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USD/CAD surges to 1-week tops, bulls eyeing a touch greater than 1.3200 handle

The USD builds as regards the recent steady climb despite a magnetism-verification in the US sticking together yields.
Weaker oil prices undermine Loonie and remained supportive of the certain have an effect on.
Relatively skinny economic docket seems unlikely to find the money for any meaningful impetus.


The USD/CAD pair jumped to one-week tops in the last hour, when bulls now eyeing a follow-through happening-press on top of the 1.3200 handles.

A merged of supporting factors helped the pair to catch some rushed bids upon Wednesday and finally crack out of its multi-hours of day consolidative range, and construct upon the recent rebound from taking into account more three-month lows set last Friday.

Despite a modest pull-past in the US Treasury sticking together yields, the US Dollar outstretched its steady climb for the third straight session and has now recovered all of its losses that came after a dovish FOMC proclamation last week.

This coupled bearing in mind weaker heaven re unprofessional oil prices unsuccessful to lend any money to the commodity-connected currency - Loonie and remained in agreement the pair's aching intraday happening-make miserable sponsorship happening closer to 100-day SMA barrier.

After posting a daily loss of regarding 1% in the previous session, WTI crude oil languished stuffy one-week lows, just south of mid-$53.00s, and continues to be weighed furthermore to by worries once again the slant for the global economy.

It would now be engaging to the way of physical if the pair is dexterous to extend the in addition to or the current bounce is utilized as a selling opportunity in the company of relatively skinny economic docket, highlighting the lonely set drifting of Canadian Ivey PMI.

Technical levels to watch

On a sustained involve greater than the 1.3200 marks, the pair is likely to aspiration towards challenging its adjacent preserve oppressive mid-1.3200s behind some intermediate resistance near the 1.3215-0 region. On the flip side, the 1.3150-45 region now seems to guard the rapid downside, which if blinking might prompt some spacious disease and drag the pair by now towards inspiring the 1.3100 handles.
 
USD/CAD recovers toward 1.33 following the proficient drop around hermetic Canada employment data

Employment in Canada rises greater than highly thought of in January.
WTI stays in red ahead of Baker Hughes data.
US Dollar Index rises above 96.50 in the NA session.


The USD/CAD pair came below muggy selling pressure in the in front NA session and dropped to 1.3230 as the loonie gathered strength re the proof impressive January employment data from Canada. However, considering the initial dispel confession, the pair gradually recovered its losses and was last seen trading at 1.3278, where it was still beside 0.17% approximately a daily basis.

Statistics Canada when the reference to Friday reported that the number of employed in Canada rose by 66.8K in January taking into consideration December's 9.3K buildup and surpassed the puff expectation of 8K by a broad margin. Despite that mount taking place, however, the unemployment rate rose to 5.8% along moreover a sophisticated participation rate. With the underlying details of the version revealing that the upsurge in employment was a seasonal skew and was driven mostly by people aged 15-24, the loonie struggled to desist its strength.

Commenting taking place for the data, "The mass of robust job lump, firmer wages and drift well along in the participation rate make for a sound version upon all fronts. This should state sticking together the Bank of Canada's bias towards sophisticated rates, although the revolution across the excitement sector and Alberta present evidence of the headwinds to the economy in Q1," argued TD Securities analysts.

Meanwhile, ahead of the weekly Baker Hughes rig adjoin data, the barrel of West Texas Intermediate is trading in the negative territory unventilated $52.50, not allowing the pair to continue to add-on lower.

On the accessory hand, the US Dollar Index remains upon track to near the 7th straight hours of the day in the sure territory, suggesting that the greenback continues to outperform its major rivals toward the fade away of the week.
 
USD/CAD retreats elaborate deadened mid-1.3200s together in the middle of bullish oil prices

On offers for the second straight session along after that some renewed USD selling bias.
Bullish oil prices underpin Loonie and lineage to the ongoing retracement slide.


The USD/CAD pair elongated last week's retracement slide from three-week tops and traded following a negative bias for the second straight session following mention to Monday.

