Canadian Dollar Daily Update June 7, 2017
USD/CAD Open: 1.3440-1.3441 Overnight Range: 1.3426-1.3462
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.68 and gold is at $1,294. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3486. Support is at 1.3426.
CAD is higher this morning, falling slightly below the two-week high set during European trade. Event risk this week is centered around tomorrow’s BoC Financial System Review and Friday’s employment data. There is only second tier data on the schedule today (domestic building permits). Expectations of BoC tightening continue to firm, with 6bps of tightening currently priced in over the next 12 months. Markets are poised to range trade today due to the lack of major data points.
Today’s Suggested Range USD/CAD: 1.3400 – 1.3500
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.
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By Admin | June 7, 2017 | Daily Update |
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