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
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