Canadian Dollar Update October 18, 2018
USD/CAD Open: 1.3045-1.3046 Overnight Range: 1.3016-1.3056
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $68.71 and gold is at $1,226. 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 1.3088. Support is at 1.2965.
The Canadian dollar is soft, as oil prices have declined globally. Relative central bank policy is putting additional pressure on CAD, as expectations of additional monetary policy tightening from the Fed have risen. Longer term yield spreads with the US are rising in a CAD-negative manner. There are no domestic releases ahead of tomorrow’s retail sales and CPI data.
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.
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By Admin | October 18, 2018 | Daily Update |
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