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Canadian Dollar Update April 10, 2019

USD/CAD Open: 1.3345-1.3346      Overnight Range:     1.3318-1.3360

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $64.42 and gold is at $1,309.  US markets are higher. There are no releases scheduled for today’s session.

The short-term USD/CAD technicals are neutral-bearish.  For today, USD resistance is at 1.3396.  Support is at 1.3292.

The Canadian dollar is slightly lower early in today’s session. US CPI data was better than expected but remains slightly below the Fed mandated 2% bracket. President Trump has turned his attention towards Europe, threatening $11B worth of tariffs on a basket of European goods. The IMF has cited slower European growth as a reason for downgrading its global growth projections, and additional tariffs will only exacerbate European economic sluggishness. There are no domestic releases scheduled for today.

Today’s Suggested Range USD/CAD: 1.3300 – 1.3400

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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 | April 10, 2019 | Daily Update | 0 comments