Canadian Dollar Update June 16, 2016
USD/CAD Open: 1.3027-1.3028 Overnight Range: 1.2894-1.3044
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.16 and gold is at $1,314. 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 1.3093. Support is at 1.2882.
The Canadian dollar is lower this morning, underperforming alongside other high beta currencies like AUD and NZD. Risk aversion is the dominant sentiment in FX markets this morning, driving both the USD and JPY higher. Yesterday’s Fed meeting was more dovish than expected, with economic projections revised downwards. Despite this, CAD has mostly retraced gains made following the weak June 3rd non-farm payroll in the United States. US CPI slightly missed headline expectations (+1.0% vs. +1.1% expected) this morning, as wages continue to increase at a slower pace than the Fed would like. CAD will likely continue to trade based on the broader market tone for today’s session.
Today’s Suggested Range USD/CAD: 1.3000 – 1.3100
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, 2016 | Daily Update |
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