Canadian Dollar Update December 6, 2018
USD/CAD Open: 1.3421-1.3422 Overnight Range: 1.3347-1.3445
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.38 and gold is at $1,247. 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 1.3476. Support is at 1.3368.
The Canadian dollar continues to weaken materially this week. Yesterday’s Bank of Canada meeting catalyzed a large decline against both the USD and the Euro. The BoC decided to leave rates unchanged, however the statement tone was very cautious pertaining to future growth. Trade conflicts reducing global demand, slowing growth in major economies, and an anticipation of a contracting domestic energy industry were cited among concerns. Trade data today revealed that exports declined in October, principally on lower crude.
Today’s Suggested Range USD/CAD: 1.3400 – 1.3500
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 6, 2018 | Daily Update | 0 comments