Share: Fed officials unanimously aim for the 2% inflation target, but divisions arise on the next steps. The US Dollar Index (DXY) reflects the greenback’s strength, rising 0.29% to 103.497, supported by rising US Treasury bond yields. USD/CAD’s bullish momentum is evident as it trades above the 200-day Moving Average, with key levels
The USDCAD has been trading above and below its 200-day moving average over the last few trading days. Yesterday it broke to the upside and also extended above the 50% midpoint of the 2023 trading range. Both those developments tilts the bias of further in favor of the buyers. Stay above the 50% midpoint at
Investors are waiting for the publication today (at 12:30 GMT) of new US macro data, this time on export/import prices and retail sales. It is the main leading indicator of consumer spending, which accounts for most of the total economic activity of the population, while domestic trade accounts for the largest part of GDP growth.
CANADIAN DOLLAR PRICE, CHARTS AND ANALYSIS: The Loonie Finally Catches a Break and Could be in For Some Gains Against the Greenback. BoC Could Have a Rethink Regarding the Rate Hike Path, Market Participants Pricing in a 35% Chance of a Hike Up From 22%. US FOMC Minutes Could Re-Ignite the Dollar Spark, Which Could
Share: USD/CAD bulls got rejected at the 200-day SMA and retreated near the 1.3420 area, still poised for a weekly gain US PPI rose to 2.4% YoY in July, higher than expected. Higher Oil prices help the CAD trade strong against most of its rivals. At the end of the week, the USD/CAD
CANADIAN DOLLAR PRICE, CHARTS AND ANALYSIS: The Loonie Looks on Course for Further Losses as the Oil Correlation Seems to be Changing. Light Data Week on the Calendar with US CPI likely to Dominate. Market Participants see 72% chance of no rate at the upcoming BoC Meeting. Do not forget to Download Your Free Top
Share: USD/CAD reversed its course during the American session and got rejected by the 100-day SMA, falling to near 1.3335. NFPs showed that job creation in July cooled down while wages increased. Canada reported soft labour market and economic activity figures. On Friday, the USD/CAD cleared daily gains and fell into negative territory
Share: USD/CAD seesaws at the highest level in a month, making rounds to 1.3350 during early Friday morning in Asia, as traders await the top-tier employment statistics from the US and Canada for July. It’s worth noting that the Loonie pair trader’s doubts about the US Dollar’s latest retreat jostle with the firmer
Number of traders net-short has increased by 25.38% from last week. SYMBOL TRADING BIAS NET-LONG% NET-SHORT% CHANGE IN LONGS CHANGE IN SHORTS CHANGE IN OI USD/CAD BULLISH 49.94% 50.06% -1.43% Daily -13.93% Weekly 3.75% Daily 25.38% Weekly 1.10% Daily 2.09% Weekly of clients are net long. of clients are net short. Change in Longs Shorts
Share: Canadian GDP expanded 0.3% in May. US data shows core consumer inflation slowing down. USD/CAD moves sideways on Friday, remaining near the levels it had a week ago. The USD/CAD dropped to the 1.3200 area following US and Canadian economic data but then rebounded, approaching the key resistance area at 1.3250. The
