Canadian Dollar Update November 15, 2018

USD/CAD Open: 1.3229-1.3230      Overnight Range:     1.3209-1.3249

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $56.53 and gold is at $1,213.  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 1.3254.  Support is at 1.3203.

The Canadian dollar remains under pressure. Materially lower oil prices over the last week have provided a headwind. Additional questions have been raised pertinent to the trade agreement between Canada, Mexico, and the United States before its officially ratified. Additional uncertainty surrounding trade have hurt US equity markets, which are once again lower. 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 15, 2018 | Daily Update | 0 comments

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