Canadian Dollar Update February 6, 2015 (US Jobs Strong, Canadian Part Time Jobs Strong)
USD/CAD Open: 1.2485-1.2487 Overnight Range: 1.2468-1.2587
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.11 and gold is at $1,251. US futures are positive. Today, the US and Canada release jobs data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2800. Support is at 1.2391.
The US economy continues to show its hot pace with the jobs data released this morning that topped expectations. Previous months jobs data was revised higher and avg. hourly earnings were also up. With job growth in tact and hourly earnings starting to rise, this will only put pressure on the US FED to raise interest rates. Canadian jobs data this morning was also better than expected although part time jobs increased significantly and full time jobs fell. The fallout from reduced oil prices is still to be expected in the job market, however, the weaker loonie should help boost jobs in export related industries. The US dollar will continue to benefit from a strong US economy, while the Canadian dollar needs to see oil prices higher.
Today’s Suggested Range USD/CAD: 1.2400 – 1.2500
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
www.knightsbridgefx.com
By Admin | February 6, 2015 | Daily Update |
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