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
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