CAD, as officials are hopeful that a preliminary deal will be reached in the following week. Domestic rate expectations have stabilized again, with a 50% probability of a 25bp rate hike implied for the May Bank of Canada meeting. There are no domestic releases on the calendar for today.
Today’s Suggested Range USD/CAD: 1.2800 – 1.2900
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 | April 3, 2018 | Daily Update | 0 comments