Canadian Dollar FX Update June 1, 2018
USD/CAD Open: 1.2971-1.2972 Overnight Range: 1.2930-1.3009
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $66.36 and gold is at $1,297. 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 1.3026. Support is at 1.2854.
The Canadian dollar is little changed early in today’s session. The focal point of North American markets was the US employment report for May, which beat expectations (+223k jobs created, vs. an expectation of +190k). Unemployment in the US is at an 18-year low of 3.8%. CAD is showing resilience in the context of escalating trade uncertainties, following yesterday’s tariff announcements. There are no domestic releases of consequence scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.2900 – 1.3000
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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 1, 2018 | Daily Update | 0 comments