Canadian Dollar Foreign Exchange Update June 8, 2017
USD/CAD Open: 1.3490-1.3491 Overnight Range: 1.3489-1.3522
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.36 and gold is at $1,284. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3547. Support is at 1.3448.
CAD is flat early in today’s session, consolidating at the bottom of its 3 week range following yesterday’s sharp decline in oil prices. Event risk is elevated in FX markets today, as the U.K. election, ECB policy meeting, and Comey testimony all have the potential to impact FX markets. Domestically, The Bank of Canada’s Financial System Review will be released this morning, followed by a press conference. The recent shift in the balance of monetary policy between Canada and the U.S. is providing an offset for the recent oil driven decline. The potential for additional volatility exists throughout today’s session.
Today’s Suggested Range USD/CAD: 1.3450 – 1.3550
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 8, 2017 | Daily Update |
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