Canadian Dollar FX Update June 16, 2017
USD/CAD Open: 1.3239-1.3240 Overnight Range: 1.3221-1.3274
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.79 and gold is at $1,256. US futures are flat. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3282. Support is at 1.3199.
CAD has capped its best week of 2017, and is modestly higher early in today’s session. WTI has begun to stabilize below $45/barrel. The recent change in BoC tone has market participants re-evaluating medium-term CAD valuations, with the outlook for the Canadian dollar looking more constructive. OIS has now priced in approximately 25bps of tightening (one rate increase) over the next twelve months. There are no domestic data releases scheduled for today, leaving CAD to trade based on market sentiment heading into the weekend.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
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 16, 2017 | Daily Update |
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