FX Morning Update April 5, 2013
USD/CAD Open: 1.0138-1.0140 Overnight Range: 1.0123-1.0147
The Canadian dollar was rangebound in overnight trading. Oil is at $92.80 and gold is at $1,568. NY futures are lower. Today, the US and Canada releases jobs data.
The short term Canadian dollar technicals are mixed. For today, USD resistance is at 1.0350 and 1.0450. Support is at 1.0125, and 1.0010.
The loonie sank this morning on underwhelming data releases after Canadian and US jobs data were released. Canada lost over 54k jobs while expectations were a 6.5k gain. The unemployment rate also rose to 7.2% from 7.0%. The major miss is a shock to those that thought the Canadian economy was humming and probably puts the brakes on any rate hike talk for the time being. The US economy only created 88k jobs. vs. expectations of 190k. This is a major disappointment to the risk on trade and the loonie is getting whacked around.
Today’s Suggested Range USD/CAD: 1.0150 – 1.0250
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By Admin | April 5, 2013 | Daily Update |
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