Canadian Dollar Update June 27, 2016
USD/CAD Open: 1.3032-1.3034 Overnight Range: 1.2993-1.3087
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.75 and gold is at $1,333. 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 1.3178. Support is at 1.2793.
The Canadian dollar continues to trend lower as markets begin this week in the fashion they ended the last. Brexit spillover has led safe-haven currencies higher, with both the JPY and USD as primary beneficiaries. The GBP continues to fall precipitously. Risk aversion is high in markets; equities are broadly lower, as well as oil prices. The release of April GDP figures is the primary domestic data point for the week. We can expect the Canadian dollar to track broader market sentiment during today’s session.
Today’s Suggested Range USD/CAD: 1.3000 – 1.3100
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 27, 2016 | Uncategorized | 0 comments