Canadian Dollar Update January 18, 2019
USD/CAD Open: 1.3264-1.3265 Overnight Range: 1.3231-1.3288
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.70 and gold is at $1,282. 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 1.3321. Support is at 1.3189.
The Canadian dollar is little changed following this morning’s CPI data release for December. Inflation grew 2% on a year-over-year basis in December, beating expectations of 1.7% growth. The recent caution expressed by the Bank of Canada led to the muted reaction from markets. 10 basis points of tightening are being priced in by the Bank of Canada by July. There are no additional 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 | January 18, 2019 | Daily Update | 0 comments