Canadian Dollar Update March 10, 2016
USD/CAD Open: 1.3262-1.3263 Overnight Range: 1.3231-1.3316
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $38.32 and gold is at $1,257. 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 1.3392. Support is at 1.3175.
Yesterday was an eventful day for the Canadian dollar, as CAD rallied significantly following the Bank of Canada statement. Today, the ECB has reported additional easing measures, stemming from concerns surrounding inflation. Stronger oil prices and risk appetite in both FX and equities have helped buoy CAD of late, so as deterioration in market sentiment post-ECB could adversely affect CAD in the short-term. Event risk remains on the imminent horizon for CAD, in the form of next week’s Fed meeting, and the upcoming Canadian Federal budget.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
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 10, 2016 | Daily Update |
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