The USD/CAD pair gapped in early Sydney trade, kicking up to a near 14-month high at 1.3599 with Oil prices set to fall further. Saudi Arabia was reported to have indicated it would raise its oil output to gain a higher market share. This was the result of a collapse in talks between OPEC led Middle East countries and non-OPEC countries led by the Soviet Union. On Friday, Brent Crude Oil prices plummeted 8.98% (USD 45.58 from USD 49.98). The Dollar closed at 1.3425 in New York Friday.
The Canadian economy created 30,300 jobs in February, beating forecasts of 11,000 and slightly lower than January’s 34,500 jobs. The Unemployment rate was steady at 5.6%, matching expectations. The Canadian Public Health Agency reported (as at March 8, 2020) that 64 cases of COVID-19 infections have been confirmed. No deaths have been reported. Which is less than the United States.
USD/CAD has immediate resistance at 1.3600 followed by 1.3630. Immediate support can be found at 1.3570 and 1.3530. Look for a choppy trading session with a likely range today of 1.3530-1.3630. Prefer to sell rallies.