USD/CAD Open: 1.2638-1.2640 Overnight Range: 1.2562-1.2644
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $54.58 and gold is at $1,164. US futures are lower. Today, the Bank of Canada releases its Business Outlook Survey.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2663. Support is at 1.2568.
The Canadian dollar continued its descent over the weekend in response to weaker oil prices and an increasingly soft outlook for the Canadian economy. With the referendum in Greece resulting in a “no” vote to the reform packages proposed by Greek creditors, the situation appears far from resolved, creating more uncertainty as the likelihood of a Greek exit from the Eurozone increases. This uncertainty has led to broad-based US dollar strength.
Falling oil prices are impacting the loonie as oil has fallen significantly over the last week. Today the Bank of Canada releases its Business Outlook Survey, which will be an important input leading into next week’s policy rate decision. The possibility of a 25bp rate cut remains in response to weaker oil and a sluggish domestic outlook, which could push the Canadian dollar even lower. The Canadian dollar remains vulnerable in the short-term.
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Today’s Suggested Range USD/CAD: 1.2600 – 1.2700
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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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