Canadian Dollar Update November 29, 2018
USD/CAD Open: 1.3269-1.3270 Overnight Range: 1.3253-1.3313
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.25 and gold is at $1,231. 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 1.3308. Support is at 1.3233.
The Canadian dollar continues to be volatile. Yesterday’s speech from Fed Chair Powell was more cautious than expected, triggering several market reactions. Stocks soared on the news, while the reaction in currencies has been muted. Oil remains under pressure, as WTI fell below $50/barrel for the first time since October of 2017. Domestic rate expectations, as well as rate expectations in the US, are falling in tandem. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
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 29, 2018 | Daily Update | 0 comments