Canadian Dollar Update June 9, 2016
USD/CAD Open: 1.2748-1.2749 Overnight Range: 1.2670-1.2763
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.49 and gold is at $1,262. 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 1.2783. Support is at 1.2677.
The Canadian dollar is soft the morning, retracing some of yesterday’s gains in an environment of broad-based USD strength. Commodity prices have rallied significantly over the course of 2016 and WTI remains over $50/barrel. Tomorrow’s employment report is the only major domestic data point this week. Unemployment is expected to remain unchanged at 7.1%, with the Canadian economy expected to add roughly 3,100 jobs after losing 2,100 jobs last month. In the absence of domestic data, CAD is likely to track the broader market, following technical factors for today’s session.
Today’s Suggested Range USD/CAD: 1.2700 – 1.2800
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 9, 2016 | Daily Update | 0 comments