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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.

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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

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