Canadian Dollar Update March 1, 2019
USD/CAD Open: 1.3213-1.3214 Overnight Range: 1.3129-1.3241
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $57.29 and gold is at $1,308. US markets are higher. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3376. Support is at 1.3069.
The Canadian dollar is lower this morning, following disappointing GDP data. GDP for the fourth quarter of 2018 grew at a 0.4% pace, against expectations of 1% growth. This stands in stark contrast to GDP in the US, which grew at 2.6% over the same time frame. Markets are pricing in less than 5 basis points of tightening from the Bank of Canada by July. Next week’s BoC meeting should provide market participants with an update on the outlook for policy normalization. There are no additional domestic releases scheduled for today.
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 1, 2019 | Daily Update |
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