Canadian Dollar FX Update June 15, 2016
USD/CAD Open: 1.2883-1.2884 Overnight Range: 1.2825-1.2891
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.67 and gold is at $1,285. 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 1.2914. Support is at 1.2813.
The Canadian dollar is lower this morning, leading up to the Fed meeting and rate decision this afternoon. A rate hold is widely expected this June; however the Fed expects to deliver two rate hikes over the course of 2016. Markets are currently skeptical of the Fed’s prognosis of the state of the US economy, as they are currently pricing in less than one rate hike this year. Today’s FOMC statement and economic projections should help to clarify current Fed sentiment. The FOMC rate decision is the main event risk for markets today, and will thus have the greatest impact on CAD.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
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 15, 2016 | Daily Update |
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