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Canadian Dollar Update April 18, 2019

USD/CAD Open: 1.3381-1.3382      Overnight Range:     1.3333-1.3400

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $63.83 and gold is at $1,276.  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 1.3422.  Support is at 1.3344.

The Canadian dollar is lower early in today’s session, amidst an environment of broad-based risk aversion. Retail sales data for February was better than expected, growing 0.8% against expectations of 0.4% growth. Higher oil prices continue to lend strength to CAD. Market participants are looking towards next week’s Bank of Canada policy decision. There are no additional releases scheduled for today’s session.

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 18, 2019 | Daily Update | 0 comments

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