Canadian Dollar Update April 16, 2019
USD/CAD Open: 1.3376-1.3377 Overnight Range: : 1.3363-1.3403
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $63.50 and gold is at $1,277. 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 1.3350.
The Canadian dollar moved lower yesterday following the Bank of Canada’s Spring Business Outlook Survey. The survey’s general indicator was slightly negative for the first time since 2016, and reflects the economic rough patch Canada experienced to begin the year. Economists expect this slowdown to be temporary, and the recent rally in crude oil is a boon to the economy. Canada released manufacturing sales for February, which narrowly missed expectations, but has not been market-moving.
Today’s Suggested Range USD/CAD: 1.3350 – 1.3450
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 16, 2019 | Daily Update | 0 comments