Canadian Dollar Update February 26, 2019
USD/CAD Open: 1.3219-1.3220 Overnight Range: 1.3181-1.3236
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $55.50 and gold is at $1,329. 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 1.3261. Support is at 1.3191.
The Canadian dollar is weak, underperforming all the G10 currencies amidst an environment of risk aversion. Lower oil prices are underpinning CAD weakness, which being moderately offset by central bank policy, as expectations of additional tightening from the Fed decrease. Markets are optimistic that a trade deal will be reached between the US and China. There are no domestic releases ahead of tomorrow’s CPI release.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
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.
Click Here to Subscribe
By Admin | February 26, 2019 | Daily Update |
0 comments