Canadian Dollar Update September 13, 2018
USD/CAD Open: 1.2987-1.2988 Overnight Range: 1.2976-1.3018
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $69.34 and gold is at $1,216. US markets are higher. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are neutral. For today, USD resistance is at 1.3062. Support is at 1.2964.
The Canadian dollar has consolidated recent gains, as the trade outlook continues to improve. 25 basis points of tightening by year’s end is currently being priced in for the Bank of Canada. Following last week’s strong jobs data in the US, the case for additional monetary policy tightening is becoming more compelling for the Fed. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.2950 – 1.3050
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 13, 2018 | Daily Update |
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