Canadian Dollar: USD/CAD (CAD=X) follows gains versus big dollar, ignores $3+ drop in crude prices The CAD is modestly firmer versus the USD but gains remain light relative to the AUD and NZD on the day—AUDCAD is trading at its highest levelsince the start of the year. We are bullish on the cross and look […]
Canadian Dollar: USD/CAD (CAD=X) higher as traders digest the disappointing U.S. retail sales data The Canadian dollar finally found some support overnight, after free-falling since Tuesday, and it had nothing to do with any domestic reasons. Canadian dollar direction, like the rest of the G-10 majors, continues to be dictated by broad U.S.-dollar sentiment. That […]
Canadian Dollar: USD/CAD (CAD=X) continues to firm as risk sentiment improves The Canadian dollar continues to gain against the US dollar as global risk sentiment remains positive in the short-term. USD/CAD rose had one of its best month’s in the last three years in March, rallying from around 1.3400 to a peak of 1.4670 before […]
Canadian Dollar: USD/CAD (CAD=X) Stuck Between U.S. Initial Jobless Claims And Trump Tweet Canadian Dollar Receives Support From A Surge In Oil Prices Following Trump Tweet USD/CAD had another volatile trading session today. First, the U.S. dollar got a boost due to safe haven asset buying following the release of the U.S. Initial Jobless Claims. The release […]
Canadian Dollar: USD/CAD (CAD=X) Risk-Off Mode Helps U.S. Dollar USD/CAD moved higher as riskier assets experienced sell-off due to coronavirus-related worries. Three countries – U.S., Italy and Spain – have more than 100,000 cases each, and the U.S. is close to 200,000 cases. Recently, German Chancellor Angela Merkel indicated that social distancing measures will be in […]
Canadian Dollar: USD/CAD (CAD=X) continues to experience major volatility USD/CAD continues to experience major volatility. The pair managed to settle above the resistance level at 1.4150, which opened the path to the test of the resistance level at 1.4330. However, a surprisingly good release of the Chicago PMI for March (47.8 vs consensus of 40) led […]
Market Optimism Lifts The Canadian Dollar: USD/CAD (CAD=X) USD/CAD breached the 1.4330 support level and quickly moved closer to the 1.4000, supported by broad U.S. dollar weakness. The U.S. Dollar Index corrected from 104 to 100 in a matter of several days, so many currencies have experienced material upside against the U.S. dollar. Many asset classes […]
Canadian Dollar: USD/CAD (CAD=X) Shows Strength Despite Oil Price Weakness Markets Stay Optimistic For Now, Leading To Weakness In The U.S. Dollar The Canadian dollar is showing strength despite continued weakness in oil, which is hurt by prospects of worsening oil demand. The U.S. Dollar Index was in a correction mode today and almost touched 101 but […]
Canadian Dollar: USD/CAD (CAD=X) faces heavy selling pressure as oil plunged to levels not seen since 2003 Yesterday, Canadian dollar faced heavy selling pressure as oil plunged to levels not seen since 2003. Today, oil is getting support from bargain hunters as well as from the U.S. government, which decided to purchase 30 million barrels of oil […]
Canadian Dollar: USD/CAD (CAD=X) – Panic Selling Pushes Canadian Dollar To New Lows There’s panic in the markets today, and USD/CAD is no exception. As the U.S. Dollar Index raced through the important 100 level, the U.S. dollar gained a lot of ground against many currencies. Even more importantly, the Canadian dollar suffered a fundamental blow due […]
Canadian Dollar: USD/CAD (CAD=X) Points Downward Again The Canadian dollar plunged deeper overnight. It was not alone. U.S. President Trump addressed the Nation on Wednesday night, announcing a travel ban from Europe to the U.S. He said “The European Union failed to take the same precautions and restrict travel from China and other hotspots. As […]
Canadian Dollar: USD/CAD (CAD=X) Tanking The Canadian dollar is underwater, although not as deep as it was yesterday. USD/CAD spiked to $1.3795 from $1.3635 yesterday due to a wave of U.S. dollar demand against the major G-10 currencies. U.S. President Trump’s plan to eliminate payroll taxes for the rest of the year, and promises to […]
Canadian Dollar: USD/CAD (CAD=X) Takes Header The Canadian dollar fell off a cliff overnight. It lost nearly 2.5% after oil prices collapsed. West Texas Intermediate (WTI) oil prices plunged over 30% after Saudi Arabia triggered an oil price war. Asia traders panicked, driving USD/CAD from a closing level of $1.3425 on Friday to a peak […]
