Canadian Dollar Update November 21, 2018
USD/CAD Open: 1.3282-1.3283 Overnight Range: 1.3270-1.3318
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $54.59 and gold is at $1,227. 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 1.3319. Support is at 1.3250.
The Canadian dollar is once again lower, following yesterday’s developments. Oil prices have continued to move lower. President Trump has reiterated his desire to see oil prices lower, to benefit US consumers. The next rate hike for the Bank of Canada is projected to be in January of 2019. Yesterday’s speeches from BoC personnel were largely theoretical, providing no guidance on the rate hike timeline. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3250 – 1.3350
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 21, 2018 | Daily Update | 0 comments