|Day's Range||0.758 - 0.762|
|52 Week Range||0.7476 - 0.8160|
Subdued USD price action does little to lend any support or stall the ongoing corrective slide.
With economic data on the lighter side, we can expect geo-politics to continue to take center stage, the Pound in desperate need of good news.
While inflation figures out of the UK and U.S and 3rd quarter GDP numbers out of Germany will be in Focus, it could all come down to Brexit and Italy.
The price of oil, one of Canada's major exports, plunged to lows not seen since last November due to ongoing worries about weakening global demand, oversupply and declines across other asset classes, including equities. U.S. crude oil futures settled 7.1 percent lower at $55.69 a barrel. The slide in oil prices "is delivering a very, very hard blow to the Canadian dollar," said Karl Schamotta, director global markets strategy at Cambridge Global Payments.
A subdued USD demand prompts some profit-taking after the recent upsurge.
Economic data is likely to have a relatively muted impact on the majors through the day, with heightened geo-political risk to drive the EUR and the GBP.
The Canadian dollar edged higher against a broadly stronger U.S. dollar on Monday, supported by a bounce in the price of oil, but remained close to the multi-month low touched on Friday. The price of oil, ...
Brexit and Italy will be in focus through the day, the EU Commission the common denominator, placing GBP and the EUR in the spotlight.
Ahead of the new week, buyers are likely to continue to support the dollar for two reasons: the Fed is still hiking rates and trade tensions are still making the greenback an attractive safe haven asset.
The price of oil, one of Canada's major exports, fell for the 10th straight day, the longest losing streak since July 1984, as global supply increased and investors worried that oil demand growth could slow. U.S. crude oil futures settled 0.8 percent lower at $60.19 a barrel. "The drop in oil is a kick in the teeth for the Canadian dollar," said Adam Button, chief currency analyst at ForexLive.
Greenback gains traction following FOMC rate statement while Crude oil weakness continues to hurt the loonie.
The RBA’s Statement of Monetary Policy did the Aussie Dollar no favors early on, with focus now on stats out of the UK and Brexit chatter.
The Canadian dollar edged higher against its U.S. counterpart on Wednesday as the greenback broadly fell after U.S. congressional elections, but gains for the loonie were tempered by lower oil prices. was trading 0.1 percent higher at 1.3113 to the greenback, or 76.26 U.S. cents.
The US midterm election results prompt some selling around the USD, while bearish oil prices undermine Loonie and help limit further downside
With the fortnight long descending trend-line continue restricting EURUSD’s upside, the pair is likely returning back to 1.1300 support-mark that’s limiting its declines off-late; though, 1.1350 might offer an immediate rest during the quote’s dip. In case the pair refrains to respect the 1.1300 stop, the 1.1285-80 could rather become an intermediate halt prior to pleasing Bears with 61.8% FE level of 1.1120. Alternatively, pair’s successful clearance of 1.1435-40 resistance-line may fuel it towards 1.1510 and then to the 100-day SMA level of 1.1585. ...
Weaker oil prices and fewer-than-expected rate hikes from the Bank of Canada are among the reasons one economist decided to walk back his call for the loonie to rally to US$0.78 by year’s end.
Mid-terms and Brexit chatter will likely be the key drivers through the day, while risk sentiment gets another test following week stats out of China.
On Thursday, the dollar retreated against the majors especially the British Pound, which posted its biggest one-day gain in nine months on reports that London is close to sealing a financial services deal with Brussels. Additionally, the Bank of England kept interest rates on hold on Thursday but kept its options open and hinted at slightly faster rate increases if Brexit goes smoothly.