USD/CAD Open: 1.3300-1.3301 Overnight Range: 1.3267-1.3311
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.57 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 1.3336. Support is at 1.3270.
The Canadian dollar remains better positioned against the USD due to a multitude of factors. Following the caution expressed by Fed Chair Powell last week, markets are no longer anticipating any rate hikes from the Fed in 2019. In addition to the change in the outlook for relative monetary policy, oil prices are firming. There are no top tier domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3250 – 1.3350
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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