FX Morning Update November 4, 2011
USD/CAD Open: 1.0145-48 Overnight Range: 1.0070-1.0148
The Canadian dollar was volatile overnight and lost ground after a poor Canadian employment data release this morning. Oil is at $94.72 and gold is at $1,761. NY futures are flat today. Today, US jobs data is released.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.0213 and 1.0260. Support is at 1.0131, 1.0031, and 0.9980.
Canada’s jobs data report this morning was ugly as 54k jobs were lost in October, the most since 2009 (a gain of 15k was expected). This is a major negative for the loonie as the Canadian economy seemed to be humming along. This report, puts upcoming GDP at stake of a poor report and can also allow the BoC to even lower rates should employment continue to be impacted negatively. Meanwhile, in Greece, it is reported that a referendum may not be needed, but uncertainty remains on if Greece will approve the eurozone bailout plan. US non-farm payroll data will be key to watch as if the report is bad, the loonie will be impacted further.
Today’s Range: 1.0150 – 1.0250
Daily Market | Knightsbridge Foreign Exchange
By Admin | November 6, 2011 | Daily Update |
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