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
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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By Admin | June 24, 2015 | Daily Update | 0 comments