Canadian Dollar Update February 21, 2019
USD/CAD Open: 1.3174-1.3175 Overnight Range: 1.3157-1.3207
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $57.00 and gold is at $1,337. 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 1.3193. Support is at 1.3144.
The Canadian dollar has consolidated yesterday’s gains, rallying on the strength in commodity prices. Event risk for today is centered around Bank of Canada Governor Poloz’s speech. Recent domestic data has been strong, global trade tensions have softened, and commodity prices are higher, which could warrant some cautious optimism from the BoC. Domestic rate expectations remain muted.
Today’s Suggested Range USD/CAD: 1.3100 – 1.3200
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
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 Admin | February 21, 2019 | Daily Update |
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