Canadian Dollar Update August 28, 2018
USD/CAD Open: 1.2897-1.2898 Overnight Range: 1.2887-1.2983
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $68.85 and gold is at $1,218. US markets are higher. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3027. Support is at 1.2896.
The Canadian dollar is higher early in the week, as the short-term outlook looks increasingly optimistic. Trade tensions have alleviated to some extent, as it’s been announced that the US and Mexico are actively negotiating potential solutions. The revisiting of trade talks is a positive for CAD. The strength of recent domestic data also implies greater potential short-term upside for CAD. There are no domestic releases of note scheduled for today.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
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 | August 28, 2018 | Daily Update | 0 comments