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Canadian Dollar Update April 2, 2019

USD/CAD Open: 1.3328-1.3329      Overnight Range:     1.3297-1.3337

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $61.89 and gold is at $1,293.  US markets are lower. There are no releases scheduled for today’s session.

The short-term USD/CAD technicals are neutral-bearish.  For today, USD resistance is at 1.3367.  Support is at 1.3290.

The Canadian dollar rallied yesterday following a speech from BoC Governor Poloz. Although the tone was neutral, markets had been expecting a more dovish take, to mirror what’s happened in the US. Oil prices have also rallied, which underpinned CAD strength. Markets are currently pricing in one 25bp rate cut in the next year in the US, and only 12bps of easing are expected in Canada. There are no domestic 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 2, 2019 | Daily Update | 0 comments