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Canadian Dollar FX Update June 28, 2016

USD/CAD Open: 1.3020-1.3021      Overnight Range:      1.2966-1.3087

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $47.66 and gold is at $1,316.  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 1.3125.  Support is at 1.2957.

CAD is stronger this morning, in an environment of risk appetite. The Canadian dollar continues to trade closely with oil prices, and largely in disconnect with yield spreads of late. Domestic risk is limited leading up to Thursday’s GDP (April) release, which will provide an important data point leading up to July’s Bank of Canada meeting.

Today’s Suggested Range USD/CAD: 1.3000 – 1.3100

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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 28, 2016 | Daily Update | 0 comments

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