Canadian Dollar USD/CAD FX Morning Update August 9, 2013
USD/CAD Open: 1.0303-1.0305 Overnight Range: 1.0398-1.0430
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $103.83 and gold is at $1,308. NY futures are lower today. Today, Canada release payroll data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0430, 1.0580 and 1.0850. Support is at 1.0250, 1.0150, and 1.0010.
Canadian jobs data released this morning was worse than expected with -39k jobs vs. expectations of +10k jobs created. The unemployment rate also rose to 7.2% from 7.1%. This does not bode well for the Canadian dollar as the Bank of Canada will be looking closely at growth and jobs data in an effort to determine when to raise rates. This could take the wind out of the sails of the loonie until some positive Canadian economic data is released.
Today’s Suggested Range USD/CAD: 1.0300 – 1.0400
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | August 9, 2013 | Daily Update |
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