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Canadian Dollar Update April 15, 2019

USD/CAD Open: 1.3318-1.3319      Overnight Range:     1.3297-1.3350

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $63.53 and gold is at $1,285.  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 1.3341.  Support is at 1.3265.

CAD continues to trade narrowly to begin the week, consolidating around its 100-day average. Oil prices remain dominant and are offering support as WTI continues to sit comfortably above $60/barrel. The domestic calendar is heavy this week, starting today with the Bank of Canada Business Outlook Survey. Weekend comments from BoC Governor Poloz were neutral, stressing data dependence, and the market has begun to fade some of the easing bias that has been present for the last several weeks.

Today’s Suggested Range USD/CAD: 1.3250 – 1.3350

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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 15, 2019 | Daily Update | 0 comments