Canadian Dollar Update June 25, 2018
USD/CAD Open: 1.3287-1.3288 Overnight Range: 1.3264-1.3316
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $68.99 and gold is at $1,269. 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 1.3366. Support is at 1.3246.
The Canadian dollar has consolidated around 1-year lows against the US dollar. Last week’s poor retail sales and CPI data are weighing on domestic rate expectations. Markets are pricing in a 50% chance of a 25bp rate hike from the Bank of Canada. News of limited output cuts have buoyed oil prices, providing support to CAD. BoC Governor Poloz speaks Wednesday, and market participants are hoping to glean some insight on policy makers’ thinking. There are no domestic releases of consequence scheduled for 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 25, 2018 | Daily Update |
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