Canadian Dollar Morning Update April 8, 2016
USD/CAD Open: 1.3007-1.3008 Overnight Range: 1.2996-1.3157
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $39.36 and gold is at $1,236. US futures are higher. Today, Canada released employment data for March.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3162. Support is at 1.3000.
The Canadian dollar follows oil higher this morning, as both commodities and equities are performing well. Canadian employment data today surprised to the upside, with the Canadian economy creating 40,600 jobs against expectations of an increase of 10,000. The unemployment rate also fell from 7.3% to 7.1%, a positive sign for the Canadian labour market. Canadian data is off to a strong start in Q1 2016, and it appears the Canadian economy is starting to make some progress after last year’s dismal growth figures. Despite the positive data, relative policy figures to hamstring CAD upside in the short-term.
Today’s Suggested Range USD/CAD: 1.2950 – 1.3050
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.
Click Here to Subscribe
By Admin | April 8, 2016 | Daily Update |
0 comments