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Canadian Dollar Update April 12, 2019

USD/CAD Open: 1.3327-1.3328      Overnight Range:     1.3312-1.3392

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $64.14 and gold is at $1,295.  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 1.3362.  Support is at 1.3292.

The Canadian dollar is higher this morning, amidst an environment of risk appetite. Lower oil prices weighed on CAD yesterday, and today’s reversal is contributed to CAD strength. Higher-than-expected Chinese export figures has improved risk appetite this morning. Markets are pricing in a 50% chance of a rate hike from the Fed before the end of the year. There are no releases scheduled for today’s session.

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

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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 12, 2019 | Daily Update | 0 comments