USD/CAD regains positive traction on Wednesday and reverses some of the overnight decline. Increased bets on an aggressive Fed rate hike help revive dollar demand and extend support. Mostly bullish US Durable Goods Orders continue to support intraday USD strength. A rebound in oil prices could prop up the loonie and keep any significant upside […]
Tag: USDCAD
USD/CAD pulls back from six-week highs and returns below 1.3000
USD/CAD erases Monday’s gains and falls more than 0.60%. Weaker US housing and PMI data weighed on the USD. TDS analysts expect the BoC to rise 75 basis points in September; they estimate the first cut in the third quarter of 2023. The USD/CAD stumbles from weekly highs around 1.3063 and slumps on weaker-than-expected US […]
USD/CAD hits multi-week highs around 1.3045
USD/CAD hits a fresh six-week high at 1.3048 on falling crude oil prices and a stronger US dollar. The Fed’s comments last week weighed on market sentiment, with traders bracing for Fed Chairman Jerome Powell’s speech. The money market futures odds of a 75 basis point rate hike by the Fed stand at 82.8%. The […]
USD/CAD pulls back from one-month highs, downside remains limited
USD/CAD struggles to capitalize on modest intraday gains to break above one-month highs. A rally in crude oil prices underpins the loonie and acts as a headwind for spot prices. The aggressive expectations of the Fed and the risk aversion environment boost the dollar and limit the falls. The pair USD/CAD it retraces from the […]
USD/CAD Price Analysis: Facing rejection near 1.3000, upside potential intact
USD/CAD falls off its one-month high after the release of Canadian retail sales. Weakening oil prices could undermine the loonie and offer support amid a stronger dollar. The technical set-up favors bullish traders and supports prospects for further short-term gains. The pair USD/CAD rises to a one-month high during the early North American session, though […]
USD/CAD remains defensive below 1.2900 after US data, downside remains limited
USD/CAD has seen an intraday reversal from the one-week highs reached on Thursday. Oil price rebound underpins loonie and puts pressure amid modest dollar pullback. Upbeat US macro data and aggressive Fed expectations should cap and support the dollar. The pair USD/CAD it retraces from a week and a half high reached this Thursday and […]
USD/CAD updates daily lows after US/Canada data, lacks follow-up
The USD/CAD lowers and updates the daily low during the beginning of the American session. Mixed macroeconomic data from Canada and the US fail to give the pair a significant boost. The fundamental backdrop supports the outlook for some buying in the downturn. The pair USD/CAD witnessed some selling during the early American session and […]
USD/CAD: Expected to drop below 125 by the end of the year barring another big correction in oil prices – ING
The fall from Crude oil prices helped USD/CAD rise above 1.2900 on Monday, after having been weighing heavily on the Canadian dollar. Nevertheless, for ING analysts, the BoC tightening could push the pair below 1.25 by the end of 2022, unless oil undergoes another big correction. Waiting for some drag effect “The Bank of Canada […]
USD/CAD recovers due to the drop in oil prices and the strength of the dollar
USD/CAD rises sharply on lower WTI prices, fueled by data from China showing its economy slowing down. The New York Fed’s Empire State Manufacturing Index for August falls to -31.3, driven by deteriorating business conditions. USD/CAD could get some clues from Canadian inflation figures, along with the US Federal Reserve Minutes to be released on […]
USD/CAD trims losses, though remains capped between 100/200 DMAs
USD/CAD will end the week with losses of 1.22%. August University of Michigan Consumer Sentiment surprises to the upside and boosts the greenback. US Fed officials remain committed to fighting inflation and reiterate that their job is not done. The USD/CAD advances on Friday, erasing losses from Thursday, after a positive report on US consumer […]