USD/CAD Open: 1.3335-1.3336 Overnight Range: 1.3286-1.3347
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $58.50 and gold is at $1,294. US markets are mixed. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3364. Support is at 1.3318.
The Canadian dollar is trading defensively early in today’s session. Oil prices have improved lately, working to partially offset yield spreads widening in a CAD negative manner. This week the House of Commons in the UK has voted both not to leave the European Union with the agreement put forward by PM May, and also not to leave the European Union without an agreement. A lot of work needs to be done before the deadline of March 29. There are no top tier data releases scheduled for today, and domestic risk is limited to a speech from BoC Senior Deputy Governor Wilkins.
Today’s Suggested Range USD/CAD: 1.3300 – 1.3400
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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