Crude Oil Rally helping the CAD
USDCAD under pressure ahead of the Thanksgiving holiday.
Share this:
The US Dollar was bearish against all of its major pairs on Wednesday.
It was a busy day on the U.S. economic data front, the Mortgage Bankers Association's Mortgage Applications jumped 3.9% for the week ending November 20th, compared to -0.3% in the week before.
Initial Jobless Claims unexpectedly rose to 778K for the week ending November 21st (730K expected), from a revised 748K in the previous week. Continuing Claims fell to 6,071K for the week ending November 14th (6,000K expected), from a revised 6,370K in the prior week.
Wholesale Inventories rose 0.9% on month in the October preliminary reading (+0.4% expected), compared to a revised +0.7% in the September final reading.
GDP remained at +33.1% on quarter in the third quarter second reading (as expected), in line with the third quarter advanced reading.
Durable Goods Orders increased 1.3% on month in the October preliminary reading (+0.8% expected), compared to a revised +2.1% in the September final reading.
Personal Income dropped 0.7% on month in October (-0.1% expected), compared to a revised +0.7% in September. Personal Spending rose 0.5% on month in October (+0.4% expected), compared to a revised +1.2% in September.
The University of Michigan's Consumer Sentiment Index slipped to 76.9 on month in the November final reading (77.0 expected), down from 77.0 in the November preliminary reading.
New Home Sales declined to 999K on month in October (975K expected), from a revised 1,002K in September.
Finally, the Federal Open Market Committee's (FOMC) Meeting Minutes stated that financial conditions were little changed, on net and that economic data and stronger than expected corporate earnings helped support equity prices. However, the recent rise in Covid-19 cases across Europe and the United States, along with the US election has led to higher implied volatility in equity markets. In conclusion, the FOMC's view of future federal funds rates were little changed over the period.
On Thursday, US markets will be closed to observe Thanksgiving Day.
The Euro was bullish against most of its major pairs with the exception of the NZD and CHF. In Europe, no major economic data was released.
The Australian dollar was bearish against most of its major pairs with the exception of the CAD.
This week's biggest decliner among the major pairs was the USD/CAD declining 98 pips. Looking at the chart, the pair is testing an important area of support at the 1.299 level. A break below would confirm a continuation of the downtrend that began after posting March highs. A break below 1.299 could call for a test of 1.2805 support.
Source: GAIN Capital, TradingView
It was a busy day on the U.S. economic data front, the Mortgage Bankers Association's Mortgage Applications jumped 3.9% for the week ending November 20th, compared to -0.3% in the week before.
Initial Jobless Claims unexpectedly rose to 778K for the week ending November 21st (730K expected), from a revised 748K in the previous week. Continuing Claims fell to 6,071K for the week ending November 14th (6,000K expected), from a revised 6,370K in the prior week.
Wholesale Inventories rose 0.9% on month in the October preliminary reading (+0.4% expected), compared to a revised +0.7% in the September final reading.
GDP remained at +33.1% on quarter in the third quarter second reading (as expected), in line with the third quarter advanced reading.
Durable Goods Orders increased 1.3% on month in the October preliminary reading (+0.8% expected), compared to a revised +2.1% in the September final reading.
Personal Income dropped 0.7% on month in October (-0.1% expected), compared to a revised +0.7% in September. Personal Spending rose 0.5% on month in October (+0.4% expected), compared to a revised +1.2% in September.
The University of Michigan's Consumer Sentiment Index slipped to 76.9 on month in the November final reading (77.0 expected), down from 77.0 in the November preliminary reading.
New Home Sales declined to 999K on month in October (975K expected), from a revised 1,002K in September.
Finally, the Federal Open Market Committee's (FOMC) Meeting Minutes stated that financial conditions were little changed, on net and that economic data and stronger than expected corporate earnings helped support equity prices. However, the recent rise in Covid-19 cases across Europe and the United States, along with the US election has led to higher implied volatility in equity markets. In conclusion, the FOMC's view of future federal funds rates were little changed over the period.
On Thursday, US markets will be closed to observe Thanksgiving Day.
The Euro was bullish against most of its major pairs with the exception of the NZD and CHF. In Europe, no major economic data was released.
The Australian dollar was bearish against most of its major pairs with the exception of the CAD.
This week's biggest decliner among the major pairs was the USD/CAD declining 98 pips. Looking at the chart, the pair is testing an important area of support at the 1.299 level. A break below would confirm a continuation of the downtrend that began after posting March highs. A break below 1.299 could call for a test of 1.2805 support.
Source: GAIN Capital, TradingView
The US Dollar was bearish against all of its major pairs on Wednesday.
It was a busy day on the U.S. economic data front, the Mortgage Bankers Association's Mortgage Applications jumped 3.9% for the week ending November 20th, compared to -0.3% in the week before.
Initial Jobless Claims unexpectedly rose to 778K for the week ending November 21st (730K expected), from a revised 748K in the previous week. Continuing Claims fell to 6,071K for the week ending November 14th (6,000K expected), from a revised 6,370K in the prior week.
