USDCAD news - page 28
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November Canadian producer prices -0.2% m/m vs +0.0% exp November industrial product prices for Canada:
The commodity collapse continues to overshadow the loonie collapse.
USD/CAD forecast for the week of January 11, 2016 The USD/CAD pair broke higher during the course of the week, finally getting above the 1.40 level. Because of this, we feel that this market should continue to go higher, and quite frankly with the way the oil markets have been falling, it makes perfect sense to see the Canadian dollar continue to lose value. We believe long-term buyers are already in this market, and will continue to add to their positions going forward. We have no interest in selling this market currently as it is one of the strongest trends that we are following.
USD/CAD: Pierces L/T Resistance Level; Weekly Close Key - BofA Merrill If USD/CAD ends the week above 1.42, it will break a resistance zone that opens up the trend to reach 1.47-48.
It also puts the rounded bottom full projection of the 2002 highs (1.61) in perspective as a possibility for the long-term trend.
USDCAD soars as stops triggered through 1.4400 A lively time for the Loonie. Softer oil prices have added to the upside pressure on USDCAD and we've now seen 1.4530 posted in a rush before dropping back to 1.4458 as I type.
Must be something more than oil and 1.4400 stops but I'm not seeing/hearing anything at the moment. Dramatic rise and fall is more than just stops even in thin liquidity times such as 06.30 GMT but that will certainly add to it.
Brent crude down to $30.30 and WTI $30.31
USD/CAD forecast for the week of January 18, 2016 The USD/CAD pair initially tried to fall during the course the week but found enough support just above the 1.40 level to turn things back around and form a very bullish candle. So bullish in fact, we managed to break above the 1.45 level late during the session on Friday. The market looks as if it is ready to continue going higher, as the market has been in such a strong uptrend.
Pullbacks at this point in time should end up being opportunities to go long and pick up value in the US dollar. That being the case, the market continues to offer buying opportunities going forward regardless, and with that we firmly believe that the US dollar will continue to be not only favored over the Canadian dollar, but most other currencies around the world anyway. Keep in mind that the oil markets are heavily influential on what happens with the Canadian dollar, and at this point in time they have broken down yet again.
The fact that the WTI Crude Oil market broke below the $30 level should continue to put quite a bit of bearish pressure on the Canadian dollar going forward and at this point in time there really is no bottom insight when it comes to the oil markets. Because of this, we believe that this market will continue to find buyers every time we dip as most people understand that there is a very strong uptrend at the moment.
The 1.40 level should essentially be the “floor” at this point in time, and because of that it’s very likely that we will not fall below that level anytime soon. I have no scenario in which I search selling this pair, because not only do we have the situation when oil, but the fact that the US dollar is considered to be a safety currency also should continue to put bullish pressure in this market as there are a lot of economic issues out there right now and risk aversion is very high as stock markets around the world plunge.
USD/CAD touches 1.46 as Iran relieved from sanctions Iran fulfilled its part in the nuclear deal, said the IAEA and the international sanctions against the Islamic Republic were lifted by the EU and and the US. While the move was fully expected, the vulnerable price of oil and the Canadian dollar took another hit.
The lifting of sanctions, as agreed back in July 2015, are set to send another 500 million barrels per day to global petroleum markets, which are already flooded with oversupply. The celebrations in Iran, which will also enjoy a re-integration in global trade, are not a happy moment for prices of the black gold.
Both WTI and Brent prices are below $29, and USD/CAD continues higher. At the early hours of trade, USD/CAD reached out all the way to 1.4605, a new high since 2003. Since then it fell back to around the closing levels seen on Friday, but it certainly doesn’t seem to correct downwards.
The Canadian dollar faces another big test: the decision by the Bank of Canada, which consists of the option to cut interest rates.
For Dollar/CAD, resistance can be found at the new high of 1.4605, with the round level of 1.50 not looking too far away. Support can be sketched at 1.44.
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BoC Surprisingly On Hold: 2 Reasons - Nomura Against Nomura's expectations, the Bank of Canada (BoC) left its policy rate at 0.50%.
Overall, today’s decision, indicates that the BoC seems to be suggesting there is not much it can do to help the economy. We believe there could be two explanations for the surprising decision. 1) The BoC has been told by the government that a large fiscal stimulus is on its way and that it will be big enough to limit downside risks to the growth outlook. 2) The BoC believes that the risk to financial stability from a rate cut outweigh the positive impact it would have on growth.
In any case, both suggest that the BoC believes that the effectiveness of monetary policy is very low. At this point it is tempting to say that the cut will only be delayed, but today’s decision suggests that the hurdle for the BoC to provide further stimulus is much higher. As such, we believe the BoC will remain on hold, leaving fiscal policy to stimulate the economy.
USD/CAD: Loonie Pares Gains After US Data, Maintains Upward Trend The USD/CAD pair remained below the C$1.41 handle, but pared some losses on positive initial jobless data. Meanwhile, traders were still absorbing the FOMC decision to keep interest rates unchanged.
The so-called loonie edged up 0.27%, to trade at C$1.4062 against the greenback, after hitting the intraday high of C$1.3984.
There were no Canadian macro releases scheduled for Thursday, which left the loonie vulnerable to crude price changes and the US data.
"Domestic risk is limited ahead of Friday's monthly GDP data for November, leaving the focus squarely centered on oil, yield spreads, and the broader market tone. We maintain a bias to CAD gains however we note that measures of sentiment appear to be showing signs of stabilization following their dramatic shift over the past week," Eric Theoret, currency strategist at Scotiabank, said in a note.
Higher oil prices were one of the major forces driving the loonie on Thursday. Crude stabilized in the green, as futures for WTI jumped 2.82% to $33.21 per barrel and Brent contracts climbed 3.42% to $35.10 per barrel.
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USDCAD higher as oil sellers return Oil prices turning lower have given Canadian $ bears a good return Brent now $33.85 after $33.60 lows and WTI $33.28 after £33.08. Both on the back foot after earlier highs of $34.85 and $34.13.
USDCAD has now taken out decent supply into 1.4050 and 1.4080 after earlier lows of 1.3968. More offers/res into 1.4100. Currently 1.4075
USD/CAD forecast for the week of February 1, 2016 The USD/CAD pair initially tried to rally during the course of the week, but found enough resistance above the 1.45 level to turn things back around and fall rather significantly. Because of this, the market looks as if it is trying to test the 1.40 level, and more than likely will find buyers in that region. On a supportive candle, we would be more than willing to get involved to the upside yet again. We have no interest in selling at this point in time, at least not until we get below the 1.38 handle.