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Canadian Dollar Update November 11, 2019 – Quiet day ahead

USD/CAD Open: 1.3218-1.3219 Overnight Range: 1.3216-1.3235

Oil is at $57.18 and gold is at $1,455.00. US markets are lower today.

The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3241. Support is at 1.3199.

Toronto markets will be quiet today. Remembrance Day is a Canadian bank holiday. However, market closures are not uniform. The Canadian bond market is closed, but not the Toronto stock exchange. Canadian banks may be closed, but their FX trading desks are partially staffed.

In addition, the optimism for an imminent US/China trade deal started to fade on Friday and continued in the early Asia session. Traders bought into the reports that China and the US had agreed to rollback tariffs to facilitate singing a Phase 1 trade agreement. Chinese and American officials admitted as much.

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Safe-haven demand for the Japanese yen was evident as USDJPY was sold, falling from 109.24 to 108.92. Traders ignored the generally firm tone to US Treasury yields, which saw 10-year Treasury yields bounce between 1.90% and 1.95%.

AUDUSD retreated with the negative sentiment while weaker than expected Electronic Retail Sales data exacerbated NZDUSD sales.

GBPUSD was already underpinned by UK economic reports which, although weak, were better than those from August.

The Canadian dollar sank on Friday after the Labour Force Survey results were weaker than expected. The headline data showed Canada losing 1,800 jobs in October. Economists were unhappy about the drop in hours worked and the lack of wage growth. USDCAD surged on the news but was unable to crack major resistance in the 1.3240 area.

There are not any US or Canadian data releases today. A Trump tweet on tariffs (if it happens) could have an outsized reaction in FX markets due the partial holidays in Canada and the US.

Today’s Suggested Range USD/CAD: 1.3170 – 1.3270

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By KBFX | November 11, 2019 | Daily Update | 0 comments