Canadian Dollar Foreign Exchange Morning Update June 13, 2016
USD/CAD Open: 1.2789-1.2790 Overnight Range: 1.2762-1.2824
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.22 and gold is at $1,289. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2832. Support is at 1.2682.
The Canadian dollar is lower this morning, as risk-off sentiment remains pervasive in FX markets. WTI has been unable to find support above $50/barrel for any extended period of time. CAD’s two main drivers are conflicted; yield spreads have been converging with the US, which is a positive for CAD. We expect markets to trade based on sentiment and technical analysis today, as there are no major data releases in North America today. Central bank meetings, including the Fed in the middle of the week, will be the focus for the week as we approach the middle of June.
Today’s Suggested Range USD/CAD: 1.2750 – 1.2850
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 13, 2016 | Daily Update |
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