Canadian Dollar USD/CAD Morning Update May 9, 2014
USD/CAD Open: 1.0900-1.0902 Overnight Range: 1.0801-1.0920
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $100.90 and gold is at $1,290. US futures are lower. Today, Canada releases jobs data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.1180 and 1.1260. Support is at 1.0800 and 1.0610.
Canadian jobs data released this morning was well below expectations (29k jobs lost) and the loonie has tumbled. All the momentum in the loonie over the last few days has been lost. The disappointment jobs number does not bode well for Canadian economic growth trends as it presents a bit of choppiness and it’s another data piece for the BOC that helps it keep lower rates for longer.
Today’s Suggested Range USD/CAD: 1.0850 – 1.0950
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 9, 2014 | Daily Update |
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