Canadian Dollar Update June 9, 2017- May Employment Beats Expectations
USD/CAD Open: 1.3455-1.3456 Overnight Range: 1.3453-1.3536
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.72 and gold is at $1,269. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3539. Support is at 1.3411.
CAD is higher this morning, as May’s employment data was much better than expected, as Canada added 54,500 jobs against expectations of 15,000. All of the gains came in full time work. Overall the report was extremely positive, in addition to last week’s strong GDP figures. The GBP is sharply lower following yesterday’s U.K. election result (Conservative minority), as PM May’s attempt to consolidate her power in the form of a majority prior to Brexit negotiations with the Eurozone, was unsuccessful. Domestic risk is limited throughout the remainder of today’s session.
Today’s Suggested Range USD/CAD: 1.3400 – 1.3500
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 | June 9, 2017 | Daily Update |
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