USD/CAD continued losing ground for the third straight day and dropped to over a two-week low. Bullish crude oil prices underpinned the loonie and exerted pressure amid subdued USD demand. Reduced bets for aggressive Fed rate hikes, a positive risk tone weighed on the safe-haven buck. The USD/CAD pair follow-through selling for the third successive … Read more
The USD/CAD snaps two straight weeks of gains and slumps 0.85% weekly. Higher oil prices and an upbeat sentiment coupled with a weaker USD propel the CAD up. Fed’s Bullard commented that fears of a US recession are overblown; Expect the FFR to end at 3.5%. The USD/CAD slides from daily highs around 1.3000, set … Read more
A combination of factors prompted fresh selling around USD/CAD on Friday. The risk-on impulse weighed the safe-haven USD and exerted some pressure. An uptick in oil prices underpinned the loonie and added to the selling bias. The USD/CAD pair extended the overnight late pullback from the 1.3015 region and watch some follow-through selling on Friday. … Read more
USD/CAD snaps two-day uptrend, stays pressured towards immediate support line. Bullish chart pattern, steady RSI keeps buyers hopeful, 1.3080 is the key hurdle. Downside break of mid-month low could convince bears. USD/CAD extends pullback from 1.3017 towards dropping back inside a weekly ascending trend channel formation. That said, the Loonie pair stays depressed at around … Read more
USD/CAD suffers altitude sickness after rising for the last two days. Oil prices grind near six-week low amid recession fears, China underpins corrective pullback. Fed’s Powell appears thoughtful of growth and inflation as he cites challenges for a smooth landing. Downbeat US PMIs magnified the risk of economic slowdown, second-tier data eyed. USD/CAD flirts with … Read more
Analysts at CIBC see the USD/CAD pair trading around 1.29 during the third quarter and rising toward 1.31 by year-end. They consider markets are overpricing tightening this year from the Bank of Canada and the Federal Reserve. Key Quotes: “A likely 75 bp hike by the Bank of Canada in July, and the potential for … Read more
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
A symmetrical triangle breakout has strengthened the greenback bulls for an upside move towards 1.3000. The formation of positive diversion on the RSI (14) has confirmed a bullish reversal. The greenback bulls have surpassed the 50-EMA which confirms a short-term uptrend. The USD/CAD pair has overstepped the crucial hurdle of 1.2963 firmly in the Asian … Read more
On Wednesday, inflation data from Canada will be released. Market consensus sees a 1% increase in the Consumer Price Index. Analysts at TD Securities expect a 0.9% increase fueled by gasoline and food prices. They consider declines in USD/CAD are likely hard to sustain. Key Quotes: “We look for CPI to strengthen to 7.2% y/y … Read more
USD/CAD watch some follow-through selling for the second straight day on Tuesday. Rising oil prices, upbeat Canadian data underpinned the loonie and exerted pressure. Rallying US bond yields acted as a tailwind for the USD and helped limit deeper losses. The USD/CAD pair managed to find decent support near the 1.2900 mark on Tuesday and … Read more