Canadian Dollar Update June 9, 2015
USD/CAD Open: 1.2338-1.2340 Overnight Range: 1.2329-1.2442
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $59.18 and gold is at $1,181. 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 1.2450. Support is at 1.2354.
The Canadian dollar has strengthened this morning as the result of an uptick in the price of oil and precious metals. Chinese inflation figures were disappointing, which has pushed global markets lower this morning. The 41st G7 summit concluded yesterday, headlined by a commitment from several major economic powers to put their energy sectors on low-carbon footing by 2050. The US dollar has had some weakness after some confusion if President Obama indicated he prefers a weaker US dollar. With no major data releases today, both the Canadian and US dollar will track the broader market tone.
Today’s Suggested Range USD/CAD: 1.2275 – 1.2400
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.
By Admin | June 9, 2015 | Daily Update |
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