Canadian Dollar Update December 5, 2018
USD/CAD Open: 1.3285-1.3286 Overnight Range: 1.3252-1.3295
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $53.65 and gold is at $1,243. US markets are lower. Today the Bank of Canada will make its December rate decision.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3288. Support is at 1.3264.
The Canadian dollar continues to decline against the US dollar. Today’s Bank of Canada rate decision poses significant event risk, as market participants look towards the statement tone. Given the moderation in domestic rate expectations of late, market participants await further direction. Oil has begun to find stability around recent levels. There are no additional domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3250 – 1.3350
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 5, 2018 | Daily Update | 0 comments