Canadian Dollar FX Update June 14, 2017
USD/CAD Open: 1.3180-1.3181 Overnight Range: 1.3164-1.3245
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.32 and gold is at $1,280. 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 1.3383. Support is at 1.3159.
The Canadian dollar continues to outperform. U.S. CPI data for May was disappointing, with inflation dipping 0.1%. Two of the last three months have seen CPI fall in the U.S., prompting inflation concerns from the Fed. Retail sales were also weak in the U.S., falling 0.3% in May. Canada’s recent strong string, contrasting with the weak string witnessed by the U.S. over the past few weeks is underpinning CAD strength. There are no major data releases scheduled in Canada today.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
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.
Click Here to Subscribe
By Admin | June 14, 2017 | Daily Update |
0 comments