Canadian Dollar FX Update September 25, 2018
USD/CAD Open: 1.2946-1.2947 Overnight Range: 1.2944-1.2973
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $72.58 and gold is at $1,206. US markets are mixed. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.2981. Support is at 1.2917.
The Canadian dollar is trading flat from Monday’s close. Broader market sentiment remains the focal point for markets in the absence of domestic data. A rate hike is expected at Wednesday’s FOMC meeting. The outlook for relative central bank policy remains bearish for CAD, as spreads continue to widen. The domestic calendar is limited, Thursday’s speech from BoC Governor Poloz, and Friday’s monthly GDP for July are the primary risk factors for CAD.
Today’s Suggested Range USD/CAD: 1.2900 – 1.3000
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 | September 25, 2018 | Daily Update |
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