FX Morning Update June 24, 2016
USD/CAD Open: 1.2973-1.2975 Overnight Range: 1.2675-1.3098
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.72 and gold is at $1,329. 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 1.3208. Support is at 1.2788.
Britain’s decision to the leave the EU has resulted in significant turmoil in markets this morning. US equities are sharply lower, along with oil prices. Gold is better supported. Safe haven currencies (USD, JPY, CHF), are stronger this morning, at the expense of high beta currencies like CAD, AUD, and NZD. The pound has fallen precipitously, falling to its lowest level since 1985. Risk off trading is likely to persist throughout today’s session and will likely extend as markets continue to digest the implications of this decision.
Today’s Suggested Range USD/CAD: 1.2950 – 1.3050
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.
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By Admin | June 24, 2016 | Daily Update |
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