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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.

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Today’s Suggested Range USD/CAD: 1.2250 – 1.2350


Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

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 12, 2015 | Daily Update | 0 comments