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Canadian Dollar Update November 9, 2018

USD/CAD Open: 1.3183-1.3184      Overnight Range:     1.3140-1.3202

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $59.72 and gold is at $1,212.  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 1.3213.  Support is at 1.3156.

The Canadian dollar moved lower yesterday. Complications in the finalization of the trade agreement between Canada and the US have negatively impacted CAD. Oil prices are once again lower. During yesterday’s Fed meeting, the Fed reiterated that recent stock market volatility is of little concern. The expectation is that they will once again raise rates in December. There are no releases scheduled for today’s session.

Today’s Suggested Range USD/CAD: 1.3150 – 1.3250


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 9, 2018 | Daily Update | 0 comments

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