The Canadian dollar remains heavy as oil prices continued to slide for a third consecutive day. The loonie was also under pressure following President Trump comments. He stated, “What Canada has done to the US dairy industry is a disgrace, the same is true of US timber industry. The US President also noted that they need to get to the negotiating table very quickly with Canada.
Topics: Canadian dollar, USDCAD, Cad
(Feb 1 Wednesday) The USDCAD daily chart shows a double-top formation at the 1.3600 peak, The first test of 1.3588 (Nov 13) and the second test of 1.3600 (Dec 27). Each attempt was met with selling of US dollars on profit-taking, but rather more of Canadian dollar buying interest and the pullback falls back to the 1.3000 region.
Topics: Canadian dollar, technical analysis, Forex, USDCAD
(Nov 22 Tuesday) The daily chart shows an ascending channel pattern with a peak and reversal from the Nov 14 high of 1.3588, Compared to the hourly chart below, there are two visible declining or double tops of 1.3588 and 1.3565 (Nov 17), which showed the profit-taking of long positions from the past week to 1.3380 (Fibonacci retracement 61.80%).
Topics: Canadian dollar, European Session, Forex Market, technical analysis, USDCAD
The USDCAD rate fell sharply from 1.3400 to 1.3225 (-175 pips) as the canadian dollar soared against the US dollar following the Bank of Canada's decision to leave their overnight interest rate unchanged at 0.5% (Wednesday 15:00 GMT). The USDCAD rate was confined to a narrow range in the prior Asian session and a small short covering rebound in Europe to 1.3280 Thursday 9:00 GMT as traders are staying on the sidelines ahead of the ECB monetary policy announcement later today at 12:45 GMT.
Topics: Canadian dollar, Bank of Canada, Forex Fundamentals, USDCAD
USD/CAD continues its recent bearish correction as oil prices rally to a 4-week high. Oil prices benefited from the idea that both oil ministers from OPEC and non-OPEC countries are organizing a meeting to discuss an output freeze. Venezuelan Oil Minister Pinto stated that Saudi Arabia, Russia, and Qatar have agreed on a March meeting. Qatar’s Energy Minister believes an output freeze would drive oil back above the $50 a barrel.
Topics: Canadian dollar, Canada, Loonie, CADJPY, Bank of Canada, USDCAD
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