Canadian Dollar Update March 18, 2016
USD/CAD Open: 1.2943-1.2944 Overnight Range: 1.2937-1.3033
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $41.07 and gold is at $1,250. US futures are lower. Today, Canada releases CPI data for February.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3091. Support is at 1.2904.
The Canadian dollar is stronger this morning, as oil prices continue to rally. Coupled with Wednesday’s Fed decision, we have seen a significant rally in CAD over the latter part of the week. Canadian CPI data for February slightly missed expectations (+1.4% vs. +1.5% expected), but that has had a negligible impact on markets. It remains to be seen how long CAD can sustain the current rally, with next week’s Federal budget being the next major event on the horizon.
Today’s Suggested Range USD/CAD: 1.2900 – 1.3000
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 18, 2016 | Daily Update |
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