- December 7, 2018
- Posted by: Joey Benedid
- Category: Market News
Busy day ahead with OPEC announcements expected & dual U.S./Canadian employment data due to be released at 8:30 AM EST. USD/CAD has been whippy within a tight range as rumours of an OPEC agreement come out and get denied causing gaps of 20-30 points within seconds. I will try to update you again after the releases.
UPDATE:
*OPEC MEETING ENDS WITH AGREEMENT ON 1.2M B/D OPEC+ CUT: DELEGATES
*BRENT CRUDE OIL RISES AS MUCH AS 5.2% AFTER OPEC+ DEAL
*CANADA ADDS 94,100 JOBS IN NOV.; UNEMPLOYMENT FALLS TO 5.6%
*CANADA ADDS A RECORD NUMBER OF JOBS IN NOVEMBER LED BY FULL-TIME
*UNEMPLOYMENT RATE IN CANADA IS LOWEST IN RECORDS BACK TO 1976
*U.S. NOV. PAYROLLS RISE 155,000, JOBLESS RATE HOLDS AT 3.7%
All of this was CAD positive as we were expecting a +10K print for Canada & U.S. number of +198K – combined with the OPEC agreement we dropped over 100 points. From here 1.3285 and 1.3255 are support with resistance now seen at 1.3325-50.