Canadian Dollar Morning Update June 20, 2016
USD/CAD Open: 1.2808-1.2809 Overnight Range: 1.2802-1.2863
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.87 and gold is at $1,287. 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 1.2926. Support is at 1.2763.
The Canadian dollar is stronger this morning, outperforming in an environment of risk appetite in the FX space. The UK referendum on EU membership will be the most important market catalyst this week. Recent polls suggest a bias towards staying in the EU, which is lending support to the GBP. Oil prices are also firmer, moving closer towards 2016 highs where WTI was above $50/barrel. Domestic risk is limited to retail sales this Wednesday, we expect CAD to look to key drivers of oil prices and yield spreads in the absence of domestic data.
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 20, 2016 | Daily Update |
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