Canadian Dollar Update March 14, 2018
USD/CAD Open: 1.2928-1.2929 Overnight Range: 1.2923-1.2966
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $61.15 and gold is at $1,324. 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 1.3021. Support is at 1.2868.
The Canadian dollar is soft early in today’s session, consolidating Poloz-driven losses from yesterday’s session. Governor Poloz stressed the need to remain cautious to with future monetary policy decisions, and noted that interest rates were to “move higher over time”. Expectations of a rate hike in April have corresponding moderated, with markets pricing in 7bps of tightening at present, down from the 11bps expected over the past several days. There are no domestic releases of consequence scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.2900 – 1.3000
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 14, 2018 | Daily Update | 0 comments