Canadian Dollar: USD/CAD (CAD=X) breakout yet to gain a full head of steam USD/CAD broke out last week above a key long-term threshold in the form of the 2016 trend-line, and is pressing on staying above the September high at 13382. The big-picture (weekly) chart has a solidly bullish tilt to it. It’s getting the […]
Canadian Dollar: USD/CAD (CAD=X) has gyrated around back-to-back interest rate cuts from the Federal Reserve and Bank of Canada this week The direction of USD/CAD has edged higher by more than 3% so far this year. Strength in the US Dollar relative to its Canadian Dollar counterpart since January can be broadly attributed to market […]
Canadian Dollar: USD/CAD (CAD=X) Reacts to Fed Rate Cut The Canadian dollar is vulnerable to renewed selling pressure after the U.S. Federal Reserve surprised markets yesterday. The Fed slashed the Fed Funds range to 1.0-1.5% from 1.5-1.75%, in the first in rate action between scheduled meetings since 2008. The Fed statement was short and to […]
Canadian Dollar: USD/CAD (CAD=X) Awaiting BOC The Canadian dollar see-sawed in a reasonably narrow trading range overnight. USD/CAD drifted between $1.3321 and $1.3367 as traders focused on global stock market price action. The G-7 are reportedly preparing a response to the coronavirus outbreak. Comments by various central bank chiefs, including the U.S. Federal Reserve Chair […]
Canadian Dollar: USD/CAD (CAD=X) on the Rebound The Canadian dollar stepped back from the abyss seen on Friday. USD/CAD climbed steadily peaking at $1.3455 as COVID-19 pandemic fears gripped financial markets. The Dow Jones Industrial Average was threatening to close with another 1,000-point loss, and oil prices were in free-fall. Then Federal Reserve Chair Jerome […]
Canadian Dollar: USD/CAD (CAD=X) Suffering from Pandemic Worries All it took was for the U.S. Centers for Disease Control and Prevention to issue a press release, warning that the coronavirus could cause a pandemic, to spark panic on Wall Street yesterday. That set the tone for equity and FX markets overnight and kept the Canadian […]
Canadian Dollar: USD/CAD (CAD=X) Underpinned by Crude Prices The Canadian dollar crept higher yesterday despite the domestic inflation data giving the Bank of Canada another excuse to reduce interest rates. USD/CAD closed at $1.3220 yesterday supported in part by West Texas Intermediate oil prices jumping 8.3% since February 10. Statistics Canada reported Consumer Price Index […]
Canadian Dollar: USD/CAD (CAD=X) Eyes FOMC Minutes & Canadian CPI Feb 19, 2020 8:30 AM +10:00 Rich Dvorak, Junior Analyst USD price action has risen an impressive 3.2% year-to-date according to performance in the US Dollar Index. The astounding ascent recorded by the US Dollar over the last several trading sessions has pushed the DXY […]
Canadian Dollar: USD/CAD (CAD=X) under pressure as oil prices fell as Chinese demand continued to weaken Exchange Rates UK: Over the course of the week, the Canadian Dollar (CAD) rose against both the US Dollar (USD) and Euro (EUR), but fluctuated against the Pound (GBP). On Monday, the ‘Loonie’ was left under pressure as oil […]
Canadian Dollar: USD/CAD (CAD=X) Rally Stalling The Canadian dollar drifted higher steadily this week, but the rally seems to have stalled overnight. USD/CAD was unable to extend losses below support in the $1.3240 area and inched higher overnight. Bank of Canada Governor Stephen Poloz was in Melbourne, Australia, attending a meeting of the Australia Canada […]
Canadian Dollar: USD/CAD (CAD=X) Reacts Oil Price Plunge The Canadian dollar is on the defensive after a steep drop in oil prices to start the week. West Texas Intermediate (WTI), the North American benchmark price for crude, gapped lower at the Asia open, and it knocked the Canadian dollar down, in the process. Both instruments […]
Canadian Dollar: USD/CAD (CAD=X) is finding itself up against a formidable area of resistance USD/CAD has had a strong rally to start the year, but it is about to get tested. The pair is finding itself up against a formidable area of resistance as a new week rolls around, and could determine whether we are […]
