Canadian Dollar Update March 21, 2018
USD/CAD Open: 1.2964-1.2965 Overnight Range: 1.2964-1.3079
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $64.34 and gold is at $1,328. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3034. Support is at 1.2952.
The Canadian dollar is sharply higher this morning, on NAFTA-driven headlines. Reports of softening demands on rules of origin in autos has the US dollar broadly lower, as risk appetite picks up. Rate expectations are beginning to firm once again in Canada. Today’s primary risk for the Canadian dollar is the FOMC rate decision for March, scheduled for this afternoon.
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 21, 2018 | Daily Update |
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