Category: USDCAD
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USDCAD has its share of ups and downs over the last few days. Seller bang against support.
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Today’s jobs data in Canada was good news for everyone. The unemployment rate was steady from last month at 6.4%, but below estimates of 6.5%. Employment data showed a -2.8K drop in jobs for the second straight month, but there were 61K full-time jobs and -64K part-time jobs. So the…
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USDCAD little changed after the Canada jobs report
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The USD/CAD pair was little changed after the Canadian jobs report. Although the employment change fell by -2.8K jobs versus estimates of +22.5, full-time jobs increased by 61.6K jobs. Part-time jobs fell by -64.4K jobs, which offset those gains. The strength in full-time jobs outweighed the declines in part-time jobs.…
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TA of the Day: Key Support Level in Sight for USD/CAD ?
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the Canadian Dollar (scoundrel) strengthened against the US dollar (American dollar), hit a two-week high as market volatility eased. As the turmoil fueled by yen-financed debt reductions and uncertainty over U.S. interest rate cuts eases, market participants are regaining confidence in the Canadian dollar. However, the Bank of Canada remains…
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USD/CAD pushes higher as brent crude extends decline to $3
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Commodity currencies are in an interesting position at the moment. The US dollar is falling on several fronts as the market reconsiders the path of the Federal Reserve’s money. But they are reconsidering that because of slowing growth and inflation. Prices are also relatively high in the commodity bloc, currently…
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USD/CAD closes in on the top of the multi-year range
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The old saying goes that if the United States catches a cold, Canada catches the flu. The market is certainly sending warning signals about the US economy with yields falling, but the USD/CAD pair has yet to make a decisive move. But that moment may not be far away as…
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USDCAD Technical Analysis – We are at a key resistance level
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Basic Overview The US dollar has been steadily rising against most major currencies over the past two weeks, although the catalyst behind the move has been unclear. One good argument is that most of the moves we have seen over the past 10 days have been driven by debt relief…
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BOC rate decision and lower oil price help to push USDCAD higher. Technicals more bullish.
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As the market awaits tomorrow’s Bank of Canada interest rate decision, the USD/CAD pair has been rising in anticipation of a rate cut. The pair has also been helped by a sharp drop in oil prices, which have pushed the price down by about 8% from its highs last Wednesday…
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USDCAD higher on the day. Retail sales weak pave the way for a BOC rate cut next week.
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The USD/CAD pair rose during the North American session following weaker-than-expected retail sales earlier today. This, coupled with weaker CPI data earlier this week, paves the way for a Bank of Canada interest rate cut next week (Wednesday). Technically, the price broke a bearish trend line, maintaining the bullish trend…
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As Powell’s testimony goes on, the USDCAD is stuck in an up and down range.
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The USDCAD currency pair has been trading in an up and down range for the past few days. Yesterday’s low was 1.36238. Today’s high was 1.3647. That’s not much movement. It is within the range of its 100-day moving average between the levels at 1.36369, and the price has been…
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USDCAD bounces higher after testing key technical support. Can the buyers keep pushing?
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The USD/CAD pair hit its lowest level since June 3 earlier today, testing the lower low at 1.35972. The 200-day moving average was just below that level at 1.35953. Today’s low was at 1.3601 as buyers/profit-takers took advantage of the swing area. The combination of US and Canadian jobs data…
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USD/CAD bounces from the range low after soft Canadian jobs report. What’s next
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USD/CAD Daily The Canadian dollar fell after the unemployment rate rose in June to 6.4% from 6.2%. The market had expected it to rise slightly to 6.3% but the economy lost 1,400 jobs in the month and signs of weakness have mounted. That’s why the recent drop in USD/CAD could…
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USDCAD moves down toward low of multi-week range ahead of jobs reports on Friday
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The USD/CAD pair continued its downward movement today on the back of lower interest rates and weaker US data. Technically, the price moved below the 100 and 200-bar moving averages on the 4-hour chart yesterday, and remained below those moving averages in the early Asian session today, before moving lower…
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USD/CAD edges higher after softer retail sales data and PPI. BOC cut odds rise
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USD/CAD 10 minutes The Bank of Canada’s July decision is shifting more decisively toward a rate cut after weak retail sales and PPI numbers today. The market now places a 73% chance of a successive cut. Retail sales matched estimates of +0.7% for April but the advance report for May…
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USDCAD bounces higher today but only to the 50% midpoint of the 2-month trading range
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Heading into the end of the trading week, the US dollar rose against the Canadian dollar after hitting a new low during the previous week on the trading day. On the way to the bottom, the price returned below the 200-bar moving average on the 4-hour chart at 1.3687. It…
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USD/CAD expected to weakned into year end By Investing.com
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UBS analysts highlighted the possibility of the Bank of Canada (BoC) implementing an interest rate cut ahead of the US Federal Reserve, amid fears of an economic slowdown. The Canadian dollar (CAD) is expected to face modest inflationary pressures as a result. UBS expects the Bank of Canada to make…
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USDCAD falls but approaches a key dual MA support target
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The US dollar against the Canadian dollar is falling USD/CAD falls to the downside despite stronger US durable goods, weaker retail sales in Canada, and a stronger University of Michigan (but lower inflation expectations). Preliminary retail sales for April in Canada showed a 0.7% increase which could support the currency…
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USDCAD retraces gains on the day and tests swing area support ahead of 38.2 retracement.
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USD/CAD has now regained its previous gains in today’s trading. The price is now falling and testing the swing zone between 1.3604 and 1.3615. A move below this level would have traders looking towards the 38.2% retracement of the move up from the December 2024 low to the high price…
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USDCAD bounces back higher after sellers had their shot and missed after the softer jobs.
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The US dollar fell against the Canadian dollar after a weaker than expected US jobs report. That downward movement stopped against the old ceiling area between 1.36049 and 1.36154. The price started to bounce back to the upside. The move to the upside was able to expand back above the…