Canadian Dollar Update April 26, 2019
USD/CAD Open: 1.3457-1.3458 Overnight Range: 1.3452-1.3498
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $64.13 and gold is at $1,288. 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 1.3517. Support is at 1.3421.
The Canadian dollar is consolidating above Wednesday’s three month low. Oil prices are lower, contributing to CAD weakness. Yield spreads continue to be the primary driver for the CAD/USD pair. Domestic rate expectations remain soft, as market participants are pricing in approximately 10bps of tightening by September. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3400 – 1.3500
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 26, 2019 | Daily Update | 0 comments