Canadian Dollar Update December 14, 2018
USD/CAD Open: 1.3383-1.3384 Overnight Range: 1.3346-1.3401
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.29 and gold is at $1,237. 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 1.3410. Support is at 1.3365.
The Canadian dollar is trading defensively, approaching last week’s 18-month lows. China reported worse industrial output and retail sales growth than expected, partially a result of the trade war with the US. In an effort to deescalate the situation, China has announced they will eliminate tariffs on cars imported from the US for three months. The European Central Bank announced the decision to end bond purchases on markets, which has weighed on the Euro. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3350 – 1.3450
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 | December 14, 2018 | Daily Update |
0 comments