USD/CAD Open 1.0050-55 Overnight Range 1.0022-1.0080
The Canadian dollar had a quiet overnight session ahead of the Canadian employment report. The 3,000 gain was below expectations of +16.5K and the loonie retreated modestly. US payroll report indicated a gain of +151K, above expectations, and the US dollar gained across the board except against the loonie. The loonie gained strength on the basis that positive US payroll data will impact the Canadian economy positively due to our strong economic ties.
The rest of the FX markets were also quiet overnight awaiting the release of the US payrolls report. Asian equity indices were higher while European indices were down. New York futures are also pointing lower to start the day.
The short term Canadian dollar technicals are bullish, however support in the 1.0010-1.0020 area has held. For today, USD support is at 1.0050 and 1.0010. Resistance is at 1.0080 and 1.0120.
Today’s Range 1.0010-1.0120
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