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Canadian Dollar Update November 6, 2018

USD/CAD Open: 1.3121-1.3122      Overnight Range:     1.3096-1.3131

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $63.12 and gold is at $1,235.  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 1.3128.  Support is at 1.3058.

CAD is little changed early in today’s session. Mid-term elections are taking place in the US today. In yesterday’s speech, Bank of Canada Govenor Poloz reiterated that he believes the current pace of monetary tightening is appropriate. He was non-committal in regard to future tightening policy. Additional talks between the US and China are scheduled for the end of the week. There are no domestic releases scheduled for today’s session.

Today’s Suggested Range USD/CAD: 1.3100 – 1.3200


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 6, 2018 | Daily Update | 0 comments

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