USD/CAD Open: 1.0965-1.0967 Overnight Range: 1.0909-1.0968
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $97.64 and gold is at $1,311. US futures are higher. Today, Canada releases jobs data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.0990. Support is at 1.0725.
Canadian jobs data released this morning was disappointing with only 200 jobs created vs. expectations of 20k. The Canadian dollar fell after the news as the weak jobs data could be an indication of a shaky economy. The Bank of Canada is looking at economic growth, jobs, and inflation and the weak jobs data definitely backs the Bank of Canada’s view of lower rates for longer. Look for the Canadian dollar to be on the defensive towards 1.10 USD/CAD
Today’s Suggested Range USD/CAD: 1.0899 – 1.0999
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