Canadian Dollar Update November 27, 2018
USD/CAD Open: 1.3271-1.3272 Overnight Range: 1.3235-1.3279
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.62 and gold is at $1,227. 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 1.3313. Support is at 1.3223.
The Canadian dollar is lower early in today’s session, as global growth concerns contribute to risk-off trading, despite a stronger day for stocks and oil yesterday. The US appears to intend to increase tariffs on Chinese products from 10% to 25% to begin 2019, ahead of this weekend’s G10 summit. The outlook for relative central bank policy is deteriorating, contributing to CAD’s decline. There are no additional releases scheduled for today’s session.
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 27, 2018 | Daily Update | 0 comments