Canadian Dollar Update October 15, 2019 – Canadian Dollar on fire
USD/CAD Open: 1.3234-1.3235 Overnight Range: 1.3204-1.3239
Oil is at $53.48 and gold is at $1,483.40. US markets are higher today.
The short-term USD/CAD technicals are neutral-bullish. For today, USD resistance is at 1.3267. Support is at 1.3159.
The Canadian dollar is on fire. Friday, Statistics Canada reported Canada added 53,700 new jobs in September. The result greatly exceeded expectations for a 10,000 gain and the Canadian dollar soared. Traders ignored the details of the data, which noted that majority of the new jobs were in the self-employed and government categories.
The data lifted short term Canadian interest rates which served to widen the spread between Canada and US rates. Traders downgraded risks that the Bank of Canada would cut interest rates at the October 30 meeting, which contrasts with dovish US Fed expectations.
There was a lot of market impacting events over the weekend. The US and China made progress on trade talks and Brexit negotiations were racing down to the wire.
US/China trade news and Brexit development will be the FX focus today.
Today’s Suggested Range USD/CAD: 1.3180 – 1.3280
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By KBFX | October 15, 2019 | Daily Update | 0 comments