FX Morning Update August 15, 2014
USD/CAD Open: 1.0875-1.0879 Overnight Range: 1.0870-1.0908
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $95.62 and gold is at $1,298. US futures are higher. Today, Canada releases revised jobs data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.0990. Support is at 1.0725.
Today, Canada released revised jobs data and the numbers were better than expected with 42k jobs created and much better than last week’s release of 200 jobs created. The corrected jobs data has helped boost the Canadian dollar higher on the theme that the jobs picture was not actually as bad as was believed last week. The catalyst for the Canadian dollar remains a focus on domestic data outperformance relative to the US – it is a tale of comparing domestic economic growth in a race to see which country will raise interest rates first.
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Today’s Suggested Range USD/CAD: 1.0850 – 1.0950
Rahim Madhavji | Knightsbridge Foreign Exchange
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