FX Morning Update June 30, 2016
USD/CAD Open: 1.2955-1.2956 Overnight Range: 1.2914-1.2997
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.74 and gold is at $1,321. US futures are higher. Today, Canada releases GDP figures for April.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3008. Support is at 1.2881.
The Canadian dollar is higher this morning, as oil prices continue to move closer to $50/barrel. GDP figures for April were in line with expectations (+0.1%), which is an improvement on March’s contraction of 0.2%. Broader market sentiment and risk tolerance remains an important factor. We begin to look towards July’s Bank of Canada meeting to better assess the current state of the Canadian economy.
Today’s Suggested Range USD/CAD: 1.2900 – 1.3000
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 30, 2016 | Daily Update |
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