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Canadian Dollar Update February 5, 2019

USD/CAD Open: 1.3120-1.3121      Overnight Range:     1.3102-1.3131

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $53.84 and gold is at $1,319.  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 1.3153.  Support is at 1.3089.

The Canadian dollar remains stable, while oil prices are marginally lower. Relative central bank policy continues to buoy CAD following the recent moderation in the tone of Fed officials. Market participants expect the Bank of Canada to progress towards a cautiously optimistic tone moving forward. Markets currently are pricing in 10bps of tightening from the BoC by July of this year. There are no domestic releases scheduled for today.

Today’s Suggested Range USD/CAD: 1.3050 – 1.3150


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 5, 2019 | Daily Update | 0 comments

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