Canadian Dollar Update September 19, 2018
USD/CAD Open: 1.2954-1.2955 Overnight Range: 1.2932-1.3007
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $70.21 and gold is at $1,207. US markets are mixed. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are bearish. For today, USD resistance is at 1.3038. Support is at 1.2906.
The Canadian dollar continues to improve against a soft US dollar. Markets seem to be resistant to new trade tensions, reacting little to recent developments between the US and China. US fundamentals remain strong, with monetary policy expectations, terms of trade, and economic developments all underpinning USD strength. NAFTA talks are ongoing, as the US is increasing pressure on Canada to come to an agreement, to little avail. There are no domestic releases of consequence scheduled for today.
Today’s Suggested Range USD/CAD: 1.2900 – 1.3000
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 | September 19, 2018 | Daily Update | 0 comments