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Canadian Dollar Update November 7, 2018

USD/CAD Open: 1.3075-1.3076      Overnight Range:     1.3056-1.3159

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $62.55 and gold is at $1,229.  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 1.3107.  Support is at 1.3041.

The Canadian dollar is higher early in today’s session. Following the results of yesterday’s US election, the USD is broadly lower. The Democrats won control of the House of Representatives, with the Republicans winning the Senate. Stock markets are broad higher on the news. Stock markets are broadly higher on the news. There are no additional releases scheduled for today.

Today’s Suggested Range USD/CAD: 1.3050 – 1.3150

Sincerely,

Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

www.knightsbridgefx.com

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 7, 2018 | Daily Update | 0 comments

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