Canadian Dollar FX Update October 6, 2017- Dual Employment Reports for September Miss Expectations
USD/CAD Open: 1.2563-1.2564 Overnight Range: 1.2540-1.2602
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.60 and gold is at $1,267. US futures are lower. Today both Canada and the US released employment data for September.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2623. Support is at 1.2490.
The Canadian dollar is soft, following yesterday’s decline as a result of weaker than expected trade data. Both Canada and the US failed to meet expectations for September employment. The US lost 33,000 net jobs in September, largely as a result of hurricanes Harvey and Irma. Canada gained 10,000 jobs. WTI is lower, moving below $50/barrel. There are no additional data releases scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.2500 – 1.2600
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 | October 6, 2017 | Daily Update |
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