Canadian Dollar FX Morning Update August 8, 2014 – Weak Canadian Jobs Data Pushes Loonie Lower
USD/CAD Open: 1.0965-1.0967 Overnight Range: 1.0909-1.0968
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $97.64 and gold is at $1,311. US futures are higher. Today, Canada releases jobs data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.0990. Support is at 1.0725.
Canadian jobs data released this morning was disappointing with only 200 jobs created vs. expectations of 20k. The Canadian dollar fell after the news as the weak jobs data could be an indication of a shaky economy. The Bank of Canada is looking at economic growth, jobs, and inflation and the weak jobs data definitely backs the Bank of Canada’s view of lower rates for longer. Look for the Canadian dollar to be on the defensive towards 1.10 USD/CAD
Today’s Suggested Range USD/CAD: 1.0899 – 1.0999
Rahim Madhavji | Knightsbridge Foreign Exchange
T: 416-274-9332 | T: 1-877-355-KBFX (5239) ext. 101 | Trading Floor: 416-479-0834 |
100 King Street West, First Canadian Place | Suite 5700 | Toronto | Ontario | M5X 1C7
To unsubscribe from receiving this update, please reply with “unsubscribe” in the subject line. Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
Stop overpaying with
your bank on foreign exchange
We are built to beat bank exchange rates and save you money
By Admin | August 8, 2014 | Daily Update | 0 comments