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Canadian Dollar Update – Canadian Dollar grinding out gains-Employment report ahead

USD/CAD Open: 1.3942-46, Overnight Range: 1.3924-1.3988

WTI Oil is at $24.53 and gold is at $1,728.40. US markets are higher today.

For today, USD resistance is at 1.3992. Support is at 1.3917.

Canada lost nearly 2 million jobs in April; Unemployment rate to climbs to 13%
• UK holiday saps FX liquidity and volatility from European markets
• US dollar sinking on improving risk sentiment

The Canadian dollar added to yesterday’s gains. The additional gains were driven by an increase in positive risk sentiment following upbeat news from senior US and Chinese trade officials about the implementation of the Phase 1 trade deal.

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Oil prices consolidated recent gains which brought prices back to mid-April levels. Prices continue to be supported by the massive 10 million barrel/day production cuts agreed to by OPEC and Russia, which took effect May 1.

FX trading was lighter than usual in Europe because the UK was closed to celebrate the 75th anniversary of VE Day (Victory in Europe).

Traders also lacked the motivation to get involved ahead of today’s US and Canadian employment reports. The US lost 20.5 million jobs in April, while the unemployment rate jumped to 14.7% from 4.4% in March. The results are not a surprise, due to the aggressive measures taken to combat COVID-19.

Today’s Suggested Range USD/CAD: 1.3890– 1.3990

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By KBFX | May 8, 2020 | Daily Update | 0 comments