|Day's Range||0.753 - 0.756|
|52 Week Range||0.7284 - 0.8160|
With the Brexit deal sunk and Theresa May needing to head back to Brussels, there’s just a vote of no confidence to survive later today…
Both sides of pair vie for control of momentum as news driven momentum resulted in neither pair dominating rally.
It’s “risk on” in the early hours, with the main event of the day being Brexit. Has Theresa May done enough and will it sink the Pound?
Chinese exports unexpectedly fell the most in two years in December, while imports also contracted, pointing to further weakness in the world's second largest economy in 2019 and deteriorating global demand. "If Chinese growth is slowing as fast as it appears then the path is lower for the Canadian dollar," said Adam Button, chief currency analyst at ForexLive. At 3:41 p.m. EST (2041 GMT), the Canadian dollar was trading 0.1 percent lower at 1.3273 to the greenback, or 75.34 U.S. cents.
Despite broad based weakness surround USD, weaker crude oil price and broad based risk averse sentiment boosts the currency pair for fourth consecutive trading session.
USD sell off on comments from Powell & Crude Oil price rally supported by production cut / Sino-U.S trade talk optimism boosts Loonie.
Retail sales figures out of Australia provide the Aussie Dollar with a bounce as focus shifts to the UK, today’s stats and Brexit chatter.
US Greenback failed to make best of recovery move in Asian market hours as crude oil price continues to support Loonie bulls
During the Wednesday trading session, the US markets positions were actively restoring, what not to say about the national currency due to news around the Fed.
Bullish run in oil prices supports Loonie on its positive price action as investors await BOC MPC update & Fed Meeting minutes.
Bank of Canada not expected to raise interest rates — could cut in 2019 as Canadian economy heads for slowdown, so variable rate mortgage holder come out okay.
Unless successfully clearing the 1.1490-1.1500 resistance-region, EURUSD is less likely to remain strong for long, which in-turn highlights the importance of 1.1400 & 1.1360 rest-points. Though, an upward slanting trend-line, at 1.1300, might confine the pair’s declines past-1.1360, if not then 1.1260 & 1.1215 may regain sellers’ attention. Alternatively, breach of 1.1500 enables the pair to aim for the 1.1550 and the 1.1580 numbers to north ahead of confronting the 1.1610-20 upside barrier. Moreover, quote’s sustained up-moves beyond 1.1620 could avail 1. ...
USD rebound in European hours helped pair recover from intra-day lows but pair moves range bound near 4-week lows.
On June 23, 2016, the UK decided to leave the European Union. This has made a lot of people very angry and been widely regarded as a bad move.
Prevalent USD selling bias keeps exerting downward pressure on comments from Fed Chair Powell, while increased risk appetite & crude oil price also support Loonie’s gains
CAD climbed with crude oil price but gains were limited as investors await updates from Fed chair speech and US NFP update.
With China’s service sector PMI easing some market angst, focus shifts to the Dollar and wage growth, NFP numbers and FED Chair Powell.
Rebounding oil prices underpinned Loonie and collaborated towards capping gains while traders await US ADP report/ISM manufacturing PMI for some fresh impetus.
Following its U-turn from 1.1490-1.1500 resistance-region, EURUSD bounced off the seven-week long ascending support-line, near 1.1295, which in-turn signal brighter chances for the 1.1400 and the 1.1420 to reappear on the chart. However, 100-day SMA level of 1.1480 and the 1.1490-1.1500 could confine the pair’s upside past-1.1420, if not then the 1.1560, the 1.1610 and the 1.1660, including 200-day SMA, might flash on Buyers’ radar to target. If at all the pair fails to sustain recent move and registers a daily closing under 1.1295, it’s drop to 1.1260 and 1. ...
A sharp fall in crude oil prices undermined Loonie and helped limit the downside while risk off sentiment limits upside move.
At 3:37 p.m. (2037 GMT), the Canadian dollar was trading nearly unchanged at 1.3635 to the greenback, or 73.34 U.S. cents. The currency, which has been pressured in recent months by a sharp drop in the price of oil, one of Canada's major exports, and volatility in equity markets, hit its weakest intraday level since May 2017 at 1.3665. "It has been a pretty terrible year for the Canadian dollar," said Rahim Madhavji, president at Knightsbridge Foreign Exchange.
The USD bulls remain on the defensive amid recovery in oil price fueling bearish decline in price action.
It looks like another choppy day ahead for the Dollar, with volatility in the equity markets and today’s data likely to weigh.