Canadian Dollar Update December 7, 2018
USD/CAD Open: 1.3276-1.3277 Overnight Range: 1.3275-1.3401
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $53.70 and gold is at $1,249. US markets are higher. Both Canada and the United States released employment data for November today.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3486. Support is at 1.3141.
The Canadian dollar is higher this morning, following weaker than expected employment data from the U.S. The U.S. economy was expected to add 190k jobs in November, with the actual figure being a 155k increase in employment. Meanwhile, Canadian jobs data was far better than expected, adding 94.1k jobs against expectations of a modest 10k gain. The positive data coupled with higher oil prices has CAD better on the day. There are no additional releases scheduled.
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.
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By Admin | December 7, 2018 | Daily Update |
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