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Canadian Dollar Update June 5, 2017

USD/CAD Open: 1.3493-1.3494      Overnight Range:     1.3461-1.3501

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $47.21 and gold is at $1,283.  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 1.3537.  Support is at 1.3452.

CAD is trading quietly early in what will be a busy week in FX markets. The Fed is in its blackout period before the June 14th policy rate decision. Uncertainty surrounding future monetary policy decisions remains high, as Fed officials have raised concerns about soft inflation. Yield spreads between Canada and the U.S. have begun to stabilize, but still Friday’s employment data will be the most significant data point this week domestically. There are no major domestic releases scheduled for today’s session, making broader market sentiment the primary driver.

Today’s Suggested Range USD/CAD: 1.3450 – 1.3550

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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

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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 5, 2017 | Daily Update | 0 comments