Canadian Dollar Exchange Update June 17, 2015
USD/CAD Open: 1.2315-1.2317 Overnight Range: 1.2286-1.2334
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $60.95 and gold is at $1,178. US futures are higher. Today, the Fed will release their policy rate decision.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2340. Support is at 1.2278.
The Canadian dollar has remained relatively flat over the past week. Today’s Fed statement presents some short-term risk to the Canadian dollar. Expectations are that the Fed will make no changes to rates, but they are expected to make a slightly more hawkish statement, especially in respect to strong May employment data. It is expected that the Fed will wait for additional data to ensure the Q2 rebound is sustainable as they continue on a data-driven path to normalization. With no domestic data releases scheduled for Canada, this will continue to be a U.S. Dollar story. Any firm indication of rate hike timing by the Fed will be a powder keg for the US dollar and it could shoot higher with a firm timeline.
Today’s Suggested Range USD/CAD: 1.2250 – 1.2400
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 17, 2015 | Daily Update |
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