Canadian Dollar Update November 5, 2015
FX Morning Update November 5, 2015
USD/CAD Open: 1.3172-1.3173 Overnight Range: 1.3140-1.318
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.33 and gold is at $1,107. 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 1.3217. Support is at 1.3071.
The Canadian dollar is softer this morning leading up to tomorrow’s dual employment release. Oil prices fell further, largely reversing the surge towards WTI $50/barrel from earlier in the week. Oil has been unable to sustain any significant momentum over the last few months, so the pullback is hardly idiosyncratic.
It’s shaping up to be a quiet day in FX today, outside of a few FOMC speakers. Markets are likely to tread water in anticipation of tomorrow’s important employment release for the United States. September employment figures were weak relative to past months, but one bad month doesn’t make a trend. Thus far in 2015 employment figures have been strong, and solid data for October would further reinforce this. The FOMC has also tempered expectations for future employment gains, so the bar has not been set very high. These factors point to some downside risk for CAD in tomorrow’s trading.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
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By Admin | November 5, 2015 | Daily Update |
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