Canadian Dollar Update October 19, 2018
USD/CAD Open: 1.3090-1.3091 Overnight Range: 1.3024-1.3120
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $69.29 and gold is at $1,230. US markets are higher. Today Canada released CPI data for September, along with retail sales data for August.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3074. Support is at 1.3005.
The Canadian dollar is lower, following today’s disappointing domestic data. CPI missed expectations widely, declining 0.4% month-over-month, against expectations of a 0.1% increase. Retail sales declined 0.3% month-over-month, against expectations of 0.1% growth. Although a 25bp rate hike is still expected at next week’s Bank of Canada meeting, today’s disappointing data will likely give the Bank of Canada pause. There are no additional domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
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 19, 2018 | Daily Update |
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