- November 13, 2018
- Posted by: Joey Benedid
- Category: Market News
Global stocks are mixed after yesterday’s holiday thinned market rout on the DOW, S&P & NASDAQ continued to bolster the DXY. Dollar strength has paused so far in today’s session but oil continued to trade lower and is currently trading below $59 per barrel. With no economic releases of consequence out today we will once again take our queue from equities and oil.
In this backdrop USD/CAD has continued higher and will follow general market sentiment as we have no Canadian economic releases until November 23. While the oil correlation can sometimes dissipate for short periods of time, the bright light being shone on oversupply & price weakness will not be friendly for CAD. Resistance above remains at 1.3290 while support is currently seen at 1.3180.