Canadian Dollar Update March 17, 2016
USD/CAD Open: 1.3016-1.3017 Overnight Range: 1.2945-1.3133
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $38.83 and gold is at $1,264. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3295. Support is at 1.2836.
The Canadian dollar is strong this morning, buoyed by yesterday’s broad-based USD weakness on the heels of yesterday’s Fed statement. The Fed was more dovish than expected, as markets had expected a retracement of January’s statement outlining concerns about the global economy. Additionally, the Fed revised projections for policy tightening, moving from 4 projected rate hikes to 2 projected rate hikes in 2016. Excessive Fed dovishness has had the expected effect on the Canadian dollar in the short-term.
Today’s Suggested Range USD/CAD: 1.2950 – 1.3050
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 17, 2016 | Daily Update |
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