Canadian Dollar FX Morning Update May 10, 2013 – Canadian Jobs Data Disappoints
USD/CAD Open: 1.0075-1.0078 Overnight Range: 1.0064-1.0100
The Canadian dollar was rangebound in overnight trading. Oil is at $94.22 and gold is at $1,431. NY futures are lower. Today, Canada releases jobs data.
The short term Canadian dollar technicals are bullish. For today, USD resistance is at 1.0225, 1.0350 and 1.0450. Support is at 1.0010, and 0.9950.
Commodities are weaker. Canadian jobs data released this morning were worse than expected with 12.5k jobs created vs. expectations of 15k. The Canadian dollar declined vs the US dollar as a result. If jobs data continues to disappoint, it is likely going to take longer for the Bank of Canada to consider raising interest rates.
Today’s Suggested Range USD/CAD: 1.0050 – 1.0150
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 10, 2013 | Daily Update |
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