Canadian Dollar Currency Update June 1, 2015
USD/CAD Open: 1.2479-1.2481 Overnight Range: 1.2428-1.2501
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $59.90 and gold is at $1,186. US futures are higher. This will be an important week for US data, with consumer spending and inflation data being released today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2541. Support is at 1.2425.
The Canadian dollar has been relatively stable in the wake of last week’s GDP release. Q1 GDP figures were weak, with Canada’s economy contracting 0.6%, after analysts had expected growth of 0.3%. This will continue to be a US dollar story, as several key data releases will take place this week. Today, the United States will release Personal Consumption Expenditures inflation data. A series of strong data releases this week could further increase the momentum the USD has had of late, leading up to the June 17 Fed decision.
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 1, 2015 | Daily Update |
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