Canadian Dollar Currency Exchange Update June 23, 2015
USD/CAD Open: 1.2329-1.2331 Overnight Range: 1.2309-1.2348
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $60.01 and gold is at $1,182. US futures are higher. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2389. Support is at 1.2259.
The Canadian dollar has softened in response to broad-based US dollar strength, which is a result of positive existing-home sales data and verbage from Fed Governor Powell that a rate hike could come as early as September. Greece’s recent reform proposals have helped alleviate a portion of the short-term Eurozone risk, buoying global markets. In the absence of domestic data releases, the Canadian dollar faces some short-term risk in the form of this week’s heavy release calendar for the United States. It continues to be a US dollar story and the Fed rate hike timing is the key driver.
Today’s Suggested Range USD/CAD: 1.2300 – 1.2400
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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.
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By Admin | June 23, 2015 | Daily Update | 0 comments