The USD/CAD has continued to dive after available fundamentals have failed to attract investors. The US Consumer Credit Change data arrived lower than market anticipations. This allowed the Canadian dollar to keep gaining against the US dollar, creating a headwind for the pair. Key Price Levels:Resistance Levels: 1.3800, 1.3900, and 1.4000Support Levels: 1.3700, 1.3600, and…
Fundamental Overview The weak US NFP report last Friday triggered risk-off flows. Things got dire on Monday as the Japanese Nikkei dropped 12% overnight and we saw a general selloff in global stock markets. At one point, the markets saw the Fed cutting rates by 136 bps by year-end and some chances of an emergency…
Most of the fundamentals surrounding the greenback aren’t delivering significant momentum to price movement in the USDCAD market. The NAHB housing data arrives lower than expected. Other available fundamentals are also not encouraging USD bulls. This gives the pair a generally depressed outlook, even as market participants anticipate the US Pre-Market Open tomorrow. Key Price…
USDCAD has managed to print some gains during today’s session. Technical indicators had previously hinted that price action might rebound upwards. However, the arrival of the ISM Service PMI has aided the pair in achieving this upside correction. Key Price Levels:Resistance Levels: 1.3700, 1.3800, and 1.3900Support Levels: 1.3600, 1.3500, and 1.3400 USDCAD Bulls Leap Upward…
Broad-market risk appetite recovers on Friday as US PCE inflation eases. Canada saw a weaker-than-expected rebound in GDP. US PCE inflation cooled further, fueling rate cut hopes. The Canadian Dollar (CAD) is broadly higher on Friday, but gains are capped after softer-than-expected prints in Canadian economic data. Investor hopes for a September rate cut are…
The USDCAD has latched onto some favorable sentiment that has emanated from the comments of Federal Reserve officials. This has initiated some risk aversion throughout the financial market. From the look of things, the US dollar seems to have benefited from this, causing it to print moderate profits. Key Price Levels:Resistance Levels: 1.3800, 1.3900, and…
US markets return after long weekend, Fedspeak to dominate. Canadian Dollar recedes as investors shrug off low-tier CAD data. Canada saw an uptick in industrial and raw materials inflation in April. The Canadian Dollar (CAD) is broadly softer on Tuesday, paring away some of the gains found at the start of the trading week. Fedspeak…