Canadian Dollar Update February 27, 2018
USD/CAD Open: 1.2724-1.2725 Overnight Range: 1.2668-1.2735
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $63.82 and gold is at $1,329. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2735. Support is at 1.2638.
The Canadian dollar is lower once again, testing 2018 lows. The broader tone remains dominant, as CAD is softening in concert with its commodity currency peers. Event risk today for CAD is centered around the Federal budget release scheduled for this afternoon. WTI has found support above $60/barrel. OIS continue to price in an approximate 50% chance of a 25bp rate hike in April from the Bank of Canada.
Today’s Suggested Range USD/CAD: 1.2700 – 1.2800
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 | February 27, 2018 | Daily Update |
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