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Canadian Dollar Currency Exchange Update June 24, 2015

USD/CAD Open: 1.2321-1.2323 Overnight Range: 1.2276-1.23420

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $61.07 and gold is at $1,175. US futures are lower. Today, the United States releases the second revision of Q1 GDP.

The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2369. Support is at 1.2263.

The Canadian dollar has remained relatively flat. New developments in the Greek situation have caused some risk aversion in markets, pressuring all currencies. Today, the US released the second revision to Q1 GDP, revising the previous number of -0.7% growth up to -0.2% growth. This upwards revision falls in line with expectations, and will serve as another piece of positive data for the Fed to consider as they continue on their data-driven path to normalization. In the absence of domestic data, the Canadian dollar will continue to track broader developments. This will continue to be a US dollar story.

Today’s Suggested Range USD/CAD: 1.2300 – 1.2400

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 24, 2015 | Daily Update | 0 comments

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