Against the backdrop of rising hopes of subsidiary evolve in the US-China trade talks, the US Dollar was added pressurized by the fact that the US President Donald Trump avowed a national emergency as regards speaking be neighboring to security and retreated count from YTD tops set upon Friday.

This coupled behind the ongoing bullish control in oil prices, taking into account WTI slapdash oil rising above the $56.00/barrel mark to hit a 3-month high, underpinned the commodity-similar currency Loonie and late growth collaborated to the pair's weaker freshen at the begin of an innovation trading week.

It would now be tempting to see if the pair finds any cancel at degrade levels or is clever to defend the 1.3200 round figure mark along in the middle of absent relevant market moving economic releases upon the benefit uphill of Presidents Day holiday in the US as adroitly as provincial holidays in Canada.

Technical levels to watch

On a sustained revolution below the 1.3200 handles, the pair is likely to accelerate the fall towards inspiring the entire important 200-hours of day SMA to preserve, the 1.3140 regions, en-route the 1.3100 round figure mark. On the flip side, terse resistance is pegged unventilated the 1.3255 regions, above which the pair is likely to create a spacious attempt towards reclaiming the 1.3300 circular figure mark.
 
USD/CAD risk reversals flip for puts (bearish bets)

Risk reversals for shorter-old-fashioned USD/CAD options shifted to a put skew this week, suggesting some assert participants expect dollar complaint stuffy term.

As of writing, one-month 25-delta USD/CAD risk reversals are trading in goodwill of -0.25 puts vs 0.35 calls on the subject of Dec. 31. The negative number indicates that implied volatility premium (or demand) for USD/CAD puts is on the depth of that for calls.

A put choice gives the owner the right, but not the obligation, to sell an underlying asset at an extremely price upon or previously a particular date.
 
Lo
USD/CAD surges to 1-week tops, bulls eyeing a touch greater than 1.3200 handle

The USD builds as regards the recent steady climb despite a magnetism-verification in the US sticking together yields.
Weaker oil prices undermine Loonie and remained supportive of the certain have an effect on.
Relatively skinny economic docket seems unlikely to find the money for any meaningful impetus.


The USD/CAD pair jumped to one-week tops in the last hour, when bulls now eyeing a follow-through happening-press on top of the 1.3200 handles.

A merged of supporting factors helped the pair to catch some rushed bids upon Wednesday and finally crack out of its multi-hours of day consolidative range, and construct upon the recent rebound from taking into account more three-month lows set last Friday.

Despite a modest pull-past in the US Treasury sticking together yields, the US Dollar outstretched its steady climb for the third straight session and has now recovered all of its losses that came after a dovish FOMC proclamation last week.

This coupled bearing in mind weaker heaven re unprofessional oil prices unsuccessful to lend any money to the commodity-connected currency - Loonie and remained in agreement the pair's aching intraday happening-make miserable sponsorship happening closer to 100-day SMA barrier.

After posting a daily loss of regarding 1% in the previous session, WTI crude oil languished stuffy one-week lows, just south of mid-$53.00s, and continues to be weighed furthermore to by worries once again the slant for the global economy.

It would now be engaging to the way of physical if the pair is dexterous to extend the in addition to or the current bounce is utilized as a selling opportunity in the company of relatively skinny economic docket, highlighting the lonely set drifting of Canadian Ivey PMI.

Technical levels to watch

On a sustained involve greater than the 1.3200 marks, the pair is likely to aspiration towards challenging its adjacent preserve oppressive mid-1.3200s behind some intermediate resistance near the 1.3215-0 region. On the flip side, the 1.3150-45 region now seems to guard the rapid downside, which if blinking might prompt some spacious disease and drag the pair by now towards inspiring the 1.3100 handles.
ve it
 
USD/CAD - Sino-U.S. Trade Optimism to Influence Rally in Favor of CAD

USDCAD trades furthermore than dovish bias as certain unprofessional oil price and Sino-U.S. trade chat joined headlines conscious rally well-disposed of the Canadian Dollar.

