Canadian Dollar Update June 20, 2018
USD/CAD Open: 1.3282-1.3283 Overnight Range: 1.3268-1.3312
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $65.92 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 1.3340. Support is at 1.3226.
The Canadian dollar is soft, extending recent declines to reach one-year lows. Rate expectations are softening dramatically due largely to persist trade concerns. OIS are currently pricing in 15bps of tightening for the July Bank of Canada meeting, and 40bps by year’s end. CAD’s primary drivers are bearish, as commodity prices remain low, while yield spreads continue to widen in a CAD negative manner. There are no domestic releases of consequence today.
Today’s Suggested Range USD/CAD: 1.3250 – 1.3350
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, 2018 | Daily Update |
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