Canadian Dollar: USD/CAD (CAD=X) Undermined by Risk Aversion The Canadian dollar continued to sink overnight, weighed down by ongoing risk-aversion sentiment. The Wuhan coronavirus has claimed 170 lives as of January 30, a 28% increase from the day before. The number of confirmed cases sits at 7,711. World leaders are getting nervous. The Philippines and […]
Canadian Dollar: USD/CAD (CAD=X) Coronavirus dominates headlines and hampers risk appetite The Canadian dollar inched lower overnight, continuing the trend that began following the Bank of Canada monetary policy meeting of January 22. That meeting is not entirely to blame for the Canadian dollar weakness, although it bears the bulk of the responsibility. The Bank […]
Canadian Dollar: USD/CAD (CAD=X) Slides As Bank Of Canada “Sounds Alarm” And Coronavirus Prompts Oil Prices To Tumble 4% The Canadian dollar exchange rates suffered a doubly whammy on Wednesday afternoon after contrary to many analyst expectations the Bank of Canada (BoC) statement was “extremely dovish”. “In December they said inflation was “consistent with an […]
Canadian Dollar: USD/CAD (CAD=X) Price Skyrockets Over $1.31 On Dovish Bank Of Canada Statement The USD/CAD has burst higher today on the dovish Bank of Canada (BoC) monetary policy statement. Compared to this morning’s price, USD/CAD trades more than 100 pips higher. Fundamental analysis: BoC unexpectedly dovish Bank of Canada left its key policy rate […]
Canadian Dollar: USD/CAD (CAD=X) Risks Tilted To Downside Ahead Of Bank Of Canada Meeting “The Bank of Canada meets tomorrow, and we expect no change in the monetary stance (in line with consensus). However, we suspect markets have too aggressively priced out BoC easing and the balance of risks for CAD appears tilted to the […]
Canadian Dollar: USD/CAD (CAD=X) Bank Of Canada’s (BoC) Anticipated Decision In Focus The Canadian Dollar is being supported by various global and domestic factors, but investors have also been hesitant to move too much on the currency amid anticipation for major data and Bank of Canada (BoC) news next week. Illustrating the Canadian Dollar’s resilience […]
Canadian Dollar: USD/CAD (CAD=X) Supported by Positive Risk Sentiment The Canadian dollar is trading sideways. It bounced around in a narrow USD/CAD range of $1.3035-$1.3046 overnight, unable to garner any traction in either direction. There aren’t any top-tier domestic economic data available until next Wednesday when the Canadian inflation report is released. That is the […]
Canadian Dollar: USD/CAD (CAD=X) Bearish Momentum Enough to Add to Downtrend? US Dollar weakness is expected to accelerate in 2020, and the Canadian Dollar was one of the best performers against the world’s top reserve currency. The most recent intra-day low in the USD/CAD marked a lower low, keeping the long-term downtrend intact. A recovery […]
Canadian Dollar: USD/CAD (CAD=X) Seeks Direction The Canadian dollar tried to rally last week but failed. Slightly dovish comments by Bank of Canada Governor Stephen Poloz combined with broad-based U.S. dollar demand against the major G-10 currencies and a sharp drop in West Texas Intermediate oil prices, fueled Canadian dollar selling. Canadian dollar bulls hoped […]
Canadian Dollar: USD/CAD (CAD=X) Bulls Seem Deceptive After Trendline Breakdown USDCAD closed out 2019 on the defensive and made a crucial weekly/monthly close below long-term support zone of (1.2950 – 1.3165) drawn off the 2015-17 support zone for the USD on the longer run charts. Although the pair has been attempting show some minor rallies from last 2-3 […]
Canadian Dollar: USD/CAD (CAD=X) Shows Resilience The Canadian demonstrated its resilience overnight. The U.S. dollar squeezed out gains against the major G-10 currencies, yet USD/CAD managed to remain below the psychologically important $1.3000 level. Markets are content to believe that U.S./Iran tensions have eased because Iran has yet to retaliate for the U.S. killing of […]
Canadian Dollar: USD/CAD (CAD=X) broke long-term trend-line, 13000 USD/CAD closed the final week of last year with a charge below the 2012 trend-line, also creating a lower low from July by declining below 13000. Breaks during thinner holiday trade aren’t ideal, but for now will run with it as long as a sharp reversal doesn’t […]
Canadian Dollar: USD/CAD (CAD=X) may be on verge of ending consolidation The Canadian Dollar may be on the verge of extending its advance against the US Dollar and ending prolonged consolidation since the Summer of 2019. USD/CAD took out lows from July after clearing support at 1.3017, but follow-through has been somewhat lacking. Clearing immediate […]
