Canadian Dollar Update June 29, 2015 – It’s all about Greece
USD/CAD Open: 1.2347-1.2349 Overnight Range: 1.2303-1.2381
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $59.04 and gold is at $1,183. US futures are lower. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2404. Support is at 1.2311.
The Canadian dollar remains soft after an eventful weekend in Europe. As the situation in Greece continues to escalate, the prevailing tone across markets is one of risk aversion, buoying the US dollar and treasuries. Over the weekend, Greece began to impose capital controls to prevent against a bank run, which has increased the perceived likelihood of a Greek exit from the Euro. Oil prices are at a 3 week low, which is also weighing on the Canadian dollar. In the absence of domestic data to move the Canadian dollar, this will continue to be a US dollar story and Greece is front and center in the headlines.
Today’s Suggested Range USD/CAD: 1.2300 – 1.2400
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
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By Admin | June 29, 2015 | Daily Update |
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