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Canadian Dollar Update June 15, 2017- Fed Raises Rates Again

USD/CAD Open: 1.3282-1.3283      Overnight Range:     1.3224-1.3294

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $44.54 and gold is at $1,253.  US futures are lower. There are no major domestic data releases scheduled for today.

The short term Canadian dollar technicals are neutral.  For today, USD resistance is at 1.3334.  Support is at 1.3205.

The Canadian dollar is lower this morning, weakening for the first session in a week. Yesterday’s Fed decision in the U.S. has the USD broadly higher, as rates were raised 25bps, as expected by markets. Market participants were expecting a dovish hike due to recent inflation headwinds, however Fed Chair Yellen re-emphasized the expectation of one additional rate hike this year, helping the USD to recover some of its recent losses. Crude is lower. Post-Fed tone is likely to dominate trading throughout today’s session, as there are no domestic releases of note.

Today’s Suggested Range USD/CAD: 1.3250 – 1.3350


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 15, 2017 | Daily Update | 0 comments

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