USD/CAD was down nearly 0.80% on Monday due to a risk-on environment, US dollar weakness and elevated oil prices. Last week’s data on US inflation, mainly core CPI, eased fears of a 100 basis point Fed rate hike, as most policymakers opposed it. Inflation and Canadian retail sales would shed some light on the BoC’s […]
Tag: USDCAD
USD/CAD extends sharp pullback and weakens further below 1.3000
A combination of factors dragged USD/CAD lower for the second day in a row on Monday. Reducing bets on an aggressive Fed interest rate hike and positive risk tone weighed on the dollar. The rally in oil prices underpinned the loonie and put additional pressure on the pair. The pair USD/CAD extended last week’s sharp […]
USD/CAD pulls away from weekly highs and ends the week below 1.3050
USD/CAD will end the week with solid gains of 0.76% after a volatile week. Positive US retail sales and UoM consumer sentiment eased the Fed’s intentions for a hike of more than 75 basis points. USD/CAD Price Analysis: A daily close below 1.3076 could pave the way for a correction to 1.2930. The USD/CAD extends […]
USD/CAD continues to correct from yearly highs and falls below 1.3100
USD/CAD extended the overnight retracement from a 20-month high and was lower on Friday. Less aggressive comments from Fed officials weighed on the dollar and put pressure on it. Bearish sentiment around oil prices could undermine the loonie and help limit the downside. The pair USD/CAD attracted some selling near the 1.3135 area on Friday […]
USD/CAD pulls back after hitting 20-month highs near 1.3220
USD/CAD posts biggest daily gain in months. The loonie is under pressure despite a higher than expected BoC rate hike. The US dollar is generally firm amid risk aversion. The USD/CAD It made an impressive pullback over the past few sessions, rising from the weekly lows to the highs since November 2020. It recently rose […]
USD/CAD soars past 1.3100, reaching highs since November 2020
USD/CAD rises almost 200 pips on Thursday. The loonie went from being the best to the worst in one day. Data ahead: wholesale inflation and unemployment benefits in the US; and manufacturing sales in Canada. The USD/CAD accelerated the move higher in the European session and climbed to 1.3141the highest level since November 2020. In […]
USD/CAD volatile after the BOC decision and after the US CPI.
USD/CAD is trading in a 120 pip range, courtesy of Level 1 data from both countries. The Bank of Canada (BoC) raised rates by 100 basis points and will continue to tighten them. The consumer price index (CPI) for June in the US rose by 9.1% year-on-year, the highest level in 40 years. The probability […]
Bank of Canada raises interest rate by 100 basis points to 2.5%
Bank of Canada surprises with higher-than-expected rate hike. The CAD appreciates throughout the market. The Bank of Canada (BoC) raised its benchmark interest rate by 100 basis points to 2.5%, generating a surprise as an increase of 75 points was expected. The Canadian dollar rose in the market after the decision was known. The Canadian […]
USD/CAD Price Analysis: The setup favors the bulls, a move beyond critical resistance is expected
USD/CAD trimmed some of its intraday gains amid a modest dollar pullback from a 20-year high. Aggressive bets on Fed rate hikes and risk-off sentiment should limit dollar losses and lend support. Falling oil prices weighed on the loonie and acted as a tailwind for the pair. The pair USD/CAD struggled to break through intermediate […]
USD/CAD rises near 1.3050 amid weak oil prices and strong USD
USD/CAD gains ground for the second day in a row and is supported by a combination of factors. Weakening crude oil prices are weighing on the CAD and offering support to the pair amid incessant dollar buying. Expectations for an aggressive Fed rate hike coupled with recession fears push the USD to a new 20-year […]
