Canadian Dollar Update January 31, 2019
USD/CAD Open: 1.3145-1.3146 Overnight Range: 1.3120-1.3165
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $55.20 and gold is at $1,327. 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 1.3189. Support is at 1.3119.
The Canadian dollar moved higher following yesterday’s Fed rate decision. The Fed was more dovish than market participants had expected, sending stocks higher. The Fed cited inflation concerns, a slowing global economy, and persistent trade issues as reasons for remaining on the sideline in 2019. Originally two rate hikes were projected for this year, after the four we saw last year. Canadian GDP fell 0.1% in November, meeting expectations.
Today’s Suggested Range USD/CAD: 1.3100 – 1.3200
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 31, 2019 | Daily Update |
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