- September 5, 2019
- Posted by: Abe Cohen
- Category: Market News
Good morning, Yesterday’s Bank of Canada meeting rallied the Canadian Dollar against USD as the BoC kept rates unchanged.The Bank did not deliver a widely expected Dovish statement, predicting lower rates, which prompted the shift in sentiment. The surge in CAD continued overnight and into this morning posting a new one month high against USD. Oil prices also rallied as WTI traded over 57 a barrel, a new three week high, adding fuel to the loonie’s rise. Crude inventory report is set for 11AM today. From here we look to tomorrows employment data from both sides of the border with U.S. non-farm payrolls expected to show 158K new jobs for August and the Canadian estimate set at a rise of 15K for last month. Resistance stands at 1.3383 ,the September 3 high, with support residing at 1.3180/85.