Canadian Dollar Daily FX Update June 10, 2016
USD/CAD Open: 1.2690-1.2691 Overnight Range: 1.2660-1.2759
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.83 and gold is at $1,273. US futures are lower. Today Canada releases employment data for the month of May.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2784. Support is at 1.2688.
The Canadian dollar is flat this morning, as WTI slips below $50/barrel. Canadian employment data was better than expected, as the unemployment rate fell to 6.9%. Despite significant job losses in Alberta, due partly to the fires in Fort McMurray, the Canadian economy was able to add 13,800 jobs. CAD has been trading closely with oil prices since Tuesday, so look for oil prices to be CAD’s main driver over today’s session.
Today’s Suggested Range USD/CAD: 1.2650 – 1.2750
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.
Click Here to Subscribe
By Admin | June 10, 2016 | Daily Update |
0 comments