FX Morning Update November 8, 2013
USD/CAD Open: 1.0470-1.0473 Overnight Range: 1.0442-1.0495
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $94.93 and gold is at $1,317. NY futures are mixed today. Today, the US releases jobs data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0480, 1.0580 and 1.0850. Support is at 1.0150, and 1.0010.
US jobs data was better than expected with 204k jobs created vs. expectations of 100k. Despite the government shutdown, jobs data strongly surprised to the upside. The strong jobs data could create some fear that FED tapering will happen sooner rather than later as the US economy continues to be strong. The strong US data does not bode well for the Canadian dollar, where the Bank of Canada is not expected to move on interest rates for quite some time. Strong US data leads to quicker FED tapering and a flow of funds in to the US dollar.
Today’s Suggested Range USD/CAD: 1.0400 – 1.0500
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | November 8, 2013 | Daily Update |
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