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Canadian Dollar Update November 8, 2018

USD/CAD Open: 1.3098-1.3099      Overnight Range:     1.3087-1.3126

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $61.72 and gold is at $1,223.  US markets are lower. Today the Fed makes their rate decision for November.

The short-term USD/CAD technicals are neutral-bearish.  For today, USD resistance is at 1.3136.  Support is at 1.3050.

The Canadian dollar is little changed this week. Lower oil prices are continuing to hamstring CAD upside, as CAD failed to share in the risk appetite that saw stocks climb during yesterday’s session. Market participants will be looking towards today’s Fed rate decision, where a rate hold is widely expected. 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 8, 2018 | Daily Update | 0 comments

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