Canadian Dollar Update June 20, 2017
USD/CAD Open: 1.3259-1.3260 Overnight Range: 1.3203-1.3283
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $43.07 and gold is at $1,246. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3307. Support is at 1.3218.
The Canadian dollar is lower this morning, underperforming the majority of the G10 currencies. WTI continues to fall, with the resulting response in CAD being more muted than expected. Expectations for domestic tightening continue to firm, with OIS currently pricing in 30bps of tightening over the next 12 months. Yield spreads between Canada and the U.S. continue to narrow in a CAD-supportive manner. There are no domestic releases of note scheduled until later this week.
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 20, 2017 | Daily Update |
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