USD/CAD Open: 1.1066-1.1069 Overnight Range: 1.1000-1.1081
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $98.11 and gold is at $1,260. US futures are higher. Today, US and Canadian jobs data is released.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.1180 and 1.1260. Support is at 1.0890 and 1.0610.
The Canadian dollar skyrocketed this morning on the back of a strong Canadian jobs data release, which highlighted that the Canadian economy is picking up. The US created 113k jobs, well below 185k expectations. While Canada created 29.4k jobs above the 20k expectation. When Canadian economic data outperforms and US economic data underperforms, the Canadian dollar will likely rise as it has today. The more Canadian jobs data outperforms, the less likely it is the Bank of Canada would even think about cutting rates, more likely, it brings forward the rate hike date if exceeding expectations on the jobs front continues.
Today’s Suggested Range USD/CAD: 1.0975 – 1.1100
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