USD/CAD trims some of its intraday gains, although the decline remains muted. Rising oil prices underpin the loonie and act as a headwind amid a modest USD pullback. Aggressive Fed rate hike bets favor USD bulls and should support the pair. The pair USD/CAD is supported by Friday’s bounce from the 1.3075 area and starts […]
Tag: USDCAD
Bank of Canada will take rates into tightening territory next week – TD Securities
original content: Next week, the Bank of Canada will hold its monetary policy meeting. The market consensus is for an increase in the base interest rate to 3.25%. Analysts at TD Securities expect the Bank of Canada to raise rates by 75 basis points, entering tightening territory. They see little incentive for smaller hikes as […]
USD/CAD approaches 1.3100, downside potential seems limited
USD/CAD pulls back further from a multi-week high and is under pressure from a combination of factors. The rally in crude prices underpins the loonie and sparks some selling amid a weaker dollar. USD intraday selling accelerates after the release of monthly US employment data, which delivered mixed results. Aggressive Fed expectations and recession fears […]
Canada: S&P Manufacturing PMI falls to 48.7 in August vs. 53.6 expected
Canada’s global manufacturing PMI fell into contraction territory below 50 in August. USD/CAD is holding on to daily gains above 1.3150 after the data. Business activity in Canada’s manufacturing sector contracted in August with the S&P Global Manufacturing PMI falling to 48.7 from 52.5 in July. This reading disappointed market expectations of 53.6 by a […]
USD/CAD holds on to modest gains near 1.3100 after Canadian data
USD/CAD hit its highest level since mid-July above 1.3100. The Canadian economy expanded at a softer-than-expected pace in the second quarter. The USD struggles to gain strength after weak employment data. The pair USD/CAD gained momentum to the upside and hit its highest level since mid-July at 1.3132 before erasing part of its daily gains. […]
USD/CAD recovers initial lost ground and returns to 1.3000 amid sharp drop in oil
USD/CAD reverses an intraday decline and is supported by a combination of factors. A sharp pullback in oil prices undermines the loonie and acts as a tailwind. A modest bounce in the dollar from the daily low contributes to the intraday rise. The pullback in US bond yields and the risk-on mood could weigh on […]
USD/CAD pulls back from multi-week highs and heads towards 1.3000
A combination of factors causes some intraday selling around USD/CAD on Monday. Rising oil prices underpin the loonie and put pressure on amid a sharp dollar pullback. Aggressive Fed rate hike bets should limit USD losses and support the pair. The pair USD/CAD cuts its initial gains to the 1.3075 area, ie the highest level […]
USD/CAD jumps to 1.3000 after Powell’s speech as Wall Street slides
Risk aversion drives the US dollar across the board. Fed Chairman Powell guarantees more rate hikes and a tightening policy until inflation is under control. USD/CAD erases weekly losses after rising almost a hundred pips. The USD/CAD rebounded sharply on Friday after Powell’s speech and amid a sharp decline on Wall Street. The pair rose […]
USD/CAD Price Analysis: Fight near 1.2900 confluence support
USD/CAD is back near a one-week low amid a new wave of dollar selling. The decline in oil prices undermines the loonie and seems to help limit the fall. Sustained weakness below the 1.2900 confluence will set the stage for further losses. The pair USD/CAD has seen an intraday drop from the 1.2955-1.2960 zone and […]
USD/CAD falls below 1.2950 on USD weakness ahead of Powell’s speech
USD/CAD was down 0.15% on Thursday as market traders brace for further hawkish rhetoric from the Fed. The US GDP figure for the second quarter, although better than expected, remains in recession territory. USD/CAD Price Analysis: Traders Regain 1.3000 to Open Door to Test All-Time Highs; otherwise a drop to 1.2800 is possible. The USD/CAD […]
