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Canadian Dollar Technical Analysis: USD/CAD, EUR/CAD, GBP/CAD

Tiff Macklem kept the door open for more rate hikes out of Canada last week, and tomorrow brings inflation data ahead of next week’s Bank of Canada rate decision.


Canadian Dollar Technical Analysis: USD/CAD Snaps Back From Six-Month Highs

Canadian Dollar strength has come roaring back and last week’s job numbers out of Canada were strong. Is the CAD on the cusp of a bullish run? And if so, would EUR/CAD and/or GBP/CAD be more attractive for working with those themes?


Canadian Dollar Technical Analysis: USD/CAD, EUR/CAD, CAD/JPY

USD/CAD extended a bullish breakout this week while starting re-test of the 1.3500 psychological level. Bulls held the move despite US CPI coming in below expectations and CAD/JPY retains breakout potential given an ascending triangle formation. EUR/CAD on the other hand may offer some pullback potential given a hold at a key Fibonacci level of resistance.

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EUR/CAD, FTSE forecasts: Two trades to watch

EUR/CAD falls after OPEC+ cuts oil output . FTSE rises boosted by oil majors .

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April 3, 2023 03:23 AM
Currency prices

Canada Q4 GDP worse than expected, but January starting on the right foot

The Canadian GDP was much worse than expected, however the GDP Price Deflator was also weak.

February 28, 2023 10:05 AM

Improving European data boosts ECB and BOE hike bets

The publication of stronger European data again suggests that the eurozone and UK economies remain surprisingly resilient despite high levels of inflation.

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February 21, 2023 07:49 AM

Canadian CPI lower than expected. Are the BOC rate hikes working?

CPI for August out of Canada was lower than expected. As a result, EUR/CAD is trading higher on the day.

September 20, 2022 10:36 AM

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.

The rouble shows early signs of stabilising

The significance of OPEC’s meeting has diminished somewhat with Russia stealing headlines, and four key members intending to stick to raising output by 400k bpd.

Bank of Canada preview: Is the BOC ready to hike rates?

At its last meeting in December, the BOC said it doesn't see a rate hike until mid-2022. However, some seem to think it will hike at this meeting!

January 24, 2022 04:56 PM

Bank of Canada ends Quantitative Easing Program

The Bank of Canada surprised markets today by reducing its bond purchase program from $C2 billion per week to C$0

October 27, 2021 11:56 AM

EUR/CAD poised for a rally?

Despite the data out just a few moments ago that Canadian manufacturing sales rebounded by a good 1.0% (vs. 0.4% expected), the medium-term lower highs and the lack of a clear short-term trend, we think this FX pair is looking bullish

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March 15, 2019 04:26 AM

BOC rate hike looms but how will CAD react?

The Bank of Canada is due to increase interest rates to 1.75% at the conclusion of its meeting today. This will be an easy decision thanks to an improving economy and the fact that Canada finally secured a trade deal (USMCA) with its two southern neighbours.

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October 24, 2018 03:30 AM

EUR/CAD breaks out ahead of Canada jobs, G7 and ECB meetings

The single currency has performed particularly well against the Canadian dollar, which has been undermined by continued uncertainty over NAFTA negotiations and recent volatility in oil prices.

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June 7, 2018 08:24 AM

EUR/CAD could extend drop with Canadian data in focus

Today is fairly light on the data front. The only notable exception will be Canadian inflation and retail sales figures, which will be released later at 13:30 BST (08:30 EDT).

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May 18, 2018 02:09 AM

Chart to watch: EUR/CAD

The CAD’s drop was more pronounced against the euro, with the latter managing to catch a bid earlier today. Consequently, the EUR/CAD managed to hold its own above the 200-day moving average and long-term trend line around the 1.5200 area for the second consecutive day.

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May 11, 2018 07:36 AM

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EUR/CAD in focus amid ECB, US tariff plans and Canadian jobs data

After the ECB’s dovish press conference the euro fell across the board, even against the Canadian dollar.

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March 8, 2018 07:53 AM

EUR/CAD: Eurozone CPI confirmed at 1.3% but how will Canada fare?

While the Bank of Canada has moved ahead of the European Central Bank in raising interest rates first, this hasn’t stopped the EUR/CAD from rising...

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February 23, 2018 01:57 AM

EUR/CAD could be in for a sizable move as it tests key level

The EUR/CAD is an interesting FX pair to watch as it is currently testing a key technical area in the 100-pip range between 1.4735 and 1.4835

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January 9, 2018 08:15 AM

China imports rise boosts commodities while ECB QE report hits euro

The euro has eased off across the board on a Bloomberg report that the European Central Bank may reduce its bond purchases to €30 billion per month from January and simultaneously extend the duration of the QE programme by another nine months to at least September 2018.

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October 13, 2017 03:48 AM

Euro rally takes a breather as focus turns to Canadian CPI

While the euro surged against the dollar, its gains were relatively mild against other stronger major currencies. One such currency is the Canadian dollar, which has been on a tear ever since the Bank of Canada first turned hawkish before raising interest rates. The Canadian dollar will be in focus again today due to the release of Canadian inflation and retail sales data.

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July 21, 2017 03:54 AM

EUR/CAD: Eurozone PMIs beat, Canadian CPI next

The euro finds itself higher across the board, including against the Canadian dollar ahead of the nation's inflation data...

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March 24, 2017 04:10 AM