Canadian Dollar Update July 19, 2018
USD/CAD Open: 1.3231-1.3232 Overnight Range: 1.3159-1.3268
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $69.58 and gold is at $1,216. US markets are lower. There are no domestic releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3281. Support is at 1.3181.
The USD remains well supported, following Fed Chair Powell’s upbeat speech. An increasingly hawkish US outlook is weighing on CAD, as monetary policy differences become increasingly salient. Domestic rate expectations remain unchanged, with one rate hike expected before the end of the calendar year. There are no domestic releases scheduled for today’s session.
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 | July 19, 2018 | Daily Update | 0 comments