Canadian Dollar Foreign Exchange Update June 17, 2016
USD/CAD Open: 1.2891-1.2892 Overnight Range: 1.2872-1.2970
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.21 and gold is at $1,292. US futures are lower. This morning Canada released CPI data for May.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3032. Support is at 1.2842.
The Canadian dollar is stronger this morning, as are most of the G10 currencies as market sentiment has improved. Canadian CPI data for May fell below expectations (+1.5% YOY actual vs. +1.6% YOY expected), having minimal effect on markets. CAD is trading in disconnect from yield spreads, leaving oil prices and the broader tone its most dominant influencers. Oil prices have steadily drifted lower this week, hurting CAD in the process. Moving towards the weekend we can expect CAD to trade in line with broader sentiment.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
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 17, 2016 | Daily Update |
0 comments