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Canadian Dollar Update January 8, 2019

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

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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

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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 8, 2019 | Daily Update | 0 comments