Canadian Dollar Update June 14, 2016
USD/CAD Open: 1.2843-1.2844 Overnight Range: 1.2813-1.2874
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.33 and gold is at $1,293. 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 1.2907. Support is at 1.2764.
The Canadian dollar is soft this morning, in an environment of broad-based risk aversion, and thus USD strength. Oil prices continue to slip, with WTI continuing to slide further away from recent 2016 highs. US retail sales for May were better than expected (+0.5% actual vs. +0.3% expected), which is another data point highlighting the continued recovery of the US economy. Event risk this week culminates with the mid-week Fed meeting, where market participants are looking for additional information pertinent to the Fed’s normalization path.
Today’s Suggested Range USD/CAD: 1.2800 – 1.2900
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 14, 2016 | Daily Update |
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