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Canadian Dollar Currency Exchange Update June 3, 2015

USD/CAD Open: 1.2481-1.2483 Overnight Range: 1.2384-1.2485

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $60.36 and gold is at $1,191. US futures are higher. Today, the US releases private sector ADP jobs data and trade deficit data is released in Canada and the US.

The short term Canadian dollar technicals are bullish. For today, USD resistance is at 1.2349. Support is at 1.2200

ADP jobs data was released this morning with 201k jobs added, the most in four months, in line with expectations. Many will look to this data as a clue towards the all important US non-farm payroll data due Friday. The US labor market has been healthy and this is one of the key reasons why many expect the US economy to do well in the second half of the year. US trade deficit data released this morning was better than expected and this could provide a small boost to US GDP. Canadian trade deficit data was worse than expected with a deficit of $2.97 billion compared to $2.15 billion expected. For the Canadian dollar, oil prices seems to be flat and unable to continue its uptrend, which would give the loonie some momentum – much of the Canadian dollar’s recent movement is driven by a US dollar story, which is all about the Fed and growth expectations.

Today’s Suggested Range USD/CAD: 1.2450 – 1.2550

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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

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By Admin | June 3, 2015 | Daily Update | 0 comments