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Could AUD/CAD extend rally despite BOC being more hawkish than RBA?
Although at the moment the Bank of Canada is clearly more hawkish than the Reserve Bank of Australia, the recent sell-off in oil prices has dented the appeal of the Loonie a little. Meanwhile economic data from Australia has improved – as indicated, for example, by the 32,800 jump in October employment – while hopes have risen that the nation’s largest trading partner, China, will soon end its trade dispute with the US.
AUD/CAD in focus ahead of RBA and BOC
The Canadian dollar has been the worst performer among the major currencies today, continuing its recent poor run of form.
Crude problem for Canada
The Canadian dollar could be about to take a plunge. Not only did the Bank of Canada recently pour cold water on further rate hike prospects, but there is also the problem of crude oil.
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AUD/CAD in focus ahead of Aussie retail sales, Canadian jobs
For obvious reasons, Friday’s main focus will be on the US nonfarm payrolls report. As a result, jobs data from the other North American nation, which will be released at the same time, will be overshadowed. But this need not be the case, as the Canadian dollar could possibly present better trading opportunities than the US dollar.
AUD/CAD rebounds as crude slumps, but trend still bearish
Thanks to the Bank of Canada turning hawkish, the Canadian dollar has been on a tear in recent weeks. But today it took a hammering as crude oil prices plunged. The Loonie fell against all the major pairs, even versus the Australian dollar, which had taken a nose dive itself in the past few days due to the Reserve Bank of Australia refusing to tilt towards the hawkish side like many other major central banks.
AUD/CAD in focus as traders eye Aussie data, oil prices
The Canadian dollar has endured a volatile day because of the slump in oil prices on the back of the latest US oil inventories report and a more hawkish Bank of Canada policy statement than expected. As we go to press, however, the Loonie is higher across the board, even though oil prices are significantly weaker on the day. For some CAD crosses, the volatility will remain high for the remainder of this week, due to the sheer amount of fundamental data or events scheduled over the coming days. Tonight, for example, will see the release of important Australian jobs data, while tomorrow is the Bank of England’s turn to deliver its rate decision and assessment on the UK economy following the Brexit vote. Thus the AUD/CAD and GBP/CAD could be among the key pairs to watch over the next 24 hours or so for trading opportunities.
Take a break for AUD/CAD
Today we are looking at the technical outlook of the AUD/CAD – in theory, this FX cross should be immune to the outcome of Britain’s EU referendum and the ever-changing opinion polls thereof.
Aussie dollar in focus as traders eye RBA
Monday’s North American session has been a fairly quite one for FX due to the lack of any significant data from the US, although the disappointing factory orders print (-1.7% m/m drop) has caused the dollar to give back the modest gains it made post the stronger-than-expected jobs report on Friday. The market’s focus is likely to turn to Australia as we transition into the Asian session later on, ahead of the publication of trade figures at 02:30 BST am then the Reserve Bank of Australia’s policy decision at 05:30 BST.
AUD/CAD drops to test key support
Although oil prices have remained weak, the Canadian dollar has managed to hold its own relatively well compared to some of the other commodity currencies, with the Aussie and kiwi dollars both falling sharply in recent days on speculation about further rate cuts from their respective central banks. In contrast, the Bank of Canada delivered a more hawkish-than-expected policy statement last week, suggesting that it has moved to a more neutral stance. This week’s key event risk for the AUD/CAD pair is Canada’s CPI figures released on Friday, as well as the on-going volatility in oil and other commodity prices.
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