Canadian Dollar USD/CAD FX Morning Update December 6, 2013
USD/CAD Open: 1.0655-1.0657 Overnight Range: 1.0653-1.0684
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $97.87 and gold is at $1,242. NY futures are higher today. Today, the US releases weekly jobs data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0671 and 1.0850. Support is at 1.0530 and 1.0270.
US jobs data was better than expected with 203k jobs created vs. 180k forecasted. The unemployment rate also dropped to 7% from 7.3%. Canadian jobs data was also reported better than expected with 21.6k jobs added vs. 12k forecasted. The US jobs data could help push a sooner rather than later FED tapering theme, but positive Canadian jobs should help support the Canadian dollar somewhat.
Today’s Suggested Range USD/CAD: 1.0600 – 1.0700
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | December 6, 2013 | Daily Update |
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