Canadian Dollar Foreign Exchange Update June 29, 2016
USD/CAD Open: 1.3004-1.3005 Overnight Range: 1.2976-1.3043
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.34 and gold is at $1,325. 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 1.3082. Support is at 1.2941.
CAD is higher this morning, as the USD is broadly lower in an environment of risk appetite. Markets continue to digest the Brexit decision, but it appears the markets initial concerns are subsiding as global equities are higher. Oil prices are also higher this morning, helping to buoy CAD. US personal consumption was largely in line with expectations, with wage growth continuing to be slower than the Fed would like. Tomorrow’s GDP release for April is the main source of domestic risk leading up to the North American long weekend.
Today’s Suggested Range USD/CAD: 1.2950 – 1.3050
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 29, 2016 | Daily Update |
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