Canadian Dollar Update March 5, 2018
USD/CAD Open: 1.2986-1.2987 Overnight Range: 1.2864-1.2988
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $61.28 and gold is at $1,322. 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 1.3009. Support is at 1.2907.
The Canadian dollar continues to test 2018 lows. Trade concerns are weighing on CAD, as the most recent round of NAFTA negotiations are set to conclude tomorrow. President Trump has linked potential tariff exemptions for Canada to a “new and fair NAFTA agreement”. Headline risk remains elevated for what is expected to be a busy week domestically, highlighted by Wednesday’s Bank of Canada meeting, and Friday’s employment data. There are no domestic releases of consequence scheduled for today.
Today’s Suggested Range USD/CAD: 1.2950 – 1.3050
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 5, 2018 | Daily Update |
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