A 6 day up move was broken yesterday with the Dollar falling below local support at 1.34900. The losses have continued today, however price looks to be holding as the market awaits the CPI and BoC rate news at 1:30pm and 3:00pm respectively. The Bloomberg's survey median forecast calls for a 0.4% increase in the core rate which if correct would lead to the...
With crude trading at support, with inflation in Japan coming down to 3.3%, with XXX/JPY pairs seen in oversold/extended structures, with a wedge on USDJPY, with five waves down on CADJPY I think it can be time for some recovery. Stocks also hold support for now.
The USDCAD traded lower through the trading session yesterday as the DXY continued to weaken. The price reversed from the 1.3745 resistance level, down toward the key support level of 1.3650. Today, the Canadian CPI is due to be released and is expected to indicate a slowdown in overall inflation growth with the Median CPI y/y (Forecast: 4.8% Previous: 5.0%) and...
Overnight, the Bank of Canada (BoC) released its decision to hold interest rates at the 4.50% level. This was in line with the overall market forecast. However, the decision to hold rates saw the Canadian Dollar weaken (while the DXY remained on its bullish uptrend), resulting in the USDCAD claiming new highs, testing the 1.38 resistance area. If the DXY gains...
The Canadian dollar is coming off a relatively quiet week but that could change as there a host of key releases this week. Ivey PMI kicks things off later today, followed by the Bank of Canada rate decision on Wednesday and the February employment report on Friday. Canada's Ivey PMI recorded a massive rebound in January, climbing from 33.4 all the way to 60.1...
It might be a big week head for the markets. Monday CHF CPI data release. The inflation gauge for the Swiss is expected to be lower than previous, signaling a slowdown in inflation growth. Could result in some weakness in the CHF if markets anticipate no more rate hikes to come from the SNB. Tuesday Reserve Bank of Australia (RBA) interest rate decision....
With public holiday's in both USA and Canada tomorrow, I expect a quiet start to the week for this pair. On Tuesday it's Canada CPI which has been falling. Bank of Canada have just paused its rate rises as it expects inflation to come down to around 3% by mid-year and 2% in 2024, so if inflation continues to fall this should be negative for the CAD. On the...
The Canadian dollar is unchanged on Friday, trading at 1.3466 in the European session. We could see some volatility in the North American session, as Canada releases retail sales. The markets are bracing for a downturn in retail sales for November, with a forecast of -0.5% m/m for the headline figure and -0.4% for the core rate. This follows a strong report in...
It has been a quiet day in the currency markets, and the Canadian dollar has followed suit. In the North American session, USD/CAD is trading at 1.3386, down 0.15%. Inflation in Canada slowed to 6.3% y/y in December, down from 6.8% a month earlier and matching the consensus. On monthly basis, the decline was noticeable at -0.6%, compared to 0.0% in November and...
The Canadian dollar is slightly lower on Tuesday. In the European session, USD/CAD is trading at 1.3620, up 0.24%. The Bank of Canada has been aggressive in its tightening, including a whopping full-point hike in July, which brought the cash rate to 2.50%. The BoC has been gradually easing since then, raising rates by 75 bp and then 50 bp, bringing the cash rate...
The Canadian dollar is in positive territory on Tuesday. In the North American session, USD/CAD is trading at 1.3400, down 0.39%. The Canadian consumer was not in a spending mood in September, as retail sales declined by 0.5%, following a 0.4% gain a month earlier. The forecast stood at -0.4%. Core retail sales fell by 0.7%, worse than the consensus of -0.4% and...
EUR/USD is in a holding pattern ahead of today's ECB rate meeting. In the European session, the euro is trading at 1.0068, down 0.16%. The ECB holds its policy meeting later today, amidst difficult economic conditions in the eurozone. Inflation jumped to 9.9% in September, up sharply from 9.1%. The manufacturing and services sectors are in decline and confidence...
The USDCAD retraces from the recent high to trade at the 1.3660 support level. This move lower is driven by the weakness of the DXY and also respects the downward trendline. Tomorrow, the Bank of Canada is due to release its decision with regards to the interest rates. Markets are expecting an increase of 75bps to take the interest rate to a high of 4.00% The...
Hello traders, As it comes to CADJPY, I see that after the positive CAD news on Friday, this pair has been sold hard. I see a break of Trend line and support zone and I can see a Friday closure at retest price action. Perhaps the pair might go up for a bit, but this will indicate nice short opportunities to the previous support zones. Note: The Bank of Japan...
With another crucial resistance broken at 1.37200, the Loonie seems to be on a gradual path to depreciation against the greenback. With FED aggressively raising rates to tame inflation, we can expect the DXY to get stronger and stronger near-term. No different analysis applies to USDCAD, as the Loonie is likely set to depreciate both technically and fundamentally...
Short USDCAD a 1.3120 ,sl at 1.3175 tp at 1.2909 CAD Interest rates at 3.25% as announced yesterday I expect price to go lower.
The Canadian dollar is lower for a third straight day. In the European session, USD/CAD is trading at 1.2984, up 0.29% on the day. The US dollar has rebounded this week against the majors, including the Canadian dollar. USD/CAD is on the verge of breaking above the 1.30 line, which has held firm since July 18th. A weak Canadian retail sales report later today...
NZD/CAD: Bullish Reversal running > breakout of bearish trendchannel > Higher-high-higher-low sequence established > weekly high broken to the upside > 200er MA in H4 protecting downside > next downward trendline fard away > POC volume below current levels The setup can potentially pull back a little before advancing. As we are Wall Street Swing Traders, our...