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Canadian Dollar Update January 9, 2019

USD/CAD Open: 1.3243-1.3244      Overnight Range:     1.3223-1.3283

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $51.16 and gold is at $1,286.  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 1.3276.  Support is at 1.3213.

The Canadian dollar continues to rally early in today’s session. Oil continues to extend recent gains. Event risk for today’s session is centered around the Bank of Canada rate announcement this morning. A rate hold is widely expected. There will be a press conference following the meeting. Domestic rate expectations are muted for the early part of the year. There are no domestic data 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 9, 2019 | Daily Update | 0 comments

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