Canadian Dollar Technical Analysis: USD/CAD Pulls Back from Key Resistance
The bullish move in USD/CAD has been pronounced after the pair bottomed in July, but now the question of topping starts to come in as a major resistance level has come back into the picture.
USD/CAD hits resistance ahead of BOC, US PMIs: European open – 06/09/2023
The Bank of Canada (BOC) are expected to hold rates at today’s meeting, given GDP unexpectedly contracted in Q2. Still, implied volatility has spiked higher for USD/CAD. Perhaps the BOC pause will not be as dovish as expected, Fed members tout a hold or the rise of bond yields (and therefore the US dollar) lose steam. If so, USD/CAD may be better for short bets beneath the April highs.
European Open: Flash PMI’s and Canada inflation report in focus
CAD/JPY has piqued our interest ahead of today's economic data, which includes PMI's for Europe and the US and Canada's inflation and retail reports.
Why trade with FOREX.com?
Tight spreads on 80+ FX pairs
Nearly 2,500 markets including Stock CFDs, Indices & Commodities
Award-winning platforms with fast & reliable execution
European Open: CAD/JPY holds steady ahead of Canada’s CPI report
CAD/JPY has pulled back to a pivotal support level, and today’s inflation report from Canada could make or break it.
Yes, inflation may have peak but it “remains far too high”
Sometimes the obvious needs to be said. And that is exactly what the BOC’s deputy governor said in his op-ed by stating inflation “remains far too high”.
Early signs of (dis)inflation continue to appear
Whilst inflation has been hard to ignore, we are now seeing signs that the cooling of inflationary forces are finally showing up in some consumer prices.
European Open: WTI in focus for the US and Canada’s employment reports
There’s not a huge amount of data today, which puts the US nonfarm payroll and Canadian employment report into focus as the main calendar event.
Asian Open: Eye-watering CPI data for Canada raises odds of a 75-100 bps hike
Canada’s inflation metrics rise across the board and beat estimates by a wide enough margin to increase the odds of some serious hiking by the BOC in June.
A complete guide to the Bank of Canada and interest rates
As with any central bank, when the Bank of Canada (BOC) changes interest rates, it can have a knock-on effect to stocks, indices and currencies. Find out everything you need to know about the BOC and how it’s decisions impact financial markets.
Also a good jobs report for Canada
Last Friday was also a good surprise on the jobs front for Canada as 289,600 jobs were added in May.
BoC keeps rate unchanged
The Bank of Canada has kept its benchmark rate unchanged at 0.25% as expected.
Triple Whammy for USD/CAD Tomorrow
Three big events, three big chances for volatility in USD/CAD tomorrow.
Open an account in minutes
BoC Slashes Rates to 0.25%
The market seems to have taken the rate cut as “catching up” to other central banks.
Canada Ready with Loaded Double Barrels
With the ammo the Bank of Canada still has left, usd/cad can run up to 1.4682.
CAD/JPY: “Ground Zero” for Coronavirus and the Oil War
The value of the entire Canadian economy has fallen by more than 10% against Japan’s in a little over two weeks
Bank of Canada is Up Next
The BoC will need to decide whether they need to take any preemptive measures
USD/CAD: Meet the New NAFTA, Same as the Old NAFTA
At FOREX.com, we try to avoid writing about the same currency pair two trading days in a row, but occasionally big new developments make it impossible to avoid.