Canadian Dollar Morning Update April 4, 2014 #TOpoli
USD/CAD Open: 1.1030-1.1032 Overnight Range: 1.1000-1.1042
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $101.36 and gold is at $1,300. US futures are higher. Today, Canada and the US release 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 is higher this morning on stronger than expected jobs data in Canada with 42k jobs created vs. expectations of 20k. The strong jobs number has the Canadian dollar higher and breaking through its recent rangebond trading range. The unemployment rate also decreased to 6.9% vs. 7%. US jobs data came in close to expectations with 192k jobs created vs. 200k forecasted. The strong jobs data number in Canada bodes well for the Canadian dollar and could make many question if the Bank of Canada can really wait longer than the US FED to raise interest rates. The focus will now be to see how the Bank of Canada reacts to the strong Canadian jobs data report. What seemed liked doom and gloom for the Canadian dollar a few weeks ago has now changed to showing signs of hope and light.
Today’s Suggested Range USD/CAD: 1.0950 – 1.1050
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | April 4, 2014 | Daily Update |
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