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Canadian Dollar Update December 10, 2018

USD/CAD Open: 1.3346-1.3347      Overnight Range:     1.3292-1.3362

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $51.33 and gold is at $1,249.  US markets are mixed. There are no releases scheduled for today’s session.

The short-term USD/CAD technicals are neutral-bearish.  For today, USD resistance is at 1.3376.  Support is at 1.3292.

The Canadian dollar enters the week making modest gains against the US dollar. Last week’s employment data handily exceeded expectations, however, domestic rate expectations remain soft. Global economic growth continues to cause concern for investors, as equities are broadly lower. Crude has fallen 32% from October highs. There are no domestic releases scheduled for today’s session.

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 | December 10, 2018 | Daily Update | 0 comments

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