Canadian Dollar Foreign Exchange Update June 6, 2017
USD/CAD Open: 1.3471-1.3472 Overnight Range: 1.3442-1.3487
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.25 and gold is at $1,295. 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 1.3499. Support is at 1.3441.
CAD continues to trade narrowly over the past several sessions. Spreads with the U.S. have stabilized, but still remain USD-supportive. Crude prices are slightly above their one month lows, suggesting vulnerability. Recent changes in monetary policy in Canada (as the Bank of Canada is becoming more optimistic about the Canadian economy), looks to provide support in the medium-term, as market participants assess the likelihood of a shift in policy towards tightening. Sluggish U.S. inflation looks to have tempered market expectations of a 3rd rate hike coming in 2017. There are no domestic data releases scheduled for today, leaving CAD to trade based on market sentiment.
Today’s Suggested Range USD/CAD: 1.3400 – 1.3500
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 6, 2017 | Daily Update |
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