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Canadian Dollar Update, June 23, 2020 – Canadian Dollar recovers from overnight madness

USD/CAD Open: 1.3526-30, Overnight Range: 1.3485-1.3570

WTI Oil is at $40.68 and gold is at $1,779.40. US markets are higher today.

For today, USD resistance is at 1.3555. Support is at 1.3458.

• White House advisor roils Asia markets with comments
• Eurozone Manufacturing PMI data underpins EURUSD
• Canadian dollar probing resistance, supported by firm crude prices

The Canadian dollar traded rather calmly overnight, despite FX turmoil in the rest of the G-10 major currencies. The US dollar soared on the back of safe-haven demand in Asia after a senior White House advisor claimed the US-China Phase 1 trade deal was complete.

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EURUSD dropped to 1.1234 then bounced to 1.1311 in early Toronto trading. German, French, and Eurozone Manufacturing PMI reports were better than expected, suggesting that the post-COVID-19 recovery may be quicker than predicted. EURUSD technicals are bullish while prices are above 1.1240, looking for further gains to 1.1430.

GBPUSD bounced around in a 1.2438-1.2511 range. UK Markit Manufacturing PMI rose 50.1 in June, compared to 40.7 in May. However, the results were tarnished by concerns that the UK will leave the EU on December 31, without a trade deal, which would undermine the UK economy. Also, GBPUSD’s failure to take out resistance at 1.2550, paints a bearish intraday technical picture.

Canadian dollar traders ignored Bank of Canada Governor’s speech yesterday, mainly because he didn’t provide any new insight into domestic monetary policy. Instead, traders bought the currency due to the improved risk sentiment tone and additional gains in oil prices.

Once again FX traders are unlikely to pay any attention to this morning’s US economic data releases, preferring to be guided by Wall Street moves.

Today’s Suggested Range USD/CAD: 1.3480– 1.3580

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By KBFX | June 23, 2020 | Daily Update | 0 comments