Canadian Dollar Update November 5, 2018
USD/CAD Open: 1.3078-1.3079 Overnight Range: 1.3076-1.3113
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $63.49 and gold is at $1,229. US markets are mixed. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3122. Support is at 1.3048.
CAD begins the week trading defensively, as oil prices continue to decline. Western Canada Select have fallen below $20/barrel. Markets did not punish CAD for the weaker than expected jobs data last week. OIS are currently pricing in another rate hike from the BoC by January of 2019. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
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 5, 2018 | Daily Update | 0 comments