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Canadian Dollar Update March 27, 2019

USD/CAD Open: 1.3413-1.3414      Overnight Range:     1.3376-1.3429

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $60.21 and gold is at $1,321.  US markets are higher. Today Canada released trade data for January.

The short-term USD/CAD technicals are neutral-bearish.  For today, USD resistance is at 1.3462.  Support is at 1.3373.

The Canadian dollar is lower early in today’s session amidst an environment of mild risk aversion. Today Canada released trade data for January. Canada’s trade deficit shrank slightly in December, but not by as large of a margin as analysts had expected. Low crude prices continue to weigh on Canada’s trade balance. Narrowing yield spreads are providing an offset for CAD. There are no major releases scheduled for the remainder of today’s session, and Friday’s monthly GDP data will be the next significant data release.

Today’s Suggested Range USD/CAD: 1.3350 – 1.3450

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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 27, 2019 | Daily Update | 0 comments