Canadian Dollar FX Update October 7, 2016
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
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 | October 7, 2016 | Daily Update | 0 comments