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Canadian Dollar Currency Exchange June 10, 2015

USD/CAD Open: 1.2225-1.2227 Overnight Range: 1.2216-1.2353

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $61.64 and gold is at $1,191. US futures are higher. Today, the EIA releases U.S. oil inventory data.

The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2389. Support is at 1.2164.

The Canadian dollar has continued to strengthen into today’s open. Rising commodity prices and an improving domestic economic picture have helped to push the Canadian dollar higher along with some broad based US dollar weakness. Canada has no major data releases today, with the only data release of note being oil inventories for the United States. Oil inventories are expected to continue to drop, a drop that been at least partially priced into the market. Should that drop not materialize, there is short-term downside risk for the Canadian dollar.

Today’s Suggested Range USD/CAD: 1.2150 – 1.2275

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

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By Admin | June 10, 2015 | Daily Update | 0 comments