Why Canadian Dollar: USD/CAD (CAD=X) may struggle this year The Canadian dollar may struggle in 2020 to top its stellar performance from this year. That’s the message from the global head of foreign-exchange strategy at Credit Suisse who expects the tailwinds seen in 2019 to fade. While risk-sensitive currencies like the loonie should perform well […]
Canadian Dollar: USD/CAD (CAD=X) Rallies Post-FOMC The Canadian dollar rallied ahead of and then after yesterday’s Federal Open Market Committee policy meeting statement. The FOMC left interest rates unchanged which was universally expected, as was the dovish policy statement. The Committee members are predicting that the Fed Funds rate will stay in the 1.50%-1.75% range […]
Canadian Dollar: USD/CAD (CAD=X) Dips on Soft Job Numbers Last week was busy for the Canadian dollar. The currency dropped below 1.32 and touched a 1-month high on Thursday, but reversed directions on Friday and lost ground. USD/CAD took advantage as Canadian employment numbers sagged, while U.S. nonfarm payrolls were much stronger than expected. In […]
Canadian Dollar: USD/CAD (CAD=X) Sunk by Jobs Data The Canadian dollar was torpedoed on Friday. A surprisingly robust U.S. non-farm payrolls report combined with an extremely poor Canadian Labour Force survey blew the Canadian dollar out of the water. USD/CAD soared to $1.3267 from $1.3170 in a heartbeat. Canada lost 71,200 jobs in November. Even […]
Canadian Dollar: USD/CAD (CAD=X) remains largely flat at the start of the week as UK manufacturing data disappointed However, on Tuesday the pairing edged up after further PMI data showed the construction sector saw the slowest decline in output since July. Meanwhile, oil prices edged up in the hopes OPEC and allies would agree to […]
Canadian Dollar: USD/CAD (CAD=X) higher following a surprisingly hawkish tone to the Bank of Canada (BoC) monetary policy statement The Canadian dollar soared yesterday, following a surprisingly hawkish tone to the Bank of Canada (BoC) monetary policy statement. The BoC left interest rates unchanged, as expected but it had a somewhat optimistic economic outlook. The […]
Canadian Dollar: USD/CAD (CAD=X) traders digesting Bank of Canada monetary policy meeting The Canadian dollar inched higher overnight, despite a somewhat risk-averse environment. Canadian dollar traders were digesting today’s Bank of Canada monetary policy meeting and Governor Stephen Poloz’s press conference. Back in the summer, analysts were forecasting that the BoC would cut rates in […]
Canadian Dollar: USD/CAD (CAD=X) BoC Expected to Stand Pat The Bank of Canada holds its monthly policy meeting on Wednesday. The bank has pegged the benchmark rate at 1.75% for over a year, and no change is expected at the upcoming meeting. The Canadian economy is expected to grow by 1.3% in the third quarter, […]
Canadian Dollar: USD/CAD (CAD=X) faces BoC rate decision and November employment data The Pound-to-Canadian-Dollar rate is tipped by technical analysts to remain supported in the days ahead, although an apparent ebbing of support for Prime Minister Boris Johnson’s party in pre-election opinion polls could mean the British currency is vulnerable to losses early in the […]
Canadian Dollar: USD/CAD (CAD=X) Quiet After Mixed Retail Sales Data Canadian consumers have not been in the best of moods, as recent retail sales reports have been weak. On Friday, the September retail sales were a mixed bag. Retail sales posted a second straight decline of 0.1%, but managed to beat the estimate of -0.3%. […]
Canadian Dollar: USD/CAD (CAD=X) sticks to narrow range as railway strike ends The Canadian dollar was little changed against the greenback on Tuesday as investors weighed fresh signs of progress toward a U.S.-China trade deal and a deal was reached to end a railway strike that threatened to slow Canada’s economic growth. Teamsters Canada and […]
Canadian Dollar: USD/CAD (CAD=X) Recoups Some Losses The Canadian dollar closed Friday’s session with a small loss compared to its opening level. It was not alone. The rest of the G-10 major currency pairs suffered a similar fate, led by slides in EUR/USD and GBP/USD. Canadian dollar weakness was exacerbated by Retail Sales data exacerbated […]
