Canadian Dollar Update December 2, 2016
USD/CAD Open: 1.3282-1.3283 Overnight Range: 1.3254-1.3320
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.07 and gold is at $1,174. US futures are lower. Both Canada and the US released employment figures from November today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3394. Support is at 1.3243.
The Canadian dollar is flat this morning, following today’s dual employment release. Canadian jobs data was more positive than expected (+10,700 actual vs. -15,000 expected), bringing unemployment down to 6.8%. The result for the Canadian labour market is mixed; gains have been made largely in part-time employment, with the labour participation rate also falling. US jobs data was largely in line with expectations (178k actual vs. +180k expected), with unemployment moving to a 9-year low of 4.6%. Market participants continue to look towards this month’s Fed meeting as the key event moving towards the end of the year.
Today’s Suggested Range USD/CAD: 1.3250 – 1.3350
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
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.
Click Here to Subscribe
By Admin | December 2, 2016 | Daily Update |
0 comments