Canadian Dollar Update June 23, 2017- Canadian CPI Data Disappoints
USD/CAD Open: 1.3305-1.3306 Overnight Range: 1.3210-1.3307
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $42.81 and gold is at $1,258. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3290. Support is at 1.3207.
CAD is underperforming early in today’s session. After yesterday’s strong retail sales report, CAD traded heavily as expectations of a domestic rate hike as early as July of this year began to firm, improving to almost 60% at the apex. Today’s CPI data for May was more sobering (+1.3% actual vs. +1.5% expected), causing this morning’s dip. Oil remains under pressure. Spreads and monetary policy appear poised to continue to be CAD’s primary driver in the short-term.
Today’s Suggested Range USD/CAD: 1.3250 – 1.3350
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 23, 2017 | Daily Update |
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