Canadian Dollar Update January 30, 2019
USD/CAD Open: 1.3222-1.3223 Overnight Range: 1.3212-1.3282
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $53.94 and gold is at $1,315. 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 1.3248. Support is at 1.3188.
The Canadian dollar has followed oil prices higher early in today’s session. The initial reaction to yesterday’s Brexit developments were positive for PM May, but it will continue to be a lengthy process before a definitive resolution is reached. Market participants will be looking towards this afternoon’s Fed rate decision. Fed Chair Powell is likely to reiterate the sentiment recently expressed by other Fed members; the US is late in its economic cycle, and rate hikes will likely proceed at a slower pace. Global trade/growth concerns continue to persist. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
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 Admin | January 30, 2019 | Daily Update |
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