Canadian Dollar Update November 13, 2018
USD/CAD Open: 1.3238-1.3239 Overnight Range: 1.3214-1.3250
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $58.77 and gold is at $1,201. 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 1.3264. Support is at 1.3211.
CAD continues to consolidate its recent decline and is trading slightly above recent multi-month lows. Oil prices are falling, underpinning CAD weakness, as Western Canada Select falls below $20/barrel. The Bank of Canada remains optimistic, as Canadian economic fundamentals have been positive, despite the decline in CAD. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
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 13, 2018 | Daily Update | 0 comments