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Canadian Dollar Update December 6, 2019 – Canadian Dollar consolidating gains ahead of Jobs report

USD/CAD Open: 1.3173-1.3174, Overnight Range: 1.3171-1.3259

Oil is at $59.46 and gold is at $1,466.70. US markets are higher today.

The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3277. Support is at 1.3222.

The Canadian dollar is consolidating its post-Bank of Canada (BoC) monetary policy statement gains. The currency rallied sharply on December 4 when the BoC left interest rates unchanged and appeared to be content with leaving them that way for the foreseeable future.

And just to be sure that markets got the message, BoC Deputy Governor Timothy Lane reiterated the message yesterday. He said that Canada’s third-quarter slowdown was temporary, supported by the surprising strength of business investment. Mr. Lane also made the case that the resilience in the domestic economy allowed the BoC to keep interest rates steady when the other major central banks lowered rates.

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Oil prices have held on to their recent gains. West Texas Intermediate (WTI) oil is trading above its 2019 mid-point price, supported by US/China trade talks progress and OPEC production cut plans. OPEC is reportedly going to cut existing production by 500,000 barrels per day and leave those cuts in place until the end of March 2020. The Canadian dollar is getting a modicum of support from the outlook for higher oil prices.

The Canadian dollar traded quietly inside a very narrow range overnight, as did the rest of the G-10 major currencies. The exception was GBPUSD which dropped from 1.3163 to 1.3113 on the back of profit-taking ahead of a new series of UK election polls expected this weekend.

US and Canadian employment reports are on tap this morning.

Today’s Suggested Range USD/CAD: 1.3120 – 1.3220

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By KBFX | December 6, 2019 | Daily Update | 0 comments