Canadian Dollar Currency Exchange Update June 2, 2015
USD/CAD Open: 1.2503-1.2505 Overnight Range: 1.2488-1.2536
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $60.71 and gold is at $1,191. US futures are lower. There are no major data releases today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2570. Support is at 1.2439.
Drama in Greece could add some volatility to the currency market. Despite oil reaching a three-week high, the Canadian dollar has been quiet of late and lacks momentum. May unemployment figures will be an important figure released this week for the United States. There is some low level data risk in the short-term, as factory orders will be released today. Additionally, Fed Governor will speak on outlook and policy. With relative policy outlook being the main driver for the Canadian dollar in the short-term, any unexpected Fed sentiment could be impactful.
With the Bank of Canada on the sidelines for some time, the story continues to be all about the US, with better data out of the US meaning a US rate hike sooner rather than later and a rising US dollar, and any slowdown or murky data out of the US could halt the momentum in the US dollar and we could see a pullback.
Today’s Suggested Range USD/CAD: 1.2450 – 1.2550
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 2, 2015 | Daily Update |
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