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Forex Trading, Market News & Technical Analysis

Today’s Trading Edge: Loonie soars after OPEC reaches a production cut deal, first in 8 years

Posted by WorldWideMarkets . on Sep 28, 2016 8:04:00 PM

OPEC agreed to drop production to a range of 32.5-33.0M barrels per day after the third day of meetings.  Most analysts expected no deal to be reached.  Stocks and oil related currencies rallied following the news.  The outline of the deal suggest the lower end of the production equates to a drop of almost 750K barrels per day from what OPEC produced in August.  Note OPEC pumps about 40% of global oil production.  Many details still need to be finalized. Iran is expected not to freeze production but other OPEC members will need to cut output.

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Topics: Canada, Loonie, USOIL, $OIL, USDCAD, Canadian

Today’s Trading Edge: USD/CAD rises on terrible Canadian jobs data and robust US NFPs

Posted by WorldWideMarkets . on Aug 7, 2016 9:32:32 PM

USD/CAD had its best daily gain since June and recaptured the 1.3100 handle following Friday’s employment numbers.  In Canada, employment declined by 31,200 in July, much worse than the expected gain of 10,000 jobs. This was quite a different story than the labor situation in the US.  The US non-farm payroll report highlighted an increase of 255,000 jobs in July versus expectations of 180,000.  All the components were positive and now the odds have increased from 55% to 75% that the Fed may hike rates before the end of the year. 

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Topics: Bank of Canada, USDCAD, Canadian, Canada Economy

Today’s Trading Edge: EUR/CAD tentatively recaptures the 200-day SMA and forms a bearish Gartley pattern

Posted by WorldWideMarkets . on Mar 20, 2016 9:19:02 PM

 

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Topics: Canada, Loonie, Bank of Canada, Canadian, EURCAD

Today's Trading Edge: USD/CAD - loonie initially stronger after BOC keeps rates on hold

Posted by Edward Moya on Sep 9, 2015 11:45:55 AM


The Bank of Canada kept its main interest rate at 0.5% and had a slightly optimistic tone with its rate statement.  The Bank highlighted solid household spending, a strong US recovery, a weaker loonie, and the effects of the previous two rate cuts are supporting the current economic recovery. 

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Topics: Bank of Canada, USDCAD, Cad, Canadian

 

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