Wholesale Inventories rose 0.9% on month in the October preliminary reading (+0.4% expected), compared to a revised +0.7% in the September final reading.
GDP remained at +33.1% on quarter in the third quarter second reading (as expected), in line with the third quarter advanced reading.
Durable Goods Orders increased 1.3% on month in the October preliminary reading (+0.8% expected), compared to a revised +2.1% in the September final reading.
Personal Income dropped 0.7% on month in October (-0.1% expected), compared to a revised +0.7% in September. Personal Spending rose 0.5% on month in October (+0.4% expected), compared to a revised +1.2% in September.
The University of Michigan's Consumer Sentiment Index slipped to 76.9 on month in the November final reading (77.0 expected), down from 77.0 in the November preliminary reading.
New Home Sales declined to 999K on month in October (975K expected), from a revised 1,002K in September.
Finally, the Federal Open Market Committee's (FOMC) Meeting Minutes stated that financial conditions were little changed, on net and that economic data and stronger than expected corporate earnings helped support equity prices. However, the recent rise in Covid-19 cases across Europe and the United States, along with the US election has led to higher implied volatility in equity markets. In conclusion, the FOMC's view of future federal funds rates were little changed over the period.
On Thursday, US markets will be closed to observe Thanksgiving Day.
The Euro was bullish against most of its major pairs with the exception of the NZD and CHF. In Europe, no major economic data was released.
The Australian dollar was bearish against most of its major pairs with the exception of the CAD.
This week's biggest decliner among the major pairs was the USD/CAD declining 98 pips. Looking at the chart, the pair is testing an important area of support at the 1.299 level. A break below would confirm a continuation of the downtrend that began after posting March highs. A break below 1.299 could call for a test of 1.2805 support.
Source: GAIN Capital, TradingView
It was a busy day on the U.S. economic data front, the Mortgage Bankers Association's Mortgage Applications jumped 3.9% for the week ending November 20th, compared to -0.3% in the week before.
Initial Jobless Claims unexpectedly rose to 778K for the week ending November 21st (730K expected), from a revised 748K in the previous week. Continuing Claims fell to 6,071K for the week ending November 14th (6,000K expected), from a revised 6,370K in the prior week.
Wholesale Inventories rose 0.9% on month in the October preliminary reading (+0.4% expected), compared to a revised +0.7% in the September final reading.
GDP remained at +33.1% on quarter in the third quarter second reading (as expected), in line with the third quarter advanced reading.
Durable Goods Orders increased 1.3% on month in the October preliminary reading (+0.8% expected), compared to a revised +2.1% in the September final reading.
Personal Income dropped 0.7% on month in October (-0.1% expected), compared to a revised +0.7% in September. Personal Spending rose 0.5% on month in October (+0.4% expected), compared to a revised +1.2% in September.
The University of Michigan's Consumer Sentiment Index slipped to 76.9 on month in the November final reading (77.0 expected), down from 77.0 in the November preliminary reading.
New Home Sales declined to 999K on month in October (975K expected), from a revised 1,002K in September.
Finally, the Federal Open Market Committee's (FOMC) Meeting Minutes stated that financial conditions were little changed, on net and that economic data and stronger than expected corporate earnings helped support equity prices. However, the recent rise in Covid-19 cases across Europe and the United States, along with the US election has led to higher implied volatility in equity markets. In conclusion, the FOMC's view of future federal funds rates were little changed over the period.
On Thursday, US markets will be closed to observe Thanksgiving Day.
The Euro was bullish against most of its major pairs with the exception of the NZD and CHF. In Europe, no major economic data was released.
The Australian dollar was bearish against most of its major pairs with the exception of the CAD.
This week's biggest decliner among the major pairs was the USD/CAD declining 98 pips. Looking at the chart, the pair is testing an important area of support at the 1.299 level. A break below would confirm a continuation of the downtrend that began after posting March highs. A break below 1.299 could call for a test of 1.2805 support.
Source: GAIN Capital, TradingView
Latest market news
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
AUD/USD Q4 Outlook: RBA and Fed Hikes Set the Tone
AUD/USD enters Q4 with RBA and Fed hikes in focus as sticky inflation, rising unemployment and US dollar strength shape the Australian dollar.
USD/JPY Q4 2026 Outlook: Hawkish Fed Pricing Clashes With Intervention Risk
The year-end tug-of-war is clear: hawkish Fed pricing supports USD/JPY, while intervention risk limits the upside.
USD/CAD and USD/MXN Q4 2026 Outlook: Will the U.S. Dollar Dominate North America Again?
The final stretch of 2026 is approaching, and North America's major currencies have begun to show a shift in the strength dynamics seen earlier in the year. New expectations of a more aggressive monetary policy stance, particularly in the United States, could be significantly reshaping the outlook for the region. At the same time, this backdrop, combined with potential trade tensions across North America, may become one of the most important drivers of currency performance in the months ahead.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.