Canadian Dollar Update March 22, 2019
USD/CAD Open: 1.3400-1.3401 Overnight Range: 1.3329-1.3428
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $59.24 and gold is at $1,311. US markets are lower. Today Canada released CPI data for February.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3455. Support is at 1.3360.
The Canadian dollar has extended yesterday’s losses early in today’s session. Canadian CPI for February was roughly in line with expectations, increasing 1.5% year-over-year instead of the expected 1.4%. Overall, the figure is still materially below the Bank of Canada’s target of 2%. Retail sales data missed expectations. For three consecutive months, retail sales have declined. The Bank of Canada appears poised to remain on the sidelines for the foreseeable future.
Today’s Suggested Range USD/CAD: 1.3350 – 1.3450
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 22, 2019 | Daily Update |
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