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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

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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

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 KBFX | February 8, 2019 | Daily Update | 0 comments