Canadian Currency Update June 16, 2015
USD/CAD Open: 1.2336-1.2338 Overnight Range: 1.2311-1.2347
Knightsbridge Foreign Exchange was on BNN TV yesterday, here is the video
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $59.69 and gold is at $1,182. US futures are lower. Today, there are no major data releases.
The short term Canadian dollar technicals are bullish. For today, USD resistance is at 1.2449. Support is at 1.2201
Lack of progress in Greece talks has captured headlines. Markets in the US and Europe are lower. Greece may default if it does not reach a deal with lenders. Risk off sentiment typically benefits the US dollar.
The FOMC two data meeting kicks off today with a news conference tomorrow. There is no change in interest rates expected but the tone of the statement will be closely analyzed. Any hint of firm timing of a rate hike could send the US dollar much higher.
Oil prices remain below $60/bbl and have not been able to grind higher. The Canadian dollar seems rangebound and many seem to be cautious and waiting in advance of the FOMC policy announcement tomorrow.
Today’s Suggested Range USD/CAD: 1.2300 – 1.2400
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.
By Admin | June 16, 2015 | Daily Update |
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