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Canadian Dollar Foreign Exchange Update June 21, 2017

USD/CAD Open: 1.3295-1.3296      Overnight Range:     1.3262-1.3302

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $43.34 and gold is at $1,243.  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 1.3321.  Support is at 1.3223.

CAD is modestly lower to start today’s session. In the absence of domestic data releases over the early portion of the week, CAD has looked to its key drivers for direction. Yield spreads have narrowed considerably over the past two weeks, and have begun to stabilize. Oil prices continue to erode, contributing to CAD weakness. The domestic schedule will pick up tomorrow and Friday, as market participants consider the impact of Canadian data releases on upcoming monetary policy decisions.

Today’s Suggested Range USD/CAD: 1.3250 – 1.3350

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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

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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 21, 2017 | Daily Update | 0 comments