Canadian Dollar Update November 28, 2018
USD/CAD Open: 1.3334-1.3335 Overnight Range: 1.3289-1.3343
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.24 and gold is at $1,217. 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 1.3354. Support is at 1.3303.
The Canadian dollar is once again lower, underperforming all the G10 currencies. Trade concerns continue to dominate headlines ahead of this weekend’s G10 meeting, with the latest surrounding President Trump’s exploring the possibility of taxing the global automotive sector (outside of Canada and Mexico). The domestic monetary policy outlook continues to deteriorate. There are no releases on the domestic calendar for today.
Today’s Suggested Range USD/CAD: 1.3300 – 1.3400
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 Admin | November 28, 2018 | Daily Update | 0 comments