Canadian Dollar FX Morning Update January 10, 2014
USD/CAD Open: 1.0863-1.0865 Overnight Range: 1.0835-1.0863
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $92.55 and gold is at $1,234. US futures are higher today. Today, the US releases jobs data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0870 and 1.0990. Support is at 1.0610 and 1.0270.
All eyes are on US and Canadian jobs data to be released this morning. A very weak US jobs report could cause a delay in FED tapering but this seems unlikely as the train has left the station. A weak Canadian jobs report could also further hurt the Canadian dollar, as expectations of a rate hike in Canada further diminish and get pushed even further back. Economic data should help drive direction of the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.0800 – 1.0950
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
www.knightsbridgefx.com
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. qflorida.com
By Admin | January 10, 2014 | Daily Update |
0 comments