USD/CAD Open: 1.3238-1.3239 Overnight Range: 1.3200-1.3250
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.76 and gold is at $1,291. 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 1.3278. Support is at 1.3187.
The Canadian dollar is slightly lower early in today’s session. Yesterday the Bank of Canada elected to leave rates unchanged, as was widely expected. The BoC lowered the expected growth for 2019 from 2.1% to 1.7%, due in large part to softer oil prices, as well as international trade tensions. A break from the recent tightening of monetary policy seen in both Canada and the US would be unsurprising. 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
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