Canadian Dollar Update April 4, 2016
USD/CAD Open: 1.3027-1.3028 Overnight Range: 1.3008-1.3083
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $36.58 and gold is at $1,222. US futures are flat. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3144. Support is at 1.2966.
The Canadian dollar is soft this morning, underperforming alongside commodities. The US dollar is broadly stronger, showing signs of reversing a slide that has perhaps already gone too far, when factoring in monetary policy considerations (which are still USD positive). The major data releases in Canada for this week include tomorrow’s trade data, as well as Friday’s employment data. CAD will be looking to build off of last week’s promising GDP figures as we continue to reassess the state of the Canadian economy.
Today’s Suggested Range USD/CAD: 1.3000 – 1.3100
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 | April 4, 2016 | Daily Update |
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