Canadian Dollar Update March 13, 2018
USD/CAD Open: 1.2848-1.2849 Overnight Range: 1.2829-1.2877
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $61.24 and gold is at $1,325. 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 1.2888. Support is at 1.2822.
The Canadian dollar is lower early in today’s session, returning some of the gains made late last week. Domestic risk for today’s session is limited to Bank of Canada Governor Poloz’s speech on “Today’s labour market and the future of work”. US CPI data was in line with expectations, growing 0.2% month-over-month. Domestic rate expectations have been steady, pricing in 11bps of tightening for the April BoC meeting at present.
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 | March 13, 2018 | Daily Update | 0 comments