Canadian Dollar Update August 8, 2018
USD/CAD Open: 1.3064-1.3065 Overnight Range: 1.3048-1.3121
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $68.14 and gold is at $1,218. US markets are lower. There are no domestic releases scheduled for today.
The short-term USD/CAD technicals are bullish. For today, USD resistance is at 1.3137. Support is at 1.3004.
CAD is soft, underperforming most of the G10 currencies following yesterday’s reversal. 30bps of tightening from the Bank of Canada is being priced in for the remainder of the year. Yield spreads between Canada and the US are narrower, and commodities are steady. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3000 – 1.3100
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
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.
Click Here to Subscribe
By Admin | August 8, 2018 | Daily Update |
0 comments