News image

Canadian Dollar Update, April 9, 2020 – Canadian Dollar awaits OPEC/Russia meeting results

USD/CAD Open: 1.4045-49, Overnight Range: 1.3955-1.4077

Oil is at $26.67 and gold is at $1,730.80. US markets are higher today.

For today, USD resistance is at 1.4120. Support is at 1.3919.

• Oil traders hope OPEC/Russia will announce crude price support measures
• US Jobless Claims and Canada March Employment report due today
• EU Finance ministers unable to agree to COVID-19 response
• US dollar underpinned by pre-long weekend demand

The Canadian dollar is under pressure to start today’s session. USDCAD climbed steadily after touching 1.4002 in early Asia hours, rising to 1.4050 when Toronto opened. Prices accelerated higher, reaching 1.4075 when West Texas Intermediate (WTI) oil prices dropped from $27.40/b to $24.99/b. The move was precipitated by a headline stating Russia President, Vladimir Putin, didn’t have any plans to talk to President Trump, or Saudi Arabia rulers. If true, it crushes hopes for OPEC/Russia agreeing to a new production cut strategy today.

Don't Waste Money With Banks.
Get Exchange Rates Up to 2% Better With KnightsbridgeFX

Get An Exchange Quote Now

US Jobless Claims data for the week ending April 3 is due this morning, and the forecast is for job losses exceeding 5.2 million. The news should not have much impact on FX markets as the sheer volume of layoff announcements suggests the results are priced in.

Canada’s March Employment report is expected to show a jump in the unemployment rate to 7.2% from 5.6% in February, while job losses exceed 350,000. The news is out-dated and shouldn’t have much effect on Canadian dollar trading.

Today’s Suggested Range USD/CAD: 1.4000 – 1.4100

Get Started With Knightsbridge Foreign Exchange

1

Get Your Free Quote

2

Book Foreign Exchange Rate

3

Send Funds

2

3

Step 1 : Get Your Free Quote

You completed 0% of your profile.

First Name *

Last Name *

Address *

City *

Province *

Postal Code *

Phone *

Email *

Occupation *

Date of Birth *

Please provide the reason for buying or selling the currency: *

(Travel, Bills to Pay, Purchase or Sale of Investment, etc.)

Please explain how you first obtain the source of funds being sold: *

(such as: Work Income, Sale of Investment, Gift, Inheritance, etc)

Are you or any close relative a Politically Exposed Foreign Person? *

(Head of State, Member of Senate, House of Commons, or Legistrature, etc)

Yes

No

I confirm I am not transacting on behalf of a third party and I have read and I agree to the Terms and Conditions

By KBFX | April 9, 2020 | Daily Update | 0 comments