Canadian Dollar Update March 5, 2019

USD/CAD Open: 1.3335-1.3336      Overnight Range:     1.3300-1.3352

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $56.97 and gold is at $1,286.  US markets are mixed. There are no releases scheduled for today’s session.

The short-term USD/CAD technicals are neutral-bearish.  For today, USD resistance is at 1.3337.  Support is at 1.3306.

CAD continues to extend Friday’s losses, down 0.3% on the day today, underperforming all the G10 currencies. Market participants are looking towards Wednesday’s Bank of Canada meeting for direction. Given the backdrop, Wednesday is shaping up to be a volatile day for the Canadian dollar. There are no domestic releases scheduled for today’s session.

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

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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 5, 2019 | Daily Update | 0 comments