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Canadian Dollar FX Update November 2, 2018

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

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 KBFX | November 2, 2018 | Daily Update | 0 comments

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