Canadian Dollar Update February 7, 2019
USD/CAD Open: 1.3267-1.3268 Overnight Range: 1.3201-1.3280
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $53.51 and gold is at $1,314. 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 1.3314. Support is at 1.3214.
The Canadian dollar is lower once again early in today’s session. A worsening growth outlook in Europe is weighing on risk appetite, as the Bank of England downgraded its growth forecast for 2019. Wider yield spreads are weighing on CAD as oil prices stagnate. Only 6bps of tightening from the Bank of Canada are being priced in by July. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
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 7, 2019 | Daily Update | 0 comments