Canadian Dollar Update March 24, 2016
USD/CAD Open: 1.3260-1.3261 Overnight Range: 1.3201-1.3273
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $38.80 and gold is at $1,225. 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 1.3346. Support is at 1.3108.
The Canadian dollar has followed oil prices lower this morning, as lower equities and commodities has contributed to moderate risk-averse sentiment in FX. CAD is one of the day’s underperformers, in an environment of broad-based USD strength following last week’s recalibration. Fedspeak has been increasingly hawkish, contributing to the sentiment that April may be a “live” meeting for additional policy tightening, despite the lack of a press conference. The Canadian dollar will follow oil prices and the broader market tone heading into the long weekend.
Today’s Suggested Range USD/CAD: 1.3250 – 1.3350
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 24, 2016 | Daily Update |
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