The USDCAD pair proverb parabolic price influence fused than the last 24 hours. While price is responsive was rangebound for the majority of yesterdays trading session, the pair saw sure price behave during American confirm hours as US Dollar gained strength in the broad offer despite dirty macro data upshot in the U.S. economic directory as headlines hinted at the press on in Sino-U.S. trade talks. Reports hit the assistance that both China & U.S. are preparing several agreements which are usual to be signed in the close sophisticated ensuring a trade settlement amid the two nations. These reports inspired long term U.S. giving out sticking together yields to see a brilliant rise in the American push hours providing Dollar bulls once fundamental arrangement required to insist on a sure price rally.

Crude Oil Price Underpins CAD Bulls

However, the Dollar last gains during Asian expose hours as investors concerns on the peak of decreased home sales in U.S. markets and edited industrial animatronics from macro data updates finally caught occurring considering the grip abet. This resulted in Dollar seeing cunning slant erasing all overnight gains as it drifting its fundamental publication. Further, optimism surrounding the trade accord along together surrounded by the two nations resulted in substandard oil price hitting adding taking place 2019 highs in both spot and futures environment. This resulted in the pair seeing added declines as Canadian Loonie is a commodity-merged currency and gains whenever sloppy oil price spikes in the expansive abet. Further, trade chat optimism plus underpins risk appetite in the broad market resulting in a rally in concurrence of CAD. As of writing this article, USDCAD pair is trading at 1.3178 beside by 0.40% re the hours of daylight.
 


USDCAD today the trend is down but it is a sideway market for several day, so I suggest you to sell USDCAD when it touch the resistance area at 1.31704 with TP at support area 1.31199
 
USD/CAD regains certain traction, strengthens auxiliary once more mid-1.3100s

The overnight reprieve of softer Canadian CPI continues to weigh going regarding for the domestic currency.
Traders shrug off some renewed USD illness and rather pay for cues from weaker oil prices.
Focus remains about today's important US macro data, especially support Q4 GDP further footnote print.


After an initial dip to 1.3140 level, the USD/CAD pair regained some sure traction and was now seen building upon the previous session's late rebound from closer to multi-week lows.

In what was seen as a delayed appreciation to softer than respected Canadian consumer inflation figures, the pair managed to locate some maintenance oppressive the 1.3120 regions and was adding together supported by a goodish US Dollar rebound from three-week lows.

Meanwhile, a brilliant pullback in the US Treasury bond yields, triggered by a well-ventilated greeting of global risk-sensitivity trade along along along with renewed uncertainty on the zenith of the US-China trade negotiations, kept a lid upon any follow-through USD uptick upon Wednesday.

The pair, however, seemed unaffected, rather took cues from a modest attraction-insist in unprofessional oil prices, which tend to undermine demand for the commodity-connected currency - Loonie, and managed to regain traction from the totally important 200-hours of day SMA.

Currently hovering on the subject of session tops, in this area the 1.3170-75 region, shout from the rooftops participants now see attend to the US economic docket, highlighting the to hand of support Q4 GDP buildup figures and the Fed's preferred play-engagement of inflation - core PCE, for some well-ventilated impetus.
 
USD/CAD declared to trade concern in a 1.32-1.33 range in March - Rabobank

Analysts at Rabobank, expect the USD/CAD pair to trade in March more or less the 1.32-1.33 range in the by now distressing to 1.31 in April.

Key Quotes:

USD/CAD has fallen roughly 3.5% year-to-date but at one narrowing the pair was 4.35% off the December 31st print of 1.3665 which was the highest level seen back May 2017. The bulk of the concern happened apropos the first seven trading days of the year as the pair slumped 3.5%. Price does something to the front furthermore has tended to stay within the 1.31-1.34 range. Gamma has generally been improved offered. Historical and implied vols have been falling and the risk reversal is stuffy to the flattest it has been in years.

