Canadian Dollar Update October 31, 2018
USD/CAD Open: 1.3130-1.3131 Overnight Range: 1.3104-1.3140
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $66.35 and gold is at $1,218. US markets are higher. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3166. Support is at 1.3091.
The Canadian dollar has traded quietly so far this week. In yesterday’s testimony to the House of Commons Finance Committee, Bank of Canada Governor Poloz reiterated the need to continue along the path of monetary policy tightening. The current 1.75% level remains below the “neutral” level of 2.5%-3.5%. Canadian GDP rose 0.1% in August, narrowly missing expectations of 0.2% growth. There are no additional releases scheduled for today’s session.
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 Admin | October 31, 2018 | Daily Update | 0 comments