Canadian Dollar: USD/CAD (CAD=X) Slumps As BOC Governor Signals Confidence Positive Signal from BOC Governor Drives US Dollar Canadian Dollar (USD/CAD) Exchange Rate Lower Comments from Bank of Canada (BOC) Governor Stephen Poloz prompted a sharp decline for the US Dollar to Canadian Dollar (USD/CAD) exchange rate on Thursday. As Poloz indicated that he sees […]
Canadian Dollar: USD/CAD (CAD=X) suffers from a downturn in risk sentiment The Canadian dollar is rangebound no more. Prices soared through the top of the USD/CAD $1.3040-$1.3240 band that contained price action since October 11 yesterday and continued to climb overnight. That move is a sharp contrast to the move that occurred immediately following Tuesday […]
Canadian Dollar: USD/CAD (CAD=X) trapped inside of $1.3040-1.3260 range The Canadian dollar is trapped inside a USD/CAD $1.3040-1.3260 range and has been, since October 11. There isn’t any relief in sight. The Bank of Canada left monetary policy unchanged at the October 30 meeting, and there hasn’t been any new data or geopolitical developments since […]
Canadian Dollar: USD/CAD (CAD=X) investors are braced for a poor reading from Manufacturing Production USD/CAD is trading sideways on Monday. In the North American session, the pair is trading at 1.3209, down 0.12% on the day. On the fundamental front, investors are braced for a poor reading from Manufacturing Production, with a forecast of -0.5%. There […]
Canadian Dollar: USD/CAD (CAD=X) quiet week expected USD/CAD continues to have a quiet week. In Friday’s European session, the pair is trading at 1.3240, down 0.07% on the day. On the fundamental front, there are no major Canadian events on the schedule. Foreign Securities Purchases are expected to drop to C$4.22 billion in September. Technical Analysis […]
Canadian Dollar: USD/CAD (CAD=X) Canadian Ivey PMI Loses Ground USD/CAD has recorded slight gains on Wednesday. In the North American session, the pair is trading at 1.3182, up 0.21%. Canadian Ivey PMI Loses Ground Canada’s Ivey PMI remained in contraction territory for a second straight month, with a weak reading of 48.2 in October. This was […]
Canadian Dollar: USD/CAD (CAD=X) immediate support at 1.3120 USD/CAD has been range-bound in November, as the pair remains lackluster. On the downside, there is immediate support at 1.3120, and this line is vulnerable to a breakout. The 50-EMA, which is currently at 1.3185, has been a resistance line since last week, which is indicative of a […]
Canadian Dollar: USD/CAD (CAD=X) turning higher on bullish technical signals Where USD managed to get ahead was against the Canadian Dollar. Earlier in the week, USD/CAD formed a bullish reversal pattern (Morning Star) and swiftly turned higher thereafter – as expected. Prices then closed above the key resistance range between 1.3134 and 1.3145, ending the week around the latter. […]
Canadian Dollar: USD/CAD (CAD=X) is fast approaching the nearby 200-day moving average around 1.33 A certifiably dovish Bank of Canada rate decision sparked a formidable Canadian Dollar selloff on Wednesday, potentially shifting the longer-term outlook for the Loonie. Consequently, USD/CAD’s recent bounce off support around 1.3050 could mark a local bottom. Now, the pair is fast approaching […]
Canadian Dollar: USD/CAD (CAD=X) Focus on Bank of Canada meeting The Canadian dollar wasn’t paid any heed overnight. The rest of the G-10 major currencies didn’t fare much differently due to caution ahead of the U.S. Federal Open Market Committee (FOMC) meeting, and Bank of Canada meeting tomorrow. Nevertheless, a speech by Reserve Bank of […]
Canadian Dollar: USD/CAD (CAD=X) remains range-bound USD/CAD remains range-bound. In Monday’s North American session, the pair is trading at 1.3059, down 0.04% on the day. There are no Canadian events on the schedule. Technical Analysis 1.3070 is a fluid line. Currently, it is an immediate resistance line. Below, we find support at 1.3040, which has held […]
Canadian Dollar: USD/CAD (CAD=X) on the brink a big drop, but has support nearby The US Dollar Index (DXY) bounced last week after a tough three weeks. Is it another swing-low as has happened after minor sell-offs during the past few months, or only a small bounce before testing larger support? In the past the […]
Canadian Dollar: USD/CAD (CAD=X) Can Fall Further The US Dollar has had a rough October, with the Dollar Basket (DXY) falling from 99.67 to 97.66 at the time of writing. The persistent bearishness has pressured DXY to test the 200-day moving average around 97.40 and should the basket break beneath support, it could open the […]