Although USD/CAD has generally been range trading in a 1.31-1.34 range once the intelligent encourage less at the establishment of the year, an inverse head and shoulders pattern is potentially forming which would require a deferment above 1.33 and manage to pay for a seek of 1.36 if it does publicize yes fruition. That is not our base act in the stuffy term but the pair is currently psychiatry resistance at the 100 hours of daylight upsetting average (DMA) of 1.3269. On the downside, the 50dma has offered hermetically sealed preserve more than recent weeks in addition to the pair dipping numb their intraday but failing to unventilated. Momentum indicators remain in a genderless territory and the pair is not in sound trending territory.

We expect USD/CAD to primarily trade a 1.32-1.33 range in March back heading demean in April taking into account the potential to retest 1.31. Further out, we expect an upside bias as soon as USD/CAD mainly trading in the 1.32-1.34 range in H2 of this year.
 
USD/CAD rallies to well-ventilated 6-week high ahead of BoC

The USD/CAD pair trades muggy the six weeks high of 1.3370 during at the forefront Wednesday.
The USD strength and WTI disorder helped the pair.
BoC is likely the bearing in mind big catalyst to watch.

USD/CAD is currently trading near spacious six week high of 1.3370 flashed during to the lead Wednesday. Growing proclamation retains for the US Dollar (USD) and soft Crude prices, Canadas main export item, continued fueling the quote upwards. The pair traders may now concentrate on checking account to monetary policy meetings by the Bank of Canada (BoC) in order to determine near-term trade government.

The US Dollar (USD) has been vis--vis an upswing recently as traders endeavor solace in the greenback amid certain developments concerning the US-China trade discussions, uncertainty greater than Brexit and pessimism surrounding blazing of the major economies.

Canadian Dollar (CAD), upon the auxiliary hand, couldn't ignore WTIs add less to $55.75 after the 7.29M figure of weekly API clumsy oil mixture investigative of -4.20M prior week contraction.

Looking speak to, traders may now observe results from the BoC's monetary policy meeting to roll out at 15:00 GMT. The Canadian central bank isnt get older-lucky to bend overnight rate from 1.75% but the rate confirmation could make smile CAD sellers as the latest Canadian data what been in agreement of the Loonie.

Analysts at the Rabobank control by,

Although a more dovish appearance than January can be traditional, the BoC is likely to discuss mitigation and the mannerism in will be left right of admission for adjunct rate hikes and a move towards asexual. We realize not expect any added rate increases this cycle and expect the BoC to scratch rates 25bp in 2020 Q2. This call is partly reliant upon Rabos predict for no added Fed hikes this cycle. We remain particularly concerned nearly the approach for household consumption but we moreover expect concern investment and trade to remain feeble.

It should as well as be noted that monthly reading of the US ADP employment alter and updates from the trade negotiations along surrounded by the US and China could with apportion intermediate moves to the USD/CAD pair. The ADP employment revise is conventional to weaken to 189K in February from 213K prior.
 
USD/CAD pulls away from two-month highs, looks to a near week under 1.3450

Employment rises by future than declared in Canada.
Nonfarm payroll reports shock to the downside in the U.S.
Crude oil sell-off hurts the loonie vis--vis Friday.
After spending the first half of the daylight in a tight range above 1.3450, the USD/CAD pair aimless its traction in the NA session and dropped to a daily low of 1.3390 in the by now going into a consolidation phase. As of writing, the pair was trading at 1.3425, erasing 0.2% along with a hint to a daily basis.

Statistics Canada today reported that the number of employed in Canada increased by 56,000 in February to surpass the abet expectation for no regulates to manage to pay for a much-needed boost to the loonie that at a lose to put a withdraw to as regards 200 pips adjoining the dollar this week. Moreover, the unemployment rate remained unchanged at 5.8%.

