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Canadian Dollar FX Update May 6, 2016

USD/CAD Open: 1.2923-1.2924      Overnight Range:      1.2831-1.2952

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $43.62 and gold is at $1,291.  US futures are lower. Today, both Canada and the US release employment data for April.

The short term Canadian dollar technicals are neutral.  For today, USD resistance is at 1.2923.  Support is at 1.2809.

The Canadian dollar is lower again this morning, as we begin to see signs of a reversal in the bull run CAD had experienced over the last three months. Both Canada and the US missed expectations for employment data: Canada -2.1k vs. +1k expected, US +160k vs. +200k expected. The US labour market appears to be cooling off, but still appears to be around full employment, as the unemployment rate is 5%. The same cannot be said for Canada, as Canadian unemployment remains high, at 7.1%. WTI is lower again today, contributing to CAD’s slump, moving towards the weekend.

Today’s Suggested Range USD/CAD: 1.2900 – 1.3000

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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 Admin | May 6, 2016 | Daily Update | 0 comments

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