Canadian Dollar Update June 28, 2017- Poloz Comments Push CAD Higher
USD/CAD Open: 1.3097-1.3098 Overnight Range: 1.3075-1.3199
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.10 and gold is at $1,252. 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 1.3208. Support is at 1.3023.
CAD is higher this morning, approaching multi-month highs vs. the USD and outperforming all of the G10 currencies. Governor Poloz characterized current rates as “extraordinarily low” on CNBC yesterday. As expectations of a domestic rate hike continue to firm (OIS currently pricing an approximate 40% chance of a July rate hike), CAD has benefitted. There are no domestic data releases, as the major risk to CAD for today’s session is BoC Governor Poloz’s participation in a panel on cycles, growth, and policy.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
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.
Click Here to Subscribe
Stop overpaying with
your bank on foreign exchange
We are built to beat bank exchange rates and save you money
By Admin | June 28, 2017 | Daily Update | 0 comments