Canadian Dollar Update March 25, 2019
USD/CAD Open: 1.3430-1.3431 Overnight Range: 1.3403-1.3440
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $58.84 and gold is at $1,318. US markets are lower. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3461. Support is at 1.3402.
Last Friday’s data releases confirmed that there is no pressing need for the Bank of Canada to act in the short-term. Inflation data was below the 2% target, and retail sales have fallen in 5 of the past 6 months. Oil prices have not provided a significant offset, and resultantly CAD has weakened against most major currencies. Event risk is limited this week, as the only data release of significance domestically is Friday’s GDP for January.
Today’s Suggested Range USD/CAD: 1.3400 – 1.3500
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 25, 2019 | Daily Update |
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