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Canadian Dollar Update September 12, 2019 – Canadian Dollar on the fence

USD/CAD Open: 1.3192-1.3193 Overnight Range: 1.3176-1.3218

Oil is at $54.32 and gold is at $1,522.10 US markets are mixed today.

The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3249. Support is at 1.3168.

The Canadian dollar is sitting on the fence. It was struggling to make gains below the USDCAD level of 1.3130 and managed to cap losses at the USDCAD level of 1.3230. FX markets were generally subdued overnight. The US dollar was modestly softer against the major G-10 currencies when Toronto started trading this morning.

EURUSD came to life after the European Central Bank (ECB) restarted its quantitative easing program. They said they would make asset purchases of EUR20 billion per month beginning November 1.

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At the same time, the deposit rate was trimmed by 10 basis points to -0.50%.

EURUSD spiked to 1.1070 from 1.1025 as the statement was released then quickly plunged to 1.0964.

The September West Texas Intermediate oil price rally ended yesterday with the drop below $57.10/barrel. The US Energy Information Administration (EIA) reported US crude stocks fell by 6.91 million barrels in the week ending September 6. Traders didn’t care. They were more concerned about reports that OPEC would not increase production cuts to support prices. Overnight, the International Energy Association warned that managing the 2020 crude oil supply would be “daunting.” WTI prices dropped to $54.75 in Toronto.

US inflation and the weekly Jobless claims data are due today. However, the results will have limited impact due to the ECB press conference.

Today’s Suggested Range USD/CAD: 1.3150 – 1.3250

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By KBFX | September 12, 2019 | Daily Update | 0 comments