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Canadian Dollar FX Update October 16, 2018

USD/CAD Open: 1.2940-1.2941      Overnight Range:     1.2939-1.2999

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $71.32 and gold is at $1,235.  US markets are higher. There are no releases scheduled for today’s session.

The short-term USD/CAD technicals are neutral.  For today, USD resistance is at 1.3022.  Support is at 1.2926.

The Canadian dollar is retracing last week’s losses, making its fourth consecutive gain early in today’s session. Expectations for the Bank of Canada are firming, with a 25bp rate hike expected to be delivered at the October meeting next week. An additional 25bps of tightening are being priced in for March of 2019. Spreads between Western Canada Select and Brent are narrowing. There are no domestic releases scheduled for today.

Today’s Suggested Range USD/CAD: 1.2900 – 1.3000


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 | October 16, 2018 | Daily Update | 0 comments

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