USD/CAD Open: 1.0936-1.0938 Overnight Range: 1.0892-1.0942
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $103.05 and gold is at $1,256. US futures are higher. Today, the US and Canada release jobs data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.1180 and 1.1260. Support is at 1.0800 and 1.0610.
The US created 217k jobs last month in line with estimates. The US has recovered all jobs lost since the 2007 downturn. Canada created 25.8k jobs in line with estimates as well. The Canadian dollar didn’t have a strong reaction to the data releases as they were broadly in line with estimates. Canadian economic data would need to surprise to the upside strongly to act as a catalyst for the Canadian dollar as the Bank of Canada has clearly hinted it prefers a lower loonie until growth and inflation are higher. Look for the Canadian dollar to continue to be rangebound around current levels.
Today’s Suggested Range USD/CAD: 1.0850 – 1.0950
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