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Canadian Dollar Update March 30, 2017

USD/CAD Open: 1.3309-1.3310      Overnight Range:     1.3304-1.3346

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $49.87 and gold is at $1,250.  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 1.3384.  Support is at 1.3306.

Taking direction from oil prices, CAD is higher today. U.S. GDP data for Q4 of 2016 was released today, narrowly beating expectations (+2.1% annualized actual vs. +2.0% expected). Oil prices have rallied significantly over yesterday’s session, once again approaching $50/barrel. CAD continues to lack a catalyst in the short-term, limiting Canadian dollar upside in the short-term.

Today’s Suggested Range USD/CAD: 1.3250 – 1.3350

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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 Admin | March 30, 2017 | Daily Update | 0 comments