Canadian Dollar Foreign Exchange Update June 19, 2017
USD/CAD Open: 1.3241-1.3242 Overnight Range: 1.3207-1.3252
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.76 and gold is at $1,251. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3271. Support is at 1.3207.
The Canadian dollar is quiet early in today’s session, slightly below last Friday’s multi-month high. The domestic calendar is relatively empty throughout the early part of the week, with retail sales on Thursday and CPI on Friday. CAD is likely to trade based on market sentiment early in the week, following oil prices and spreads against the US dollar. Crude remains stable below $45/barrel, and yield spreads are moving in a CAD-supportive manner. There are a number of Fed speakers scheduled for this week, as market participants consider the likelihood of additional tightening in the U.S. before year’s end.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
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By Admin | June 19, 2017 | Daily Update |
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