Canadian Dollar: USD/CAD (CAD=X) Wholesales Sales Slide It has been a disappointing week for Canadian indicators. Retail sales for August were released on Tuesday, and both the headline and core readings showed declines. On Wednesday, Wholesale sales declined by 1.2%, down from a gain of 1.7% in the previous release. Despite the soft numbers, the […]
Canadian Dollar: USD/CAD (CAD=X) Bears Still in Control In Monday night’s federal election, Prime Minister Justin Trudeau fought off a stout challenge from Conservative candidate Andrew Scheer to win his second term, with the generally strong Canadian economy playing a heavy role in supporting the incumbent. As we noted in last week’s election preview report, the economy […]
Canadian Dollar: USD/CAD (CAD=X) traders brace for Canada federal election The Canadian Dollar may fall ahead of the Canadian federal election. Liberal Party Prime Minister Justin Trudeau is in the fight for his political life as the leader of the Conservative Party Andrew Scheer closely follows the incumbent in the polls. The most likely result […]
Canadian Dollar: USD/CAD (CAD=X) rallied that was primarily attributed to the greenback’s overall weakness The Canadian dollar today rallied against the US dollar in a move that was primarily attributed to the greenback’s overall weakness against most of its peers. The USD/CAD currency pair fell to new 6-week lows as the loonie rallied against a […]
Canadian Dollar: USD/CAD (CAD=X) CPI Beats Forecast Canadian CPI moved closer to the Bank of Canada target of 2.0%. On an annualized basis, CPI showed a 1.9% gain, above the forecast of 1.7%. Trimmed CPI, which excludes the most volatile items which are covered in CPI, remained steady at 2.1%, on an annualized basis. Technical Analysis […]
Canadian Dollar: USD/CAD (CAD=X) tipped as a sell at UBS as losses seen into year-end The Canadian Dollar held its own in a market that was inhospitable to commodity currencies Tuesday but is likely to beat a lengthy retreat into year-end, according to strategists at UBS, who’ve told clients of the bank that selling the Loonie […]
Canadian Dollar: USD/CAD (CAD=X) likely to stay in a consolidation phase Despite the subdued trading action on Monday amid the Columbus Day holiday in the United States (US) and the Thanksgiving Day holiday in Canada, the USD/CAD pair inched higher on Monday as the sharp drop witnessed in crude oil prices weighed on the commodity-related […]
Canadian Dollar: USD/CAD (CAD=X) attention now shifting to Canadian inflation and US retail sales data USD/CAD comes into focus following another robust Canada jobs report with attention now shifting to Canadian inflation and US retail sales data on deck next week. Spot USD/CAD prices threaten to continue drop seeing that the currency pair plunged beneath its uptrend […]
Canadian Dollar: USD/CAD (CAD=X) traders are keeping a close watch on U.S./China trade developments The Canadian dollar continues to drift within its well-defined USD/CAD trading band of $1.3240-$1.3340. The release of the September 18 U.S. Federal Open Market Committee (FOMC) meeting minutes is unlikely to offer any information or insight that would lead to a […]
Canadian Dollar: USD/CAD (CAD=X) Yawns on Mixed Construction Numbers Canada released mixed construction numbers on Tuesday. Housing starts fell to 221 thousand in September, down from 227 thousand a month earlier. There was more positive news from building permits, which jumped 6.1% in August, crushing the estimate of 2.3%. The Canadian dollar showed little reaction […]
Canadian Dollar: USD/CAD (CAD=X) Rally Stalls at Resistance Technical Outlook: In my previous Canadian Dollar Price Outlook we highlighted a key near-term resistance zone at 1.3284/88 while noting, “Expect acceleration IF price can break higher here with such a scenario exposing longer-term downtrend resistance near 1.3355.” A topside breach last week saw price register a […]
Canadian Dollar: USD/CAD (CAD=X) focus on weekly close around 1.3355/70 The Canadian Dollar down more than 0.75% against the US Dollar since the start of the week with USD/CAD testing the upper-bounds of a multi-month range in price heading into major US event risk tomorrow. It’s the moment of truth for Loonie. In my last Canadian Dollar Weekly Price Outlook we […]
