USD/CAD stables below 1.2900 as investors await weak US Durable Goods Orders

USD/CAD is establishing below 1.2900 on an expectation of weak performance from the DXY. A downbeat US Durable Goods Orders after weak PMI figures will drag the greenback bulls. Oil prices are displaying a minor rebound, downside remains favored on soaring recession fears. The USD/CAD pair is auctioning below the round-level support of 1.2900 on … Read more

USD/CAD keeps bounce off weekly low near 1.2950 amid softer oil prices, US PMI eyed

USD/CAD picks up bids to defend the previous day’s rebound from one-week low. WTI crude oil remains pressured around monthly low amid chatters over gas tax holiday. Bulls stay hopeful amid market’s anxiety, Fed Chair Powell’s defense to the biggest rate hike since 1994. USD/CAD refreshes intraday high around 1.2960 during the initial Asian session … Read more

May CPI data is an unwelcome number

Commenting on the latest inflation data, which showed that the annual CPI jumped to a 39-year high of 7.7% in May, Bank of Canada Senior Deputy Governor Carolyn Rogers said that it was an “unwelcome number,” as reported by Reuters. Additional takeaways “May cpi data were not totally unexpected.” “CPI’s too high, it’s hurting Canadians, … Read more

Paying particular attention to the greater number of households carrying high levels of mortgage debt

The Bank of Canada said on Thursday that it is paying particular attention to the fact that a greater number of Canadian households are carrying high levels of mortgage debt, reported Reuters. Additional Takeaways: Financial system vulnerabilities have become more complex, and risks have become more elevated. Vulnerabilities associated with elevated house prices increased further … Read more

BoC sees an increasing likelihood it might need to take rates to 3.0% or higher

Bank of Canada (BoC) Deputy Governor Paul Beaudry on Thursday said that the BoC sees an increasing likelihood that it may need to raise its policy rate to 3% or higher, reported Reuters. Additional Remarks: The risk is now greater that inflation expectations could de-anchor and high inflation could become entrenched. In deliberations ahead of … Read more

USD/CAD drops back closer to over one-month low, below mid-1.2600s ahead of BoC/US data

USD/CAD continued with its struggle to capitalize on modest intraday recovery gains. An uptick in oil prices underpinned the loonie and acted as a headwind for the major. The downside seems cushioned amid sustained USD buying and ahead of the BoC. The USD/CAD pair surrendered modest intraday gains and slipped below mid-1.2600s during the first … Read more

USD/CAD declines towards monthly lows at 1.2630 ahead of BOC policy, oil falls

USD/CAD is eyeing a re-test of its monthly lows at 1.2629 as investors await BOC monetary policy. The BOC is expected to elevate its interest rate by 50 bps. Oil prices faced selling pressure at around $120.00. The USD/CAD is displaying a downside move in the Asian session, following the bearish sentiment on a broader … Read more

Modest disappointment in Q1 GDP unlikely to deter BoC from a 50bp hike on Wednesday – CIBC

Data released on Tuesday showed that Canadian GDP rose below expectations during the first quarter. On Wednesday, the Bank of Canada (BoC) will announce its monetary policy decision. Analysts at CIBC point out that despite GDP figures, the central bank is still for a 50bp rate hike. Key Quotes: “Statisticians threw the Bank of Canada … Read more