Canadian Dollar Update November 12, 2018
USD/CAD Open: 1.3203-1.3204 Overnight Range: 1.3182-1.3214
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $60.84 and gold is at $1,206. 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 1.3218. Support is at 1.3179.
CAD is better early in today’s session amidst an environment of broad-based USD strength. A rebound in oil prices has pushed CAD above Friday’s levels, which saw CAD reach multi-month lows against the USD. The Bank of Canada continues to move towards moving rates towards a neutral level, which they believe to be between 2.5%-3.5%. We expect a quiet day of trading today, as banks in both Canada and the US are closed for holidays.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
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 | November 12, 2018 | Daily Update | 0 comments