Share: Powell’s hawkish tone on inflation and potential for further rate hikes propels USD/CAD to a three-month high of 1.3640, currently trading at 1.3613. Philadelphia Fed’s Patrick Harker adds fuel to the fire, stating rates are already restrictive and may need to rise further if inflation stalls. Lackluster Canadian retail sales data at
USD/CAD PRICE, CHARTS AND ANALYSIS: The Loonie Arrests Slump Largely Thanks to Weak US PMI Data. More Weakness Ahead for the Canadian Dollar? Core Retail Sales Data Paints a Worrying Picture for the Canadian Economy. Market Participants Are Now Pricing in a Chance of Steeper Rate Cuts in 2024 from the US Federal Reserve. To
The USDCAD has found sellers near the 61.8% retracement of the 2023 trading range. With the USDCAD up each of the trading days today, will the sellers look to lean against the retracement level and start a corrective move to the downside? The 61.8% retracement comes in at 1.35674. The high price stalled at 1.3573
Share: USD/CAD trades little changed in the mid-1.35s. Economists at Scotiabank analyze the pair’s outlook. Weak risk mood remains a headwind for CAD Weak risk mood and marginally lower energy prices are enough to keep the CAD tone defensive for the moment while relatively stable short-term spreads may act as something of an
Canadian Dollar, USD/CAD, Technical Analysis, Retail Trader Positioning – IGCS Update Canadian Dollar depreciated to its weakest level since late May Retail traders have been increasing USD/CAD downside bets Alongside technical cues, positioning supports a bullish bias Recommended by Daniel Dubrovsky What is the outlook for the US Dollar? The Canadian Dollar continued its losing
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
