Canadian Dollar Update November 30, 2018
USD/CAD Open: 1.3321-1.3322 Overnight Range: 1.3270-1.3331
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.78 and gold is at $1,231. US markets are higher. Today Canada released GDP data for the third quarter.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3354. Support is at 1.3258.
The Canadian dollar is softening against the US dollar, approaching 5-month lows. Third-quarter GDP was in line with expectations, with the economy growing 2%, slower than the second quarter’s 2.9% pace. The new NAFTA agreement was signed by the three countries involved this morning. This weekends G20 Summit will be watched by market participants, particularly in the context of global trade. There are no further domestic releases 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 KBFX | November 30, 2018 | Daily Update | 0 comments