Canadian Dollar Update March 7, 2018
USD/CAD Open: 1.2925-1.2926 Overnight Range: 1.2872-1.2960
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $62.31 and gold is at $1,332. US futures are lower. Today Canada releases trade data for January.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2994. Support is at 1.2862.
The Canadian dollar is weak this morning, underperforming the majority of G10 peers. Canada’s trade deficit shrunk relative to expectations in January, but markets are largely ignoring this information ahead of this morning’s Bank of Canada decision. Domestic risk for today’s session will be centered around today’s BoC decision and accompanying statement, where a rate hold is widely expected.
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 7, 2018 | Daily Update |
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