Canadian Dollar Foreign Exchange Update June 22, 2016
USD/CAD Open: 1.2770-1.2771 Overnight Range: 1.2741-1.2826
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.95 and gold is at $1,269. US futures are lower. Today Canada releases retail sales data for April.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2815. Support is at 1.2751.
The Canadian dollar has traded in a remarkably narrow range over the past few sessions, consolidating in anticipation of tomorrow’s Brexit referendum. Canadian retail sales for April were positive, as well as better than expected (+0.9% actual vs +0.8% expected). Yield spreads continue to narrow, and oil prices are slowly climbing back towards 2016 highs, which are both CAD-supportive. Markets will look to Brexit sentiment as the primary catalyst leading up to tomorrow’s referendum.
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 22, 2016 | Daily Update |
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