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Canadian Dollar Update April 22, 2019

USD/CAD Open: 1.3368-1.3369      Overnight Range:     1.3354-1.3403

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $65.36 and gold is at $1,278.  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 1.3392.  Support is at 1.3341.

The Canadian dollar has followed oil prices higher earlier in today’s session. WTI crude oil has improved over 2% from last week’s prices, as the exemption granted to certain countries to import Iranian oil is expected to end. Last Thursday’s retail sales data in both Canada and the US handily beat expectations, quieting recent concerns calling for an economic slowdown. Event risk for this week is centered around Wednesday’s Bank of Canada meeting and MPR update, where a hold is expected. There are no domestic releases scheduled for today.

Today’s Suggested Range USD/CAD: 1.3300 – 1.3400


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 22, 2019 | Daily Update | 0 comments

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