Canadian Dollar FX Update January 22, 2019
USD/CAD Open: 1.3343-1.3344 Overnight Range: 1.3289-1.3354
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.69 and gold is at $1,282. 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 1.3386. Support is at 1.3290.
The Canadian dollar is testing two-week lows early in today’s session, as commodity currencies are broadly lower. The International Monetary Fund (IMF) downgraded expectations for global growth in both 2019 and 2020, causing markets to trade defensively. The IMF cited disappointing stock market performances and a weakening of demand as the primary factors. Oil prices are also lower, further underpinning CAD weakness. There are no top tier data releases scheduled domestically for today.
Today’s Suggested Range USD/CAD: 1.3300 – 1.3400
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 | January 22, 2019 | Daily Update | 0 comments