Canadian Dollar Update March 8, 2019
USD/CAD Open: 1.3420-1.3421 Overnight Range: 1.3390-1.3467
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $55.00 and gold is at $1,299. US markets are lower. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3529. Support is at 1.3319.
The Canadian dollar gained some ground against the USD following today’s dual employment reports. US jobs data widely missed expectations, as the economy added 20k jobs against expectations of a 180k increase. Strong monthly gains in wages coupled with better-than-expected results in the past several reports have softened the impact of the wide headline miss. Canadian employment data was better than expected, adding 56k jobs against expectations of stagnation. Oil prices have been moving lower. There are no additional releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3400 – 1.3500
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 | March 8, 2019 | Daily Update | 0 comments