Canadian Dollar Morning Update August 4, 2017- Canadian Employment Data Meets Expectations
USD/CAD Open: 1.2618-1.2619 Overnight Range: 1.2551-1.2638
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.99 and gold is at $1,267. US futures are higher. Today Canada released trade data for June, alongside employment data for July.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2645. Support is at 1.2530.
The Canadian dollar is lower early in today’s session. Canada’s trade deficit was wider than expected, as exports fell 4.3% from the previous month. Employment data was largely in line with expectations, as Canada added 10.9k jobs against expectations of a 10k addition. U.S. U.S. employment fared better, beating expectations handily (+209k actual vs. +180k expected), however wage growth remains subdued. There are no additional data releases of consequence scheduled for today.
Today’s Suggested Range USD/CAD: 1.2600 – 1.2700
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 | August 4, 2017 | Daily Update |
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