Canadian Dollar Update March 12, 2018
USD/CAD Open: 1.2825-1.2826 Overnight Range: 1.2803-1.2839
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $61.67 and gold is at $1,318. 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 1.2894. Support is at 1.2788.
The Canadian dollar is quiet early in today’s session, consolidating gains made late last week. The domestic calendar is sparse early in the week, with the primary event risk to CAD being tomorrow’s speech from BoC Governor Poloz entitled “Today’s labour market and the future of work”. Oil prices are well supported, with WTI finding stability over $60/barrel. Domestic rate expectations remain firm, as the April BoC meeting remains live, with an approximate 44% chance of a 25bp rate hike at present.
Today’s Suggested Range USD/CAD: 1.2800 – 1.2900
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.
Click Here to Subscribe
By Admin | March 12, 2018 | Daily Update |
0 comments