USD/CAD

By Forex Zone - September 15, 2016
USD/CAD retreats from critical resistance level
Despite relatively weak economic data releases out of the US on Thursday that have likely helped to decrease the already low probability of a Fed rate hike next week, the effect on the US dollar was rather muted, as much of the consistently low September rate hike expectations may have already been priced-in. Nonetheless, there was some drag on the US dollar, along with a moderate rebound for heavily-pressured crude oil prices that gave the oil-correlated Canadian dollar a bit of a boost.As a...
By Forex Zone - September 7, 2016
USD/CAD bounces from support on BOC concerns
The Bank of Canada left the interest rate unchanged at 0.50% as widely expected. However, they expressed worries about the economy going forward.While the team led by Poloz do expect a rebound in H2 (the economy squeezed by an annualized 1.6% in Q2 2016), they are concerned. Compared with their July decision, they see lower forecasts, partially due to the weak first half.Also on their mandate, inflation, they see some tilt to the downside. Deflation is a global problem, even in Canada, where...
By Forex Zone - September 5, 2016
Speculation is mounting regarding some deal on cutting or freezing oil production. OPEC and perhaps non-OPEC members are set to meet later this month, and some believe that maybe, this time, they will reach an agreement.WTI Crude oil is making an impressive recovery from the lows, topping $46. Canada, which exports oil, sees its currency recover as well. USD/CAD is now trading at 1.2920, just above the support line of 1.2910.The latest speculation regarding a move to lift oil prices comes...
By Forex Zone - September 1, 2016
USD/CAD Confirms Above Ichimoku
Despite a better-than-expected June GDP reading for Canada released on Wednesday, two key factors have led to a drop in the Canadian dollar and an extension of USD/CAD’s recovery within the past two weeks. These two factors have been strong recent support for the US dollar and a pronounced pullback in crude oil prices. USDCAD Confirms Above Ichimoku Once again USDCAD confirms above Ichimoku and we have a ton of market moving data from both US and Canada on the first trading days of September....