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
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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By KBFX | April 5, 2019 | Daily Update | 0 comments