Canadian Dollar FX Update February 4, 2019
USD/CAD Open: 1.3133-1.3134 Overnight Range: 1.3085-1.3138
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $54.12 and gold is at $1,313. 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 1.3137. Support is at 1.3093.
The Canadian dollar has benefitted greatly from recent increases in risk appetite, as CAD is the best performing G10 currency since the beginning of 2019. A cautious approach outlined by the Federal Reserve coupled with strong earnings for US companies has led to stronger equities over the last several weeks. Oil prices are stable and supportive at current levels. This week’s domestic calendar is limited, as Friday’s employment data will be the only major data release.
Today’s Suggested Range USD/CAD: 1.3100 – 1.3200
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 | February 4, 2019 | Daily Update |
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