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
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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By KBFX | September 7, 2018 | Daily Update | 0 comments