Canadian Dollar and US Dollar FX Morning Update December 5, 2014 – Canada and US Jobs Data
USD/CAD Open: 1.1418-1.1420 Overnight Range: 1.1376-1.1445
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $66.34 and gold is at $1,197. US futures are higher. Today, the US and Canada release jobs data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1465. Support is at 1.1329.
US jobs data was strong, 321k jobs added, much higher than the 235k expected. This is the biggest gain since January 2012. Wages were also higher another positive sign for the economy. The story was much different in Canada. Canada lost 10.7k jobs, when +5k was expected. Much of the job losses were part time. This is a weaker report for Canada after two strong months previously. This is overall slightly negative for the Canadian dollar – positive news for the US economy and not so good news for Canada.
Today’s Suggested Range USD/CAD: 1.1350 – 1.1450
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | December 5, 2014 | Daily Update |
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