Canadian Dollar Update October 26, 2018
USD/CAD Open: 1.3135-1.3136 Overnight Range: 1.3068-1.3154
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $66.66 and gold is at $1,235. US markets are lower. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are bullish. For today, USD resistance is at 1.3194. Support is at 1.3055.
The Canadian dollar is weak, testing fresh multi-week lows. CAD continues to fade Wednesday’s Bank of Canada driven gains. Domestic rate expectations are softening both in Canada and in the U.S. Oil prices are lower, contributing to CAD weakness. There are no releases of consequence scheduled ahead of next Wednesday’s GDP figures. We expect CAD to continue to trade on sentiment.
Today’s Suggested Range USD/CAD: 1.3100 – 1.3200
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 26, 2018 | Daily Update | 0 comments