Canadian Dollar FX Update December 20, 2018
USD/CAD Open: 1.3475-1.3476 Overnight Range: 1.3446-1.3504
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.74 and gold is at $1,203. US markets are higher. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3507. Support is at 1.3429.
The Canadian dollar remains under pressure. Yesterday’s rate hike from the Fed lent support to the US dollar. The Fed issued a dovish hike, as expected by markets, despite recent stock market turmoil. All eight of next years meetings will be “live”, with two rate hikes expected to take place. Lower crude oil prices continue to hamstring CAD, as WTI has dipped well below $50/barrel. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3450 – 1.3550
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 | December 20, 2018 | Daily Update |
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