Canadian Dollar Update January 5, 2018
USD/CAD Open: 1.2381-1.2382 Overnight Range: 1.2355-1.2513
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $61.39 and gold is at $1,317. US futures are higher. Today Canada released employment data for December, and trade data for November.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2563. Support is at 1.2323.
The Canadian dollar is sharply higher this morning, following a large upside surprise for December employment data. Canada added 80k jobs in December, against expectations of a modest 2k gain. Unemployment has dipped to a 41 year low of 5.7%. Continued strength in employment data has analysts optimistic about the likelihood of additional monetary policy tightening early in the new year. There are no additional data releases scheduled today.
Today’s Suggested Range USD/CAD: 1.2350 – 1.2450
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 | January 5, 2018 | Daily Update |
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