Canadian Dollar Update December 18, 2018
USD/CAD Open: 1.3411-1.3412 Overnight Range: 1.3390-1.3421
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.04 and gold is at $1,250. 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 1.3443. Support is at 1.3386.
The Canadian dollar is trading slightly above recent lows, amidst an environment of broad-based USD weakness. Monetary policy has moved to the forefront ahead of tomorrow’s Fed rate decision. Markets are pricing in a 67% chance of a 25bp rate hike. President Trump has stated that a rate hike at this point would be “absurd”, given recent stock market turmoil. The Fed has not raised rates during a period of stock market turbulence since 1994. 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.
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By Admin | December 18, 2018 | Daily Update |
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