Canadian Dollar Update March 6, 2019
USD/CAD Open: 1.3377-1.3378 Overnight Range: 1.3345-1.3391
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $56.09 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 1.3414. Support is at 1.3358.
The Canadian dollar is lower heading into today’s Bank of Canada rate decision. A rate hold at the level of 1.75% is expected. Market participants are expecting a cautious tone following the recent economic downturn. Political tensions between Canada and China are beginning to harm the trade dynamic between the countries. There are no releases scheduled in addition to today’s BoC decision.
Today’s Suggested Range USD/CAD: 1.3350 – 1.3450
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 6, 2019 | Daily Update |
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