Canadian Dollar FX Morning Update March 7, 2014
USD/CAD Open: 1.1000-1.1002 Overnight Range: 1.09725-1.1005
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $101.88 and gold is at $1,336. US futures are higher. Today, the US and Canada releases jobs data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.1180 and 1.1260. Support is at 1.0890 and 1.0610.
The Canadian dollar got hammered this morning as Canadian jobs data disappointed with 7k jobs lost vs. expectations of +15k. US jobs data was strong with +175k jobs vs. expectations of +140k. The US dollar soared on the news. The negative Canadian jobs data just highlights the uncertainty in Canada’s growth path. Yesterday, Canadian data reports were positive and surprising to the upside, today, data reports are negative. Look for the loonie to have lost all its recent momentum.
Today’s Suggested Range USD/CAD: 1.1000 – 1.1100
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | March 7, 2014 | Daily Update |
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