Canadian Dollar FX Update September 6, 2018
USD/CAD Open: 1.3187-1.3188 Overnight Range: 1.3163-1.3200
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $68.76 and gold is at $1,209. 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 1.3209. Support is at 1.3163.
The Canadian dollar is trading narrowly, consolidating losses from earlier in the week. CAD is trading slightly above Tuesday’s seven week low against the USD. Wednesday’s Bank of Canada statement was more cautious than expected, as officials expressed concerns over NAFTA discussions. There are no significant domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
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 | September 6, 2018 | Daily Update | 0 comments