Canadian Dollar: USD/CAD (CAD=X) stuck in a range as technical indicators clash USD/CAD price action has been capped by the 200-day moving average for the last month and will need a bullish driver to regain upside momentum. The daily chart shows USD/CAD below all three moving averages, although the 20-day is being threatened, with the recent […]
Canadian Dollar: USD/CAD (CAD=X) supported by oil but is tipped to weaken by year-end The Canadian Dollar is in the process of coming off the boil, according to analysts at Bank of America Merrill Lynch, who’re sticking by forecasts that the Loonie will weaken against its U.S. and British rivals into year-end. Canada’s Dollar remained the […]
Canadian Dollar: USD/CAD (CAD=X) possibility that today’s U.S. GDP release would shake up the pair With no Canadian releases on the schedule, there was a possibility that today’s U.S. GDP release would shake up the lethargic Canadian currency. However, that did not happen as the third estimate release showed growth of 2.0%, which merely confirmed […]
Canadian Dollar: USD/CAD (CAD=X) ranging just below downtrend resistance– breakout targets well-defined The Canadian Dollar is virtually unchanged against the US Dollar since the start of the week with price carving the weekly opening-range just below downtrend resistance. These are the updated targets and invalidation levels that matter on the USD/CAD charts. Technical Outlook: In my last Canadian Dollar Price Outlook we noted to, “look […]
Canadian Dollar: USD/CAD (CAD=X) Yawns After Mixed Retail Sales USD/CAD was quiet late last week, and even retail sales failed to wake up the lethargic Canadian currency. Retail sales in July improved to 0.4%, matching the forecast and marking a 4-month high. Core retail sales could not keep up and declined 0.1%, shy of the […]
Canadian Dollar: USD/CAD (CAD=X) Breakout Potential The Canadian Dollar is up down more-than 0.2% against the US Dollar since the start of the week with USD/CAD stretching into near-term resistance post- FOMC yesterday. Despite the recent advance, Loonie remains within the confines of a well-defined range with the broader outlook still tilted to the downside. In my last Canadian Dollar Price Outlook we noted that USD/CAD was approaching daily […]
Canadian Dollar: USD/CAD (CAD=X) Canadian CPI Slips USD/CAD continues to have a quiet week, as the pair remains rangebound. In Wednesday’s North American session, the pair is trading at 1.3271, up 0.22% on the day. Canadian CPI Slips Canada’s key inflation gauge, CPI, contracted by 0.1% in August. The reading of -0.1% marked a sharp drop […]
Canadian Dollar: USD/CAD (CAD=X) Rallies with Oil Prices The Canadian dollar gapped higher in Asia when oil prices surged upwards. West Texas Intermediate jumped to $63.15 U.S./barrel after closing on Friday at $54.83/b after news that drone attacks on Saudi Arabian oil fields knocked over 50% of the Kingdom’s oil production offline. There isn’t any […]
Canadian Dollar: USD/CAD (CAD=X) Locking in Gains The Canadian dollar is consolidating its recent gains. Last week’s robust employment report may have reduced the incentive for the Bank of Canada to trim interest rates at its October meeting which underpinned the currency. Overnight, China announced it was exempting more than a dozen U.S. imports from […]
Canadian Dollar: USD/CAD (CAD=X) dollar is in demand Supported by Oil The Canadian dollar is in demand. A steep rally in West Texas Intermediate (WTI) oil prices since the end of August has contributed to the positive bias in the domestic currency. Yesterday, Saudi Arabia’s new oil minister suggested that the Organization of the Petroleum […]
Canadian Dollar: USD/CAD (CAD=X) continuing a reversal theme On the long side of the US Dollar, USD/CAD remains of interest. I had looked at the pair again coming into this week, continuing a reversal theme that I’ve been working with from the week prior. After price action built into a falling wedge with a seeming refusal of sellers to re-test 1.3000, […]
Canadian Dollar: USD/CAD (CAD=X) Risk of a Possible Reversal Looking at the daily chart, we notice on Friday USDCAD failed to close above the low end of current trading zone 1.3166 – 1.3224. Yesterday, the price repeated its failure to close above the low-end emphasizing buyer’s weakness to keep rallying the price. Hence, another close […]
