Canadian Dollar Update March 28, 2018
USD/CAD Open: 1.2923-1.2924 Overnight Range: 1.2863-1.2924
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $64.54 and gold is at $1,338. 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 1.2935. Support is at 1.2861.
The Canadian dollar is lower this morning, following better than expected GBP data in the US for the fourth quarter of last year. US GDP rose 2.9% in the final quarter last year, against expectations of a 2.7% increase. The case for additional tightening this year is becoming stronger in the US. Inflation will continue to be a key metric for central banks in both Canada and the US. There are no domestic releases scheduled for today.
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 28, 2018 | Daily Update |
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