Canadian Dollar Update November 4, 2016
USD/CAD Open: 1.3429-1.3430 Overnight Range: 1.3385-1.3451
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.15 and gold is at $1,306. US futures are mixed. Today both Canada and the US released employment figures for October.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3433. Support is at 1.3378.
The Canadian dollar is lower morning, falling to the lower end of recent levels after this morning’s employment data. US jobs data narrowly missed expectations (+161k actual vs. +175k expected), with the unemployment rate falling below 5%. Although missing expectations, the data is considered strong enough to help the Fed build a hawkish case at the December meeting.
Canadian jobs data were much stronger than expected (+43.9k actual vs. -10k expected). Most of the job gains came in part-time employment, as full-time employment fell by 23k over the month. Oil prices are lower as well, falling below $45/barrel, though CAD has not traded strongly with oil. Monetary policy will continue to be the dominant factor for CAD towards the end of the year.
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.
Click Here to Subscribe
By Admin | November 4, 2016 | Daily Update |
0 comments