Canadian Dollar FX Update June 21, 2016
USD/CAD Open: 1.2794-1.2795 Overnight Range: 1.2762-1.2819
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.41 and gold is at $1,276. 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 1.2856. Support is at 1.2730.
The Canadian dollar is flat this morning, as markets continue to anticipate this Thursday’s Brexit decision. There are no domestic data releases scheduled for today, so CAD will likely look to its drivers of yield spreads and oil prices. Yield spreads have narrowed significantly from early June (CAD supportive), as expectations for future US rate hikes have begun to deteriorate. Oil has been relatively of late, and CAD has most closely followed oil prices over the last week.
Today’s Suggested Range USD/CAD: 1.2750 – 1.2850
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 21, 2016 | Daily Update |
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