Canadian Dollar Update January 8, 2016
USD/CAD Open: 1.4097-1.4098 Overnight Range: 1.4058-1.4127
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $33.27 and gold is at $1,103. US futures are lower. Today, both Canada and the United States release employment data for December 2015.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.4158. Support is at 1.4039.
The Canadian dollar is flat amidst this morning’s dual employment release. Both Canadian and US employment data for December were better than expected. Canada added 22,800 jobs against expectations of 10,000, and the US added 292,000 jobs against expectations of 200,000. Positive job growth is a sign that both the Canadian and US economies performed better during last year’s Q4. Oil prices remain very low, retracing gains made yesterday. The Canadian dollar has traded in tandem with oil in the short-term, and oil looks to be the main driver moving forward. With low oil prices weighing on the Canadian dollar, the Loonie does not look poised to fly in the short-term.
Today’s Suggested Range USD/CAD: 1.4050 – 1.4150
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
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By Admin | January 8, 2016 | Daily Update |
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