Canadian Dollar and US Dollar Update June 12, 2015
USD/CAD Open: 1.2308-1.2309 Overnight Range: 1.2277-1.2332
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $59.98 and gold is at $1,179. US futures are lower. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2348. Support is at 1.2248.
The Canadian dollar has continued to be relatively flat the past few days, softening slightly to the broad-based US dollar strength. Overseas, Chancellor Merkel of Germany expressed concerns over the strength of the Euro. The IMF has halted negotiations with Greece and Greece continues to remain a wildcard.
This week has been quiet, with no major data releases scheduled for today. The Canadian dollar will continue to track the broad based market, as well as oil prices in the absence of meaningful domestic data releases. All eyes will be looking towards the June 19th Fed meeting next week. A rate hike is not expected, but improving domestic data for employment and retail sales could push the Fed to have a more positive outlook next week, which could further soften the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.2250 – 1.2350
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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By Admin | June 12, 2015 | Daily Update | 0 comments