Canadian Dollar Update October 15, 2018
USD/CAD Open: 1.3021-1.3022 Overnight Range: 1.3005-1.3033
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $71.60 and gold is at $1,230. US markets are lower. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are neutral. For today, USD resistance is at 1.3047. Support is at 1.2998.
The Canadian dollar is consolidating last week’s decline, moving closely towards it’s 50 day moving average. Record crude pricing differentials between WTI and Western Canada Select continue to weigh on CAD. Wednesday’s manufacturing data, and Friday’s dual release of CPI and retail sales data will be the important events on the domestic calendar this week. We expect CAD to trade based on it’s risk profile for the remainder of today’s session.
Today’s Suggested Range USD/CAD: 1.3000 – 1.3100
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.
Click Here to Subscribe
By Admin | October 15, 2018 | Daily Update |
0 comments