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Canadian Dollar Update September 7, 2018

USD/CAD Open: 1.3156-1.3157      Overnight Range:     1.3109-1.3183

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $67.33 and gold is at $1,200.  US markets are lower. Today both Canada and the US released employment data for August.

The short-term USD/CAD technicals are neutral-bullish.  For today, USD resistance is at 1.3195.  Support is at 1.3083.

The Canadian dollar has retraced gains made early in today’s session following today’s dual employment report. US employment was roughly in line with expectations, adding 201k jobs vs. an expectation of 193k. US unemployment is currently 3.9%, ostensibly approaching full employment. Canada lost 51.6k jobs against expectations of a gain of 5k. Jobs losses in Canada were confined to part-time employment, with full-time employment continuing to rise. There are no additional releases scheduled for today.

Today’s Suggested Range USD/CAD: 1.3100 – 1.3200

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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

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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.

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By KBFX | September 7, 2018 | Daily Update | 0 comments