USD/CAD Open: 1.3100-1.3101 Overnight Range: 1.3048-1.3109
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $63.43 and gold is at $1,233. US markets are mixed. Both Canada and the US release jobs data for October.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3168. Support is at 1.3038.
Today both Canada and the US released employment data for October. Canadian jobs data was roughly in line with expectations, adding 11.3k jobs against expectations of a 15k increase. US jobs data smashed expectations, adding 250k jobs against expectations of a 200k gain. Pressure is mounting for the Fed to raise rates again. The changing monetary policy dynamic could be a negative for CAD in the short-term. There are no additional releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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