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USD/CAD Open: 1.3213-1.3214 Overnight Range: 1.3188-1.3257
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.35 and gold is at $1,262. US futures are higher. Today Canada releases employment figures for September.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3327. Support is at 1.3206.
After a strong domestic data showing, CAD has returned to trade at yesterday’s levels after dipping slightly overnight as expectations continue to change. Both Canada and the US released employment data today. Canadian jobs data was overwhelmingly positive (+67.2k actual vs. +10k expected), which adds to the strong trade data we saw earlier in the week. US jobs were slightly below expectations (+156k actual vs. +172k expected), but the result is largely seen to be strong enough to keep a rate hike on the table. Despite positive data releases and higher oil prices, CAD has been unable to gain significant momentum, as the Fed rate hike timeline will continue to dominate FX markets throughout the end of 2016.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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