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Canadian Dollar Update April 5, 2019

USD/CAD Open: 1.3393-1.3394      Overnight Range:     1.3348-1.3403

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $62.54 and gold is at $1,294.  US markets are higher. Today both Canada and the US released employment data for March.

The short-term USD/CAD technicals are neutral-bearish.  For today, USD resistance is at 1.3398.  Support is at 1.3325.

The Canadian dollar is lower this morning, following the dual employment report. Canada lost 7.2k jobs in March, against expectations of a gain of 10k. Given that the previous two employment reports for January and February were very strong, a small retreat in March is to be expected. The US added 196k jobs, against expectations of a 175k increase. The gain is encouraging coming on the heels of February’s disappointment. There are no additional releases scheduled for today.

Today’s Suggested Range USD/CAD: 1.3350 – 1.3450

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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 KBFX | April 5, 2019 | Daily Update | 0 comments