Canadian Dollar Update March 7, 2019
USD/CAD Open: 1.3420-1.3421 Overnight Range: 1.3414-1.3448
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $56.55 and gold is at $1,284. US markets are lower. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3456. Support is at 1.3400.
The Canadian dollar is lower following yesterday’s Bank of Canada rate decision. The BoC changed its tone following recent disappointing economic data, and caution was emphasized. The BoC acknowledged that there is greater uncertainty surrounding future rate hikes, and that the outlook for the economy “continues to warrant an interest rate below its neutral range”. There are no domestic releases scheduled for today’s session. Sentiment will remain a dominant driver in FX markets.
Today’s Suggested Range USD/CAD: 1.3350 – 1.3450
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, 2019 | Daily Update |
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