Canadian Dollar: USD/CAD (CAD=X) forming a rising wedge trading pattern The USD/CAD pair marked the daily opening on Monday near 1.3170 level with a Doji Candlestick formation, generating a trend reversal price action. However, the bears could drag the Loonie pair only up to 1.3158 level. From there, the bulls grabbed the opportunity to uplift the pair, making it […]
Canadian Dollar: USD/CAD (CAD=X) forming a corrective pattern USD/CAD’s rebound and break of 1.3143 resistance last week suggests short term bottoming at 1.3016. That case after failing to sustain below 1.3052/68 key support zone. Initial bias stays on the upside this week for 55 day EMA (now at 1.3212). Sustained break there would pave the […]
Canadian Dollar: USD/CAD (CAD=X) Extends Bearish Turn The Canadian Dollar has extended its bearish reversal with USDCAD hitting the top of its recent consolidation range. Clean break of 1.3160 leaves room for a test of 1.32. Wider yield spreads between the US and Canada has been among the factors behind the bid in USDCAD with US/CA 10yr […]
Canadian Dollar: USD/CAD (CAD=X) content to hug the sidelines along with most of the G-10 major currencies The Canadian dollar started the week quietly, content to hug the sidelines along with most of the G-10 major currencies.There were plenty of geopolitical worries along with the seemingly never-ending Brexit story and concerns around the upcoming European […]
Canadian Dollar: USD/CAD (CAD=X) strong fundamentals and a central bank likely to keep rates steady The Canadian lower dropped 0.19 percent on Friday, but given strong fundamentals and a central bank likely to keep rates steady the Loonie was the only major currency to end in the black against the greenback this week. Job numbers in Canada were lower than expected […]
Canadian Dollar: USD/CAD (CAD=X) corrected lower recently and tested the key 1.3430 support area The US Dollar remained strong above the 1.3400 level against the Canadian Dollar. The USD/CAD pair climbed towards the 1.3500 level before it started a downside correction. A swing high was formed at 1.3502 before the pair declined below the 1.3465 […]
Canadian Dollar: USD/CAD (CAD=X) Market focus will be on April’s Ivey PMI It’s also a relatively busy week ahead for the Loonie. Market focus will be on April’s Ivey PMI, due out on Tuesday, trade data on Thursday and April employment figures on Friday. With the stats having been on the quieter side since the […]
Canadian Dollar: USD/CAD (CAD=X) remains in dovish mode and policymakers have acknowledged that the economic slowdown was deeper than the bank expected USD/CAD posted gains for a second successive week, and the pair punched above the 1.35 line for the first time in 2019. This week’s key event is Canadian GDP. Here is an outlook for the highlights […]
Canadian Dollar: USD/CAD (CAD=X) underpinned by a surge in oil prices USD/CAD has edged lower in the Monday session. In the North American session, the pair is trading at 1.3372, down 0.14% on the day. It’s a quiet start to the week, with no Canadian events. In the U.S., there is only one release. Existing […]
Canadian Dollar: USD/CAD (CAD=X) release of housing starts and building permits this week USD/CAD showed limited activity last week and ended the week with slight gains. There are no major Canadian events in the upcoming week. We’ll get a snapshot of the strength of the housing sector, with the release of housing starts and building permits. The […]
Canadian Dollar: USD/CAD (CAD=X) lack of fundamental triggers to push the pair decisively in any direction The Canadian dollar today attempted to rally higher against its US counterpart in the American session after the release of the upbeat Canadian Ivey PMI data. The USD/CAD currency pair today traded mostly directionless amid a lack of fundamental triggers to push the pair decisively in any direction. The USD/CAD currency pair today rallied […]
Canadian Dollar: USD/CAD (CAD=X) Bank of Canada Governor Poloz Speech The market will be closely watching the Bank of Canada Governor Stephen Poloz’s comments regarding his market expectations. His view may help the market participants to predict the possible interest-rate movements. Canada has joined the US with regards to having an Inverted Yield Curve on 21 March. […]
Canadian Dollar: USD/CAD (CAD=X) releases GDP The Canadian dollar is up slightly on Thursday. Currently, the pair is trading at 1.3423, up 0.08%. On the release front, there are no Canadian events. In the U.S., Final GDP for the fourth quarter posted a 2.2% gain, shy of the estimate of 2.4%. Unemployment claims fell to […]