Canadian Dollar Update September 12, 2018
USD/CAD Open: 1.3055-1.3056 Overnight Range: 1.3041-1.3079
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $70.19 and gold is at $1,199. US markets are mixed. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are neutral. For today, USD resistance is at 1.3151. Support is at 1.3018.
The Canadian dollar made significant headline driven gains following constructive NAFTA headlines from President Trump. US trade policy continues to be a dominant driver in FX markets. Domestic rate expectations have firmed in response to the improved outlook. WTI has climbed to above $70/barrel, underpinning CAD strength. There are no domestic releases scheduled for today.
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 | September 12, 2018 | Daily Update |
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