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Canadian Dollar Update January 10, 2019

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

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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 | January 10, 2019 | Daily Update | 0 comments