Canadian Dollar Update March 21, 2016
USD/CAD Open: 1.3053-1.3054 Overnight Range: 1.2990-1.3093
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $39.42 and gold is at $1,243. 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 1.3119. Support is at 1.2951.
The Canadian dollar has consolidated slightly below last Friday’s multi-month high, as we head into the holiday shortened week. Markets have opened the week quietly; markets appear content to digest last week’s Fed decision moving towards the holiday. With no domestic data releases scheduled this week in Canada, the focus will center primarily on tomorrow’s Federal budget, as well as oil prices. We note the possibility of CAD upside from the budget, as market participants consider the impact of fiscal policy stimulus on both economic performance as well as monetary policy expectations.
Today’s Suggested Range USD/CAD: 1.3000 – 1.3100
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 21, 2016 | Daily Update |
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