Canadian Dollar Update November 26, 2018
USD/CAD Open: 1.3208-1.3209 Overnight Range: 1.3186-1.3231
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.42 and gold is at $1,224. 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 1.3236. Support is at 1.3197.
The Canadian dollar begins the week up 0.2% against the USD, amidst an environment of broad-based USD weakness. Domestic rate expectations are being recalibrated following last week’s data releases. OIS are pricing in a 12% chance of a 25bp rate hike by December, and an 80% chance of a 25bp rate hike by the conclusion of the January meeting. WTI has stabilized above $50/barrel, but oil remains largely under pressure. There are no domestic releases scheduled for today.
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 26, 2018 | Daily Update | 0 comments