Canadian Dollar Update March 18, 2019
USD/CAD Open: 1.3337-1.3338 Overnight Range: 1.3301-1.3350
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $58.58 and gold is at $1,305. 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 1.3357. Support is at 1.3306.
The USD begins the week trading defensively. The market tone is constructive due to optimism surrounding China. Event risk for the week is centered around Wednesday’s Fed rate decision, where a rate hold is widely expected. Commodities are better supported. Market participants are pricing in 5bps of easing from the Bank of Canada over the next year. There are no releases of consequence scheduled for today.
Today’s Suggested Range USD/CAD: 1.3300 – 1.3400
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
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 Admin | March 18, 2019 | Daily Update |
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