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Canadian Dollar Update February 11, 2019

USD/CAD Open: 1.3284-1.3285      Overnight Range:     1.3261-1.3297

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $51.63 and gold is at $1,307.  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 1.3315.  Support is at 1.3238.

The Canadian dollar enters the week flat against the USD, outperforming all G10 currencies. Last week’s employment report was very positive, as Canada added far more “high quality” jobs in January than expected, and upward pressure is being felt in wages. Risk appetite is low, and renewed caution is being expressed due to tensions between the US and China. Oil prices are not providing support at current levels and appear vulnerable. There are no major domestic releases scheduled for today.

Today’s Suggested Range USD/CAD: 1.3250 – 1.3350

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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 | February 11, 2019 | Daily Update | 0 comments