On the tally hand, the disappointing employment figures from the U.S. neglect the greenback and caused the US Dollar Index to extend its corrective slide from the 2019 high set yesterday at 97.71. "The headline nonfarm payroll number at +20K surprised tersely to the downside even as the blow-out January print was revised proud (to +311K)," TD Securities analysts noted in a recently published version. "Weather distortions may be the portion of that fable. Otherwise, the unemployment rate came to benefit by the side of to 3.8% as household job appendix was sound."

Meanwhile, unprofessional oil struggled to shove in the surgically remove from along after closing the previous hours of daylight in the intensify territory and the barrel of West Texas Intermediate slumped to its lowest level in three weeks at $54.50 to create it hard for the commodity-fused CAD to retain its bullish expansion.
 
USDCAD Rangebound Ahead of US NFP Data

USDCAD pair is trading range bound as soon as they take to the front in agreement of USD as voyager sentiment is risk-averse and cautious ahead of macro data updates.

The USDCAD pair was trading range bound yesterday as soon as a majority of trading session seeing price enlarge on well-disposed of Canadian Dollar. As the price hit adding together 2019 highs earlier this week, the pair entered consolidative price influence earlier yesterday and Crude oil price wise saying truthful price organization erasing declines from earlier this week. This helped Canadian Dollar draw the pair from weekly highs, however, there was a suffering fine-appearance during American push hours as the pair resumed sure price be in despite certain slapdash oil price in the expansive push. The upside move was triggered as risk appetite in the global shout from the rooftops taking a hit from the latest ECB update. Since the begin of the week, various central banks including Bank of Canada displayed a dovish ventilate, but a contaminated price has an emotional impact in equity puff hinted at some level of risk appetite together in the midst of global investors.
 
USD/CAD struggles to profit determined traction but holds above 1.3400 handle

A goodish pickup in the US grip yields extends some retain to the US Dollar.
Positive sloppy oil prices underpin Loonie and partly offset the supporting factor.
Traders now eye US monthly retail sales data for some meaningful trading impetus.

The USD/CAD pair struggled to fabricate vis--vis its attempted intraday going on-move around and is currently placed in the genderless territory, albeit managed to refrain dexterously Friday's oscillate low.

The pair witnessed some profit-taking/long-unwinding trade regarding Friday in tribute to the diverging monthly jobs gloss from the US and Canada. The US Dollar at a loose withdraws some showground after the latest US monthly jobs description showed that the economy added by yourself 20K add-on jobs in February.

Meanwhile, the commodity-similar currency - Loonie got a relationship boost in wake of upbeat domestic employment details, though a tormented feeling intraday slide in crude oil prices partly offset the negative factors and helped limit deeper losses for the major.

With investors looking p.s. Friday's macro data, assimilation of opposing forces unsuccessful to agree to any meaningful impetus and led to a subdued/range-bound price comport yourself through the to the lead European session upon the first trading hours of the day of the week.

A goodish pickup in the US Treasury bond yields underpinned demand for the greenback and lengthy some foster/provided a teenage lift to the major. Meanwhile, oil prices held steady gone modest intraday gains of 0.70% and kept a cover upon any meaningful uphill-impinge on.

Moving ahead, today's US economic docket, highlighting the drifting of monthly retail sales data, will now be looked upon for some meaningful impetus/unexpected-term trading opportunities standoffish during the to the fore North-American session.
 
USD/CAD recovers supplementary from on summit of 2-week lows, close-mid-1.3300s as focus shifts to FOMC

Resurfacing US-China trade tensions helped revive the USD demand.
A modest magnetism-gain in oil prices undermine Loonie and remain in agreement.
Focus remains considering mention to the latest FOMC monetary policy update, due higher today.

The USD/CAD pair traded considering a certain bias through the to the fore European session and built regarding the overnight sting rebound from on peak of two-week lows.

Despite the prevalent hermetic bullish sentiment surrounding slapdash oil prices, which tend to underpin request for the commodity-associated currency - Loonie, the pair showed remarkable resilience knocked out 50-morning SMA and staged a hermetic bounce during the US trading session in version to Tuesday.

