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Canadian Dollar Currency Exchange Update June 11, 2015

USD/CAD Open: 1.2304-1.2306 Overnight Range: 1.2257-1.2355

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $60.84 and gold is at $1,177. US futures are higher. Today, the United States released retail sales data for the month of May.

The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2368. Support is at 1.2219.

The Canadian dollar softened this morning as the US dollar gained broad-based strength on anticipated strong retail sales. Retail sales figures serve as an important barometer for overall consumer spending, and the consensus target for the May figures was 1.3%. The US retail sales data fell closely in line with expectations, with growth of 1.2%, driven largely by strong automobile and gasoline sales. Today, the Bank of Canada will release their financial system review and hold a press conference afterwards. This presents some short-term risk to the Canadian dollar, but it is more likely that the Canadian dollar track the broader market in lieu of major domestic data releases.

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

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 11, 2015 | Daily Update | 0 comments

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