Canadian Dollar Update March 20, 2019
USD/CAD Open: 1.3330-1.3331 Overnight Range: 1.3311-1.3346
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $58.86 and gold is at $1,309. 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 1.3347. Support is at 1.3314.
The Canadian dollar retraced earlier gains during yesterday’s session. In yesterday’s federal budget, the Liberal government took advantage of recent economic growth to increase spending, which was to be expected, given this was the last budget before the election. Today market participants will be looking towards the Fed rate decision, where a hold is widely expected. The potential for increased volatility in FX markets exists this afternoon. There are no domestic releases 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.
Click Here to Subscribe
By Admin | March 20, 2019 | Daily Update |
0 comments