|Day's Range||0.742 - 0.744|
|52 Week Range||0.7424 - 0.8160|
EURUSD’s U-turn from 1.1270-60 support-zone presently struggles with 50-day SMA level of 1.1395, which if broken can escalate the pair’s recovery to near-term descending trend-line resistance, at 1.1430. Should prices rally beyond 1.1430 on a daily closing basis, the 1.1490, comprising 100-day SMA, followed by 1.1530, may act as intermediate halts during the pair’s surge to 1.1620 level. In case the pair fails to surpass the 1.1395 upside barrier, the 1.1300 and the 1.1270-60 could regain market attention. However, sustained downturn beneath 1.1260 might only have 1. ...
USDCAD continues to decline on broad based cautious investor sentiment ahead of US FOMC update but dovish crude oil price in broad market helps limit downside move of US Greenback.
Sentiment towards the release of the FOMC economic projections continue to weigh on the Dollar, while the British PM sees more trouble at home.
The US dollar rallied slightly during the trading session on Monday, as we continue to grind higher. The oil markets of course have a massive influence on the Canadian dollar, so pay attention to both markets if you’re going to trade the Loonie.
The Loonie continues to get undercut by declining oil markets despite subdued demand for USD as trading session progressed into the day resulting in range bound price action.
The Aussie Dollar finds support from the latest MYEFO report, with inflation and trade data out of the Eurozone bringing the EUR into focus later today.
At 4:12 p.m. (2112 GMT), the Canadian dollar was trading 0.2 percent lower at 1.3382 to the greenback, or 74.73 U.S. cents. "It has been a risk-off day for sure and that ties into the weaker-than-expected Chinese data that we had overnight," said Bipan Rai, North America head of FX strategy at CIBC Capital Markets. The Fed decision will help determine the direction of the Canadian dollar next week but the currency will also take its cue from domestic inflation and gross domestic product data, Rai said.
Weaker crude oil prices undermine Loonie and provide an additional boost to USD which is seeing increased demand in broad market.
Some weak numbers out of China this morning weighed on the Aussie Dollar and Kiwi Dollar early, with a busy economic calendar putting focus on the EUR & USD
Bears fail to capitalize on the ongoing USD retracement from near 1-month tops resulting in pair waiting for directional cues to push forward.
It’s a big day for Europe, with the ECB Press Conference to drive the EUR and Theresa May’s last ditch efforts in Brussels to influence the GBP.
The prevalent USD bullish sentiment fails to provide any meaningful boost as crude oil underpins loonie exerting some selling pressure on the major while key focus lies on the latest US consumer inflation figures for Nov.
USD/CAD pair trades bearish but downside limited owing to subdued crude oil price action.
Even after trading at the highest levels in eighteen-months, the USDCAD has to close beyond 1.3410 on a weekly closing basis in order to aim for 1.3450 and the 1.3500 resistances-levels; however, the 1.3585-1.3600 confluence-region, including upper-line of an ascending trend-channel & horizontal-barrier, can confine the pair’s upside if at all it crosses 1.3500 mark. In case prices rally above 1.3600, the 1.3650 & 1.3740 may offer intermediate halts prior to highlighting the 1.3800 resistance. Alternatively, the 1.3330 & the 1. ...
Dovish BoC outlook/falling oil prices continue to weigh on commodity-linked Loonie as investors await monthly jobs report from the US and Canada.
USD/CAD headed to highest daily close of the year after hitting 20 month high.
It’s a choppy start to the day and unlikely to get better, with a heavy set of stats out of the U.S, Brexit and Trade Chatter to drive the majors.
USD/CAD regains on strong rebound in US Greenback owing to safe haven demand and slide in crude oil price but the pair is likely to trade range bound during American market hours as US market is closed today which could result in reduced liquidity.
With the U.S markets closed focus shifts back to the Pound, which is under intense pressure as British PM struggles in the Commons.
Deep divisions on trade between Washington and Beijing were evident at the Asia-Pacific Economic Cooperation summit, with leaders on Sunday failing to agree on a communique for the first time in their history. U.S. Vice President Mike Pence said in a blunt speech on Saturday that there would be no end to U.S. tariffs on $250 billion of Chinese goods until China changed its ways. "The Canadian dollar is still very much leveraged to global demand," said Bipan Rai, North America Head, FX strategy at CIBC Capital Markets.
Last week, Powell highlighted the growth of volatility in the global financial markets, the fading effect of tax reform, as well as the decline in demand outside the United States. All these factors, as noted by the head of the Fed, may interrupt rising rates by the middle of next year.
Bullish oil prices underpin Loonie while modest rebound in USD demand following cautious investor sentiment in early Asian market hours keeps pair range bound.