Canadian Dollar Update March 20, 2018
USD/CAD Open: 1.3073-1.3074 Overnight Range: 1.3052-1.3088
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $63.18 and gold is at $1,311. 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 1.3115. Support is at 1.3037.
The Canadian dollar is quiet, consolidating just above Monday’s fresh 2018 lows. CAD is likely to continue to trade quietly in advance of tomorrow’s Fed meeting. There are no domestic releases of consequence scheduled until the end of the week. Domestic rate expectations remain steady, with market participants anticipating one 25bp rate hike by July.
Today’s Suggested Range USD/CAD: 1.3000 – 1.3100
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 20, 2018 | Daily Update | 0 comments