Canadian Dollar Update June 22, 2017- Canadian Retail Sales Surprise to Upside
USD/CAD Open: 1.3259-1.3260 Overnight Range: 1.3246-1.3338
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $42.71 and gold is at $1,254. 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 1.3347. Support is at 1.3264.
CAD is stronger this morning, following a strong retail sales report for April. Retail sales rose by 0.8% month-over-month, against expectations of 0.3% growth. The string of good Canadian data continues, with the economy giving little reason for the Bank of Canada to alter the more hawkish path they look to chart. WTI has provided little support to CAD of late, falling again yesterday. Spreads remain compressed and CAD supportive. Domestic data is limited throughout the remainder of today’s session.
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.
Click Here to Subscribe
By Admin | June 22, 2017 | Daily Update |
0 comments