Canadian Dollar Currency Exchange FX Morning Update October 3, 2014
USD/CAD Open: 1.1180-1.1183 Overnight Range: 1.1148-1.1193
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $90.53 and gold is at $1,202. US futures are positive. Today, the US releases jobs data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1190. Support is at 1.0850.
Positive jobs data out of the US this morning with 248k jobs created and unemployment falling below 6% to 5.9%, beating expectations of 228k. The US economy is humming along and this is positive for the US dollar. With employment data positive, this can only increase pressure on the FED to deal with increasing rates sooner rather than later. Another positive data piece for the US dollar, the loonie continues to get slapped around.
Today’s Suggested Range USD/CAD: 1.1150 – 1.1250
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | October 3, 2014 | Daily Update |
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