Canadian Dollar Currency Update June 4, 2015
USD/CAD Open: 1.2470-1.2471 Overnight Range: 1.2436-1.2491
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $59.46 and gold is at $1,179. US futures are lower. There are no major data releases today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2512. Support is at 1.2388.
Since last week’s Bank of Canada statement, there has been little movement in the Canadian dollar. Weekly jobless claims continue to fall in the United States, a sign that the economy is recovering. The total number of Americans receiving employment insurance benefits was the smallest in over 14 years. Tomorrow, more US employment data will be released. Continuous strong data releases will be important as the Fed continues with a data-driven approach to normalization. There could be some short-term volatility for the Canadian dollar leading up to tomorrows OPEC meeting and jobs data. All eyes are focused on US jobs data and strong numbers should boost the US dollar, while poor numbers would create some uncertainty with respect to FED rate hike timing. With the recent rise of the US dollar, strong jobs data has been built in to its recent appreciation and poor jobs data tomorrow could unravel some of its recent gains.
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 4, 2015 | Daily Update |
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