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Canadian Dollar Update December 2, 2019 – Canadian Dollar slipping

USD/CAD Open: 1.3270-1.3271, Overnight Range: 1.3270-1.3304

Oil is at $56.15 and gold is at $1,467.50. US markets are lower today.

The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3321. Support is at 1.3271.

The Canadian dollar traded quietly in Asia and Europe but started to sink in early Toronto trading. The catalyst for the move was a series of tweets from President Trump, which reawakened fears of slowing global growth from trade tensions.

EURUSD traded with a negative bias in Europe despite a host of slightly better than expected Eurozone Manufacturing PMI reports. Eurozone PMI was 46.9 compared to estimates for a 46.6 rise. German and French results were also a tad higher. However, all the reports are below 50, which implies growth in those areas is still contracting.

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GBPUSD direction continues to be dictated by election polls. UK Markit Manufacturing PMI was 48.9 compared to October’s 48.3 result.

US ISM Manufacturing PMI report is forecast at 49.2. There isn’t any Canadian data of note.

Today’s Suggested Range USD/CAD: 1.3220 – 1.3320

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By KBFX | December 2, 2019 | Daily Update | 0 comments