Canadian Dollar Currency Exchange June 8, 2015
USD/CAD Open: 1.2405-1.2407 Overnight Range: 1.2396-1.2473
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $58.94 and gold is at $1,171. US futures are flat. There are no major data releases today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2527. Support is at 1.2385.
The US Dollar has weakened against most of the G10 currencies in response to headlines at the G7 summit alluding to President Obama’s concerns over the strong dollar. The reports have been denied, leading to a partial reversal. The Canadian Dollar is beginning to strengthen modestly against the US Dollar on the heels of Friday’s dual employment data. Both Canada and the US had upside surprises; however Canada’s data was slightly more impressive, however, Canada’s employment numbers have been less consistent so it is difficult to know if the data will be revised. The Canadian Dollar has no catalyst in the short-term, so this will continue to be a US Dollar driven story leading up to the Fed Meeting on June 17th. It’s possible that the strong employment data could push the Fed to become increasingly hawkish, which could result in an appreciation of the US Dollar.
Today’s Suggested Range USD/CAD: 1.2350 – 1.2450
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.
By Admin | June 8, 2015 | Daily Update |
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