Canadian Dollar Update March 29, 2016
USD/CAD Open: 1.3161-1.3162 Overnight Range: 1.3151-1.3216
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $38.40 and gold is at $1,223. 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 1.3242. Support is at 1.3111.
The Canadian dollar is strengthening this morning, showing a notable divergence from oil prices and broad-based market divergence. With limited data, today’s focus will be on Fed Chair Yellen’s speech on outlook and policy. FOMC non-voter Williams’s speech was hawkish yesterday, in respect to inflation and employment. The next major data release in Canada will be Thursday’s GDP figures for January. In the short-term, CAD is vulnerable to a realignment with its key drivers of oil/yield spreads.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
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 29, 2016 | Daily Update |
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