Canadian Dollar Update December 13, 2018
USD/CAD Open: 1.3373-1.3374 Overnight Range: 1.3342-1.3384
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.67 and gold is at $1,247. 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 1.3406. Support is at 1.3340.
The Canadian dollar is soft, underperforming the majority of the G10 space. CAD’s primary drivers of WTI and yield spreads are once again moving to the forefront. The outlook for central bank policy is moving in a CAD-negative manner, as Fed rate expectations recover, contrasting stagnant BoC expectations. British Prime Minister May survived a confidence vote within her own party, as the Brexit saga is ongoing. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3300 – 1.3400
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.
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By Admin | December 13, 2018 | Daily Update |
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