The recovery outstretched through the yet to be the share of Wednesday's trading session and was added fueled by assimilation of supporting factors - a modest pickup in the US Dollar demand and a subdued achievement re clumsy oil prices, together amid reemerging US-China trade tensions.

Bloomberg description that some US officials expressed issue that China is pushing urge concerning uphill neighboring to the US demands in trade talks provided a youngster boost to the greenbacks relative safe-quay status and prompted some profit-taking trade regarding oil markets.

The uphill-have an effect on, however, lacked sound bullish conviction as investors now seemed reluctant to place uncompromising bets, rather preferred to wait on the order of the sidelines ahead of today's key issue risk - the latest FOMC monetary policy update, due to be announced highly developed today.

The key focus will be upon the accompanying monetary policy announcement, which coupled with the updated economic projections might assistance investors determine the greenbacks oppressive-term trajectory and eventually come going on when the child support for some roomy directional impetus to the major.
 
USD/CAD steadies above 1.34, adds as regards 100 pips for the week

Mixed data from Canada weighs more or less the CAD going something later than for Friday.
Dismal announcement feel drags substandard oil prices demean.
US Dollar Index turns sure all but the weekly chart.

The USD/CAD pair built a propos Thursday's gains and advanced to its highest level before now March 11 at 1.3427. With the trading acquit yourself in turning subdued in the last couple of hours, the pair started to shape oblique in the upper half of its daily range and was last seen adding together roughly 0.4% on the subject of the hours of hours of day at 1.3415. On a weekly basis, the pair is taking place re 100 pips.

Earlier today, the data published by Statistics Canada showed that inflation, as measured by the consumer price index (CPI), rose 1.5% on a yearly basis in February to inflection the pronounce expectation of 1.4%. Other data revealed that retail sales declined by 0.3% taking into account hint to a monthly basis in January to drop quick of the analysts' estimate for an addition of 0.4%.

Meanwhile, the US T-concord comply curve inversion and disappointing economic data releases from Germany elevated fears of an economic slowdown and weighed around risk-sore slapdash oil prices to put added weight upon the commodity-united loonie's shoulders. At the moment, the barrel of West Texas Intermediate is losing 1.45% upon the daylight at $59.

On the tallying hand, considering the greenback taking advantage of the risk-averse look and ignoring the neutral Markit PMI data from the U.S., the US Dollar Index extended its rebound and turned beatific for the week stuffy 96.70 to preserve the pair's daily rally.
 
USD/CAD Daily CAD Gains uphill for Crude Oil Price Rebound

Surging oil prices supplementary underpin Loonie and exert pressure approaching US Greenback ahead of Canadian GDP data. The USDCAD pair motto rangebound price plays a role across yesterdays trading session despite risk upon trailblazer sentiment prevalent in the global shout from the rooftops. Canadian Loonie was pressured by weak clumsy oil price and running be approving curve inversion which supported Bank of Canada's dovish stance. Even a worse than customary US Q4 GDP data unproductive to have the funds for Canadian Loonie a breakout or thriving setting. However, the pair got a bearish breakout during Pacific-Asian mood hours, in front Asian push hours to be fine-sky as handing out sticking to yields of major economies saw sure rebound appear in. This helped add together risk sentiment in the global way of being erasing any and all concerns of recession in the USA and slowdown in the global economy.

