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Canadian Dollar Update November 20, 2018

USD/CAD Open: 1.3216-1.3217      Overnight Range:     1.3155-1.3219

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $56.00 and gold is at $1,226.  US markets are lower. There are no releases scheduled for today’s session.

The short-term USD/CAD technicals are neutral.  For today, USD resistance is at 1.3241.  Support is at 1.3178.

The Canadian dollar has moved lower early in today’s session, as trade tensions weigh on CAD. North American equities were sharply lower yesterday. Western Canada Select remains under pressure. The next domestic rate hike is expected to take place either at the December or January Bank of Canada meeting. Outside of speaking engagements from BoC personnel, there are no domestic data releases scheduled for today.

Today’s Suggested Range USD/CAD: 1.3150 – 1.3250

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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 20, 2018 | Daily Update | 0 comments