|Day's Range||0.727 - 0.727|
|52 Week Range||0.6818 - 0.7740|
While the economic calendar is on the busier side, Trump’s news conference will be the main event, which is testing risk sentiment early on.
The Canadian dollar was the only G10 currency to lose ground against the greenback on Thursday as data showed a widening in Canada's current account deficit and ahead of data that was expected to show a slump in Canada's economy. "It has come a long way," said Mark Chandler, head of Canadian fixed income and currency strategy at RBC Capital Markets.
USD/CAD managed to settle below 1.3800 but received material support at 1.3730.
The U.S Dollar is in action later today, with the weekly jobless claims and durable goods orders in focus. There’s also Trump and Beijing to consider.
The direction of the June U.S. Dollar Index into the close on Wednesday is likely to be determined by trader reaction to yesterday’s close at 98.906.
USD/CAD is trying to settle above 1.3800 as demand for safe haven assets provides support to the U.S. dollar.
As market jitters over the U.S and China resurface, the ECB and the EU Commission will be in focus later this morning…
USD/CAD breached the major support level at 1.3850 and settled closer to 1.3800.
The commodity-linked Canadian dollar strengthened to a two-month high against its U.S. counterpart on Tuesday as steps to reopen the world economy boosted investor sentiment and some investors that were short the loonie covered their positions. World shares forged ahead and commodity markets drove higher as investors disregarded Sino-U.S. tensions to focus on the easing of lockdowns and a potential coronavirus vaccine. "You have all the components of CAD strength kicking-in, risk appetite, big dollar and oil," said Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets.
It was a solid start for European stocks this morning as growing optimism around the reopening of economies outweighed fears over escalating U.S.-China tensions.
The markets continue to move northwards. Who needs geopolitical risk, when you have hope? The big question must be whether it can continue…
It’s “risk-on” this morning as the markets continue to brush aside U.S – China tensions. Economic data later in the day will garner some attention, however.
USD/CAD fell back below 1.4000 as oil managed to rebound after sell-off on Friday.
Economic data puts the EUR in focus, while geopolitics and COVID-19 news and numbers will also influence on the day.
If the Canadian dollar continues its slide, stocks like the Canadian National Railway (TSX:CNR)(NYSE:CNI) will benefit.The post Canadian Dollar: Do THIS if the Loonie Keeps Plummeting! appeared first on The Motley Fool Canada.
USD/CAD rebounded above 1.4000 as the U.S. dollar gains ground on increased demand for safe haven assets.
The Canadian dollar weakened against its U.S. counterpart on Friday as rising U.S.-China tensions weighed on investor sentiment and domestic data showed a record decline in retail sales, with the loonie giving back some of the week's rally. "Risk sentiment – expressed via equity gains or losses – remains the key driving force behind the CAD," strategists at Scotiabank, including Shaun Osborne, said in a note. "While the CAD is trading closely with equity market sentiment, the rebound in crude oil prices and improvement in relative terms of trade warrant attention," the strategists said.
Retail sales figures will give the Pound and the Loonie direction, with the ECB minutes also in focus. Trump’s Twitter account could be the key driver, however.
USD/CAD failed to settle below the key support level at 1.3850 and rebounded above 1.3900.
The Canadian dollar weakened against its U.S. counterpart on Thursday as rising tensions between the United States and China weighed on investor sentiment, with the loonie paring some of this week's advance. Wall Street's main indexes eased from more than two-month highs hit in the previous session as President Donald Trump said the United States would react strongly if China imposes national security laws for Hong Kong in response to last year's often violent pro-democracy protests. "There are increasing threats to global growth in the deteriorating U.S.-China dialogue," said Adam Button, chief currency analyst at ForexLive.
Private sector PMIs and U.S jobless claims put the EUR, the Pound, and the Greenback in the spotlight. Numbers out of Japan were not inspiring…
USD/CAD continues its attempts to settle below the key support level at 1.3850.
The Canadian dollar strengthened against its U.S. counterpart on Wednesday as hopes for a global economic recovery boosted equity markets and investors shrugged off domestic data showing deflationary pressures. At 3:07 p.m. (1907 GMT), the Canadian dollar <CAD=D4> was trading 0.4% higher at 1.3883 to the greenback, or 72.03 U.S. cents. "The Canadian dollar continues to benefit from a risk-on environment and investor optimism, as stocks and commodities have another solid day," said Michael Goshko, corporate risk manager at Western Union Business Solutions.
It’s a busy day ahead. The FOMC minutes late in the day will draw plenty of attention as market optimism of an economic rebound lingers.