A turn lower in crude oil from 3-year highs may help CAD bears regain the momentum they enjoyed earlier this year as USD/CAD may trade toward C$1.3000.
The Canadian Dollar strengthened through the 50-DMA despite Tuesday’s US Dollar breakout. Supported crude oil and economic data may help CAD against weaker-FX.
DXY notably firmer this morning and as such is looking to make a test of the 90.00 level amid the support from rising treasury yields and rising price pressures. CAD plunges on soft inflation data.
Canada publishes labor market data at 1330 GMT today, at the same time as US payrolls, and with bearish CAD sentiment high, the currency could be due for a rally.
USD/CAD may not be the best place to express a bearish CAD bias today; CAD/JPY and GBP/CAD have clearer technical pictures.
Proxies for emerging market growth, the commodity currency bloc – AUD, CAD, and NZD – have been hit hardest by protectionist fears overnight.
Large speculators (trend-followers) continue to hold onto a few contracts despite prices moving against them, while New Zealand dollar traders are showing signs of capitulating.
The NZDUSD opens at 0.6869 (mid-rate) this morning. The NZD remains under pressure against the majors but has managed to rebound against both the CAD and the AUD over the past 24hrs. The AUD fell […]
The Bank of Canada is hosting a rate decision today, and while there are minimal expectations for any actual moves, the policy statement can continue to provide drive to CAD trends. Will the BoC temper […]
October is picking up where September left off with a stronger USD. CAD continues to yield to stronger currencies after BoC comments about caution on future rates.