Canadian Dollar USD/CAD FX Morning Update September 6, 2013
USD/CAD Open: 1.0460-1.0463 Overnight Range: 1.0450-1.0512
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $109.40 and gold is at $1,388. NY futures are positive today. Today, the US releases jobs data as does Canada.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0580 and 1.0850. Support is at 1.0470, 1.0250, and 1.0150.
US jobs data released this morning were worse than expected with 169k jobs added vs. expectations of 173k jobs. Moreover, last month’s US jobs data was revised lower. US treasury yields moved lower. In Canada, jobs data beat expectations with 59k jobs created vs. expectations of 20k. The Canadian dollar rocketed higher to its highest level in about 2-3 weeks. With a weak US jobs report, this could delay FED tapering timing past September and that bodes well for the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.0380 – 1.0480
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | September 6, 2013 | Daily Update |
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