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Canadian Dollar Update March 13, 2019

USD/CAD Open: 1.3334-1.3335      Overnight Range:     1.3332-1.3371

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $57.71 and gold is at $1,308.  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 1.3378.  Support is at 1.3300.

The Canadian dollar is extending its recovery, following an improvement in oil prices. There are no risk events scheduled ahead of Thursday’s speech from BoC Senior Deputy Governor Wilkins. The Brexit saga is ongoing, with a vote scheduled for today on whether to leave the European Union without an agreement. In the unlikely scenario where the vote passes, the USD will serve as a safe haven, and the GBP would be expected to nosedive. There are no releases scheduled for today.

Today’s Suggested Range USD/CAD: 1.3300 – 1.3400


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 | March 13, 2019 | Daily Update | 0 comments

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