|Day's Range||0.74 - 0.74|
|52 Week Range||0.6818 - 0.7740|
USD/CAD failed to settle above the 20 EMA and moved back into the previous trading range.
The Canadian dollar strengthened to a two-week high against its U.S. counterpart on Wednesday and yields on Canada's long-term debt rose by the most in nearly four months as Ottawa forecast its largest budget shortfall since the Second World War. The loonie <CAD=> was trading 0.7% higher at 1.3503 to the greenback, or 74.06 U.S. cents. "Clearly the initial rally was supported by global risk appetite," said Karl Schamotta, chief market strategist at Cambridge Global Payments.
USD/CAD tried to breach the resistance at the 20 EMA but did not get enough support.
The Canadian dollar weakened against its U.S. counterpart on Tuesday as investors grew more worried about renewed coronavirus lockdowns slowing economic recovery, with the loonie pulling back from a near two-week high the day before. A five-day charge by world stocks <.WORLD> fizzled after pandemic lockdown measures were reimposed in Melbourne, Australia, and large parts of the United States reported tens of thousands of new coronavirus infections. "The general mood in markets today is more hostile to the Canadian dollar," said Adam Button, chief currency analyst at ForexLive.
Risk appetite continues to support the majors. With the markets not expecting any shift from the RBA, geopolitics and COVID-19 remain curveballs.
USD/CAD continues to trade in the range between the support level at 1.3500 and the resistance level at the 20 EMA at 1.3595.
The Canadian dollar was little changed against its U.S. counterpart on Monday after a Bank of Canada business survey showed widespread negative sentiment, with currency investors looking for evidence of a faster rebound in economic growth. The loonie <CAD=> was trading nearly unchanged at 1.3540 to the greenback, or 73.86 U.S. cents. "The (FX) market is biding its time," said Amo Sahota, director at Klarity FX.
USD/CAD is little changed and continues to trade below the 20 EMA at 1.3610.
The Canadian dollar was little changed against its U.S. counterpart on Friday, holding on to this week's rally as it kept to a narrow trading range with U.S. markets closed in observance of Independence Day. "The CAD appears to be stuck in a range ... in the absence of any major domestic developments," strategists at Scotiabank, including Shaun Osborne, said in a note.
USD/CAD failed to get momentum and stays close to the 20 EMA at 1.3615.
Progress towards a COVID-19 vaccine and positive EU and U.S stats provided support early on. U.S Nonfarm payrolls and jobless claims are in focus later.
USD/CAD failed to settle above the 50 EMA at 1.3710 and declined towards the 20 EMA at 1.3620.
It’s a busy day ahead, with economic data, talk of stimulus, geopolitics, and COVID-19 updates to provide the majors with direction.
The breakouts did happen and, in both cases, were to the downside, which is rather negative information for stock traders.
There are two levels in focus on Friday. The first is last week’s close at 97.580. The second important level to watch is 97.700.
The Canadian dollar slipped to a 10-day low against its U.S. counterpart on Thursday, as investors digested the loss of one of Canada's triple-A ratings and worried that a rise in American coronavirus cases could slow economic recovery. The Canadian dollar was trading 0.1% lower at 1.3650 to the greenback, or 73.26 U.S. cents. "The weakness in the CAD today is the result of headline hangover from yesterday's decision by Fitch to lower the credit rating of Canada," said Scott Smith, managing partner at Viewpoint Investment Partners.
Markets could be in for another choppy day ahead. Expect any talk of reintroducing any lockdown measures to weigh heavily on risk appetite.
The Canadian dollar weakened against its U.S. counterpart on Wednesday as signs of acceleration in coronavirus cases worried investors and Fitch lowered Canada's sovereign rating to below AAA for the first time since August 2004. Global shares fell as a rising number of coronavirus cases in the United States, China, Latin America and India dampened hopes of a swift recovery in the global economy. The loonie's decline "today is related more to global capital flows than domestic events," said Colin Cieszynski, chief market strategist at SIA Wealth Management.