FX Morning Update January 9, 2015 – Canadian Jobs Data Weak, US Jobs Data Strong
USD/CAD Open: 1.1878-1.1880 Overnight Range: 1.1801-1.1891
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $48.44 and gold is at $1,214. US futures are higher. Today, US and Canada release jobs data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1880. Support is at 1.1721.
US jobs data beat expectations this morning with 252k jobs created vs 230k expected. US wage growth was weak, signaling a lack of inflation. Canadian jobs data was weak with 4.3k jobs lost vs. expectations of +15k jobs to be added. The Canadian dollar is weaker and the US dollar is stronger after the jobs report. It’s the same story, the US economy is doing well, while Canada is lagging.
Today’s Suggested Range USD/CAD: 1.1799 – 1.1899
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | January 9, 2015 | Daily Update |
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