Canadian Dollar Currency Exchange Update June 30, 2015
USD/CAD Open: 1.2409-1.2410 Overnight Range: 1.2362-1.2424
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $58.59 and gold is at $1,171. US futures are higher. Today, Canada released GDP figures for April.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2440. Support is at 1.2320.
The Canadian dollar continued to soften in response to weaker than expected GDP growth figures for April, as well as Greek risk. Canada’s economy contracted 0.1% in April, missing expectations of 0.1% growth. Weak growth for the Canadian economy has served to push the Canadian dollar lower this morning. Additionally, all currencies except for the US Dollar, Swiss Franc, and Japanese Yen (currency “safe-havens”) will be weighed on by Greek risk. Greece has until midnight tonight to strike a deal with creditors, and should this fail to happen, the Canadian dollar may fall amidst the uncertainty.
In the short-term the Canadian dollar looks vulnerable. The weak domestic economy in Canada coupled with turbulence in Greece could cause some pain for the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.2400 – 1.2500
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 30, 2015 | Daily Update |
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