Canadian Dollar Update February 8, 2019
USD/CAD Open: 1.3254-1.3255 Overnight Range: 1.3232-1.3329
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.86 and gold is at $1,316. US markets are lower. Today Canada released employment data for January.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3383. Support is at 1.3140.
The Canadian dollar has retraced some recent weakness against the USD following this morning’s employment report. January’s employment data greatly exceeded expectations, as Canada added 66.8k jobs against expectations of a 5k increase. Today’s jobs data is a sign of strength in an economy facing several other headwinds. There are no additional releases scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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By KBFX | February 8, 2019 | Daily Update | 0 comments