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USD/CAD analysis: Currency Pair of the Week – February 19, 2024

The USD/CAD will be among the busier of major currency pairs in what will likely be relatively quieter week, at least in so far as macro data is concerned. Given the closure of US markets for Presidents' Day and the majority of major data releases already published in preceding weeks, the week ahead will present few noteworthy macroeconomic highlights, aside from a select few.


Canadian Dollar Technical Forecast: USD/CAD, CAD/JPY

USD/CAD continues to hold a range inside of a range, but CAD/JPY is bristling at resistance after having set a fresh 16-year high last week.

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US dollar forecast: Seeking breakouts on USD/JPY, USD/CAD

Without top-tier economic data scheduled, I suspect market conditions likely favour technical analysis over the foreseeable future whilst a pullback on USD plays out.

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February 6, 2024 10:46 PM

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USD/CAD analysis: Currency Pair of the Week – February 5, 2024

NFP, Powell and FOMC all paint a bullish US dollar story. This week's data highlights are ISM services PMI and monthly jobs report from Canada. The USD/CAD technical analysis point to bullish break above 1.35 handle.

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EUR/USD, AUD/USD, USD/CAD forecast: A forex major overview

We’re seeing quite a mixture of signals across forex majors, which implies the US dollar could perform well against some currencies but not all. AUD/USD and USD/CAD look vulnerable to USD strengthen, whereas EUR/USD has some key support level propping it up.

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January 29, 2024 08:26 PM
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USD/CAD, Crude Oil Forecast: USD/CAD Rally Pauses as WTI Breaks Out

WTI Crude Oil is rallying as the IEA revised its 2024 oil demand growth forecast up to 1.24M bpd amidst ongoing tensions in the Middle East.

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January 18, 2024 01:53 PM
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USD/CAD technical analysis: How to trade the Loonie

In this brief article, I will discuss what levels to watch and how to trade the Loonie.

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January 10, 2024 12:00 PM
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NFP Preview: USD/CAD Bounce Nears 1.3385 Resistance Ahead of Jobs Reports

The leading indicators point to a stronger-than-expected reading in this month’s NFP report, with headline job growth potentially coming in somewhere in the 175K-225K range


USD/CAD outlook remains bearish as 2023 twilight looms

USD/CAD outlook undermined by rising Fed rate cut expectations. First week of 2024 could be a busy one for USD/CAD, but there are also a few macro highlights still lift for 2023...

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December 21, 2023 12:30 PM

Crude Oil, Canadian Dollar Analysis: WTI’s Surge Drives USD/CAD to 4-Month Lows

While the global supply picture remains murky, the continued growth of US production remains a long-term secular trend, but the potential for disruptions in the Middle East is a short-term risk that is driving prices higher for now.

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December 20, 2023 03:23 PM
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US CPI Preview: USD/CAD Nears 200-Day EMA Ahead of Inflation Data

Traders and economists expect the CPI report to show that consumer prices rose 0.0% m/m (3.1% y/y), with “Core” CPI expected at 0.3% m/m (4.0% y/y).

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December 11, 2023 10:24 AM

USD/CAD analysis: Canadian CPI, FOMC minutes puts Loonie in sharp focus

The USD/CAD is an interesting pair to watch as it tests a major support area ahead of the release of Canadian inflation data and FOMC minutes later.

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November 21, 2023 07:00 AM
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USD/CAD analysis: Loonie hits resistance ahead of key week for US data

The US dollar found modest further support on Friday following Thursday’s bullish reversal on the back of a soft 30-year Treasury auction and hawkish comments by Powell. The key question is whether those gains will last and on the evidence of today’s price action, I am not so sure.

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November 10, 2023 11:00 AM

Canadian Dollar Analysis: USD/CAD Tests 1-Year Highs After Strong US GDP

USD/CAD has rallied each of the first four days so far this week to trade above 1.3800, essentially the pair’s highest level since last October...

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October 27, 2023 09:33 AM
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US Dollar Price Action: EUR/USD, Gold, GBP/USD, USD/CAD, USD/JPY

The US Dollar has continued an aggressive bullish breakout as yields have flown higher since last week’s FOMC. The focus shifts to US data with a big morning on the calendar for Friday.


USD/CAD in the crossfire of CA CPI and FOMC: European open – 19/09/2023

The Canadian dollar has continued to strengthen alongside oil prices in recent days, sending USD/CAD to a near 5-week low, GBP/CAD beneath its 200-day EMA and CAD/JPY to within striking distance of its 2022 high. Today’s Canadian inflation data could prove volatile for USD/CAD ahead of tomorrow’s FOMC meeting.

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September 19, 2023 12:41 AM

Oil, Canadian Dollar Analysis: USD/CAD Hits 1-Month Lows as Oil Rally Extends

Technical analysis shows WTI may be getting stretched while USD/CAD could have further to fall...

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September 18, 2023 12:45 PM

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US dollar, USD/CAD, WTI crude oil analysis: Commitment of traders report (COT)

The USD is on the cusp of flipping to net-long exposure among G10 currencies according to data compiled by IMM (International Monetary Market). And despite the resurgence of US dollar strength, oil continues to perform well and market positioning is looking increasingly bullish for the weeks or even months ahead.

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September 17, 2023 10:23 PM

Pre-CPI US Dollar Price Action Setups: EUR/USD, Gold, USD/JPY

The US Dollar is holding near resistance ahead of high-impact data, with tomorrow’s CPI release followed by the Thursday ECB rate decision, and then next week’s FOMC meeting.

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Dollar analysis: EUR/USD, USD/CAD and Gold outlook - Technical Tuesday

Welcome to Technical Tuesday, a weekly report where we highlight some of the most interesting markets that will hopefully appease technical analysts and traders alike. In this edition of Technical Tuesday, we will analyse the EUR/USD, USD/CAD and gold. The EUR/USD was clinging onto the 1.07 handle at the time of writing. The lower highs and lower lows on the EUR/USD mean that the technical outlook remains bearish until the charts tell us otherwise.

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September 12, 2023 10:20 AM

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.

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Dollar analysis: DXY, EUR/USD, Gold and USD/CAD in focus – Forex Friday

Welcome to another edition of Forex Friday, a weekly report in which we highlight selected currency themes. In this week’s report, we will focus the US dollar, gold, USD/CAD and EUR/USD, ahead of next week’s key events: US CPI and ECB policy decision.


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.

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September 6, 2023 01:25 AM