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Canadian Dollar Update February 6, 2019

USD/CAD Open: 1.3175-1.3176      Overnight Range:     1.3124-1.3208

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $53.40 and gold is at $1,317.  US markets are mixed. There are no releases scheduled for today’s session.

The short-term USD/CAD technicals are neutral-bearish.  For today, USD resistance is at 1.3217.  Support is at 1.3143.

The Canadian dollar is weaker early in today’s session, underperforming the majority of G10 peers. Oil prices are contributing to CAD weakness, as they have fallen 3.6% this week. The AUD is a clear underperformer, following comments from RBA Gov. Lane that were more cautious than expected. Following the RBA statement, expectations for future tightening in Canada moderated slightly. There are no domestic releases expected for today.

Today’s Suggested Range USD/CAD: 1.3150 – 1.3250

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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

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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 6, 2019 | Daily Update | 0 comments