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Canadian Dollar Update October 17, 2018

USD/CAD Open: 1.2986-1.2987      Overnight Range:     1.2930-1.2995

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $71.15 and gold is at $1,228.  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 1.3006.  Support is at 1.2924.

The Canadian dollar is lower this morning, a mid-performer in the G10 space against the USD. The recovery in domestic oil prices has stalled, as Western Canada Select struggles to eclipse $25/barrel. Canadian manufacturing sales fell 0.4% in August, which was marginally better than expectations. There are no additional domestic releases scheduled for today, with Friday’s CPI and retail figures providing the next major event risk for CAD.

Today’s Suggested Range USD/CAD: 1.2950 – 1.3050

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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 | October 17, 2018 | Daily Update | 0 comments