Canadian Dollar Update March 8, 2018
USD/CAD Open: 1.2890-1.2891 Overnight Range: 1.2867-1.2951
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $61.28 and gold is at $1,325. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2992. Support is at 1.2859.
The Canadian dollar is higher this morning, consolidating yesterday’s gains. Recent trade uncertainty figured prominently in yesterday’s Bank of Canada statement, however CAD staged a rally late in yesterday’s session, on news of possible tariff exemptions for Canada and Mexico with the U.S. NAFTA negotiations are poised to be an ongoing saga in the short-term. There are no domestic releases scheduled for today, as market participants look towards tomorrow’s employment report.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
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 KBFX | March 8, 2018 | Daily Update | 0 comments