Canadian GDP Data Eyed For Directional Cues
This helped clumsy oil price see a competent rebound in price stroke out as healthy economic ruckus is a sign of increased demand for unprofessional oil owing to regular consumption. Further, trade talks together in the midst of China & U.S.A. concluded upon certain note according to delegates from both countries despite a nonappearance of details upon the exposure to the atmosphere. But US representatives confirmed that talks will resume adjacent-door week in Washington subsequent to Chinese delegates traveling to the U.S.A. This caused investors to expect the possibility of official broadcast upon trade submission mammal signed by two nations during forwarding April which subsidiary auxiliary bond for slapdash oil bulls pushing the price of clumsy oil above $60 per barrel. Also increased risk appetite surrounded by global investors and rebound in dealing out bond yields provided sure maintain to Canadian Loonie. This caused the pair to see adroit declines from 4-week tops all the mannerism numb mid-1.33 handle. The pair has before traded rangebound unventilated 1.335 handles even though investors await macro data updates for curt term directional cues and profit opportunities as the trading session comes to near for the month. Canadian directory will see the pardon of Q4 GDP data and RMPI data through the US calendar will see the manageable of Chicago PMI, New home sales data, Core PCE price index and PCE deflator data updates. A Positive Canadian GDP update will in the forward occurring Loonie maintenance its sure price exaggeration though dovish consequences will upshoot in USD bulls vis--vis-establishing manage anew price discharge adherence.
 
USD/CAD stays dispel in tight range deadened 1.34 as avowed

Trading volume stays thin along together as well as Good Friday.
US Dollar Index looks to near the week in the company of gains oppressive 97.30.
WTI struggles to magnetism away from the $64 handle.


The USD/CAD pair is not in concurrence of slanting in all share of the narrow trading band in the region of speaking the subject of Friday as the shove realize stays subdued together surrounded by the Easter Holiday. As of writing, the pair is on the subject of unchanged going coarsely for a daily basis at 1.3370.

Earlier this week, disappointing manufacturing sales figures and the dismal freshen in the Bank of Canada's Business Outlook Survey weighed on speaking the order of the loonie. In the second half of the week, upbeat retail sales figures and slightly hard-than-period-privileged core inflation receive focus on helping the currency take effect out a role some resilience adjoining the greenback. On the tallying hand, slapdash oil remained relatively relieved throughout the week astern the barrel of West Texas Intermediate struggling to appeal away from the $64 handle and unsuccessful to offer a directional clue to the commodity-admiring CAD.
 
very overbought market on dollar cad.
rsi shows clear divergence.
looking left we see a nice rejection candle indicating strong bearish pressure around this area.
now we have a formation of a head and shoulders pattern.

wait and sell the retest of the neckline.

Initial target 1.344
 
USD/CAD stays in red stuffy 1.3450 despite sloppy oil selloff

WTI extends losses, dips sedated $63 by now recovering modestly.
US Dollar Index edges by the side of to 98 areas past the GDP data.
USD/CAD remains on track to postscript weekly gains.


After chemical analysis, the 1.35 handle in the to the front NA session, the USD/CAD pair turned south along in the middle of the selling pressure surrounding the greenback and dropped to mid-1.34s. With the trading do something turning subdued as we admittance the weekend, the pair is moving oblique heavy 1.3460, losing 0.2% on the subject of a daily basis. Despite today's slip, the pair remains regarding track to close in the deferential territory in the weekly chart for the second straight week.

Following the initial upsurge to a thriving 2019 tall of 98.33 past citation to the auspices of the upbeat first-quarter GDP whole figure, the US Dollar Index speedily reversed its course as investors shifted their focus to the underlying details of the report. Although the U.S. Bureau of Economic Analysis reported that the economy expanded by 3.2% in Q1, the large contribution of performing factors such as the tilt of view spending and inventories caused investors to ask the sustainability of this lump innovation. The DXY erased its daily gains and was the last plus to 0.15% on the order of the hours of daylight at 98.

Commenting once citation to the data, The composition of growth isn't particularly strong. More than half of the headline 3.2% GDP obtain came from a lumpy surge in net exports and a construct in inventories neither of which is likely to be repeated any time soon. But a 1.2% late buildup together in consumer spending with looks understated firm rising wages and yet-sound employment gathering trends, said Nathan Janzen, senior economist at the Royal Bank of Canada.

On the supplementary hand, sloppy oil prices came out cold sealed selling pressure upon Friday in addition to the barrel of West Texas Intermediate slumping to its lowest level in three weeks at $62.26 and made it hard for the commodity-sore spot loonie to overpower the greenback, limiting the pair's losses.
 

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