Canadian Dollar Currency Update May 8, 2015 – Canadian Posts Poor Jobs Data
USD/CAD Open: 1.2070-1.2072 Overnight Range: 1.2044-1.2146
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $59.53 and gold is at $1,191. US futures are higher. Today, Canada and the US release jobs data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2490. Support is at 1.1980.
The all important jobs data was released this morning in Canada and the US. In the US, there was a healthy jobs report with 223k jobs added and the unemployment rate dropped to 5.4% and was largely in line with expectations. Nothing to great, nothing too bad for the US jobs report. Canada on the other hand lost about 20k jobs whereas expectations were for a 5k loss and this was the biggest decline in about 8 months.
The poor Canadian jobs numbers will take a little bit of the steam out of the recent Canadian dollar rally. It is hard to see Canadian dollar upside with Canada’s economy still fluttering. The Canadian dollar may have gotten a bit ahead of itself. It is still all about economic divergence between Canada and the US.
Today’s Suggested Range USD/CAD: 1.2050 – 1.2150
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
By Admin | May 8, 2015 | Daily Update |
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