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Canadian Dollar Update December 3, 2018

USD/CAD Open: 1.3184-1.3185      Overnight Range:     1.3159-1.3268

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $53.14 and gold is at $1,238.  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 1.3216.  Support is at 1.3132.

The Canadian dollar is higher to begin the week, as risk appetite improves. China and the United States made progress towards a resolution to recent trade tensions, as a 90-day ceasefire was agreed to, whereby neither party will increase tariffs against the other. Oil prices are sharply higher as well, on reports that both Saudi Arabia and Russia have agreed that crude prices need to be rebalanced. Stocks are broadly higher. There are no domestic releases scheduled for today.

Today’s Suggested Range USD/CAD: 1.3150 – 1.3250


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 3, 2018 | Daily Update | 0 comments

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