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Canadian Dollar Update March 28, 2019

USD/CAD Open: 1.3433-1.3434      Overnight Range:     1.3401-1.3439

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $58.46 and gold is at $1,299.  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 1.3461.  Support is at 1.3384.

The Canadian dollar is lower again early in today’s session, trending towards one-week lows. Lower oil prices continue to weigh on CAD, as WTI retraces gains made earlier in the week. Relative monetary policy is also negatively impacting the Canadian dollar, as stabilizing Fed expectations contrast with deteriorating BoC expectations. The GBP is the clear underperformer as Brexit risk persists. There are no domestic data releases scheduled ahead of tomorrow’s GDP.

Today’s Suggested Range USD/CAD: 1.3400 – 1.3500

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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 28, 2019 | Daily Update | 0 comments