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Canadian Dollar Update April 9, 2019

USD/CAD Open: 1.3315-1.3316      Overnight Range:     1.3284-1.3320

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $64.17 and gold is at $1,308.  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 1.3317.  Support is at 1.3264.

The Canadian dollar has gained ground against the USD over the past two sessions. Surging oil prices have buoyed CAD, as they test fresh 2019 highs. Domestic rate expectations have stabilized, alongside expectations from the Fed, moving relative monetary policy to the backburner. There are no major domestic releases scheduled for the remainder of the week, leaving CAD to track oil prices.

Today’s Suggested Range USD/CAD: 1.3250 – 1.3350

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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 9, 2019 | Daily Update | 0 comments