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
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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By Admin | June 11, 2015 | Daily Update | 0 comments