Canadian Dollar Update September 24, 2018
USD/CAD Open: 1.2913-1.2914 Overnight Range: 1.2909-1.2949
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $72.02 and gold is at $1,207. US markets are lower. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.2961. Support is at 1.2898.
The Canadian dollar is little changed from last week. Trade tensions have once again moved to the forefront, as market participants continue to assess ongoing tensions between the US and China. The domestic calendar is light this week, with Friday’s monthly GDP figures posing the primary event risk for CAD. Yield spreads are widening in a CAD-negative manner; however, this is being offset by higher oil prices.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
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 24, 2018 | Daily Update |
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