Canadian Dollar Currency Exchange FX Morning Update October 10, 2014
USD/CAD Open: 1.1174-1.1176 Overnight Range: 1.1151-1.1227
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $84.23 and gold is at $1,222. US futures are negative. Today, Canada releases jobs data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1280. Support is at 1.0925.
Oil prices continue to fall and this will eventually impact the Canadian resource economy in some time. Global growth expectations seem to be impacting commodities. The Canadian jobs data released this morning was positive with the unemployment rate now at 6.8% and 74k jobs created with expectations of 20k. The positive jobs data is a positive turn of events for the Canadian dollar, which will need domestic data to be positive for the Canadian dollar to gain strength vs. a US dollar boosted by a strengthening US economy. The focus remains on interest rates and if Canadian jobs data can continue to outperform, the race (or marathon) to raise rates between Canada and the US will get more interesting. Data releases should drive interest rate decisions which makes these jobs data releases very important.
Today’s Suggested Range USD/CAD: 1.1099 – 1.1199
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | October 10, 2014 | Daily Update |
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