Canadian Dollar Update January 16, 2019
USD/CAD Open: 1.3249-1.3250 Overnight Range: 1.3245-1.3285
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.92 and gold is at $1,291. 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 1.3283. Support is at 1.3241.
The Canadian dollar appears to have begun to consolidate gains made in January. Yesterday British Members of Parliament rejected the latest Brexit agreement between PM Theresa May and the EU. Given the concerns facing the global economy, a hands-off approach from the Fed is expected. Recovering oil prices are providing support to CAD, and continued recovery will be important to improving the outlook for CAD in the coming months. There are no major domestic releases before Friday’s CPI data.
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 | January 16, 2019 | Daily Update | 0 comments