Canadian Dollar Update June 23, 2016
USD/CAD Open: 1.2751-1.2752 Overnight Range: 1.2677-1.2850
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.86 and gold is at $1,263. 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 1.2826. Support is at 1.2652.
The Canadian dollar is higher this morning, as there is ample risk appetite in FX markets. This suggests a significant bias towards the “stay” outcome in today’s Brexit referendum. Oil prices continue to climb, and yield spreads have narrowed drastically over the past several weeks; with CAD resultantly reaching fresh two week highs. Today’s Brexit referendum will be the main point of interest for markets today. Domestic data risk is limited today, so we can expect the Canadian dollar to track the broader market.
Today’s Suggested Range USD/CAD: 1.2700 – 1.2800
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, 2016 | Daily Update |
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