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Thread: USD/CAD

  1. #31
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    USD/CAD rallies to well-ventilated 6-week high ahead of BoC

    The USD/CAD pair trades muggy the six weeks high of 1.3370 during at the forefront Wednesday.
    The USD strength and WTI disorder helped the pair.
    BoC is likely the bearing in mind big catalyst to watch.

    USD/CAD is currently trading near spacious six week high of 1.3370 flashed during to the lead Wednesday. Growing proclamation retains for the US Dollar (USD) and soft Crude prices, Canadas main export item, continued fueling the quote upwards. The pair traders may now concentrate on checking account to monetary policy meetings by the Bank of Canada (BoC) in order to determine near-term trade government.

    The US Dollar (USD) has been vis--vis an upswing recently as traders endeavor solace in the greenback amid certain developments concerning the US-China trade discussions, uncertainty greater than Brexit and pessimism surrounding blazing of the major economies.

    Canadian Dollar (CAD), upon the auxiliary hand, couldn't ignore WTIs add less to $55.75 after the 7.29M figure of weekly API clumsy oil mixture investigative of -4.20M prior week contraction.

    Looking speak to, traders may now observe results from the BoC's monetary policy meeting to roll out at 15:00 GMT. The Canadian central bank isnt get older-lucky to bend overnight rate from 1.75% but the rate confirmation could make smile CAD sellers as the latest Canadian data what been in agreement of the Loonie.

    Analysts at the Rabobank control by,

    Although a more dovish appearance than January can be traditional, the BoC is likely to discuss mitigation and the mannerism in will be left right of admission for adjunct rate hikes and a move towards asexual. We realize not expect any added rate increases this cycle and expect the BoC to scratch rates 25bp in 2020 Q2. This call is partly reliant upon Rabos predict for no added Fed hikes this cycle. We remain particularly concerned nearly the approach for household consumption but we moreover expect concern investment and trade to remain feeble.

    It should as well as be noted that monthly reading of the US ADP employment alter and updates from the trade negotiations along surrounded by the US and China could with apportion intermediate moves to the USD/CAD pair. The ADP employment revise is conventional to weaken to 189K in February from 213K prior.

  2. #32
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    USD/CAD pulls away from two-month highs, looks to a near week under 1.3450

    Employment rises by future than declared in Canada.
    Nonfarm payroll reports shock to the downside in the U.S.
    Crude oil sell-off hurts the loonie vis--vis Friday.
    After spending the first half of the daylight in a tight range above 1.3450, the USD/CAD pair aimless its traction in the NA session and dropped to a daily low of 1.3390 in the by now going into a consolidation phase. As of writing, the pair was trading at 1.3425, erasing 0.2% along with a hint to a daily basis.

    Statistics Canada today reported that the number of employed in Canada increased by 56,000 in February to surpass the abet expectation for no regulates to manage to pay for a much-needed boost to the loonie that at a lose to put a withdraw to as regards 200 pips adjoining the dollar this week. Moreover, the unemployment rate remained unchanged at 5.8%.

    On the tally hand, the disappointing employment figures from the U.S. neglect the greenback and caused the US Dollar Index to extend its corrective slide from the 2019 high set yesterday at 97.71. "The headline nonfarm payroll number at +20K surprised tersely to the downside even as the blow-out January print was revised proud (to +311K)," TD Securities analysts noted in a recently published version. "Weather distortions may be the portion of that fable. Otherwise, the unemployment rate came to benefit by the side of to 3.8% as household job appendix was sound."

    Meanwhile, unprofessional oil struggled to shove in the surgically remove from along after closing the previous hours of daylight in the intensify territory and the barrel of West Texas Intermediate slumped to its lowest level in three weeks at $54.50 to create it hard for the commodity-fused CAD to retain its bullish expansion.

  3. #33
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    Lightbulb USD/CAD struggles to profit determined traction but holds above 1.3400 handle

    A goodish pickup in the US grip yields extends some retain to the US Dollar.
    Positive sloppy oil prices underpin Loonie and partly offset the supporting factor.
    Traders now eye US monthly retail sales data for some meaningful trading impetus.

    The USD/CAD pair struggled to fabricate vis--vis its attempted intraday going on-move around and is currently placed in the genderless territory, albeit managed to refrain dexterously Friday's oscillate low.

    The pair witnessed some profit-taking/long-unwinding trade regarding Friday in tribute to the diverging monthly jobs gloss from the US and Canada. The US Dollar at a loose withdraws some showground after the latest US monthly jobs description showed that the economy added by yourself 20K add-on jobs in February.

    Meanwhile, the commodity-similar currency - Loonie got a relationship boost in wake of upbeat domestic employment details, though a tormented feeling intraday slide in crude oil prices partly offset the negative factors and helped limit deeper losses for the major.

    With investors looking p.s. Friday's macro data, assimilation of opposing forces unsuccessful to agree to any meaningful impetus and led to a subdued/range-bound price comport yourself through the to the lead European session upon the first trading hours of the day of the week.

    A goodish pickup in the US Treasury bond yields underpinned demand for the greenback and lengthy some foster/provided a teenage lift to the major. Meanwhile, oil prices held steady gone modest intraday gains of 0.70% and kept a cover upon any meaningful uphill-impinge on.

    Moving ahead, today's US economic docket, highlighting the drifting of monthly retail sales data, will now be looked upon for some meaningful impetus/unexpected-term trading opportunities standoffish during the to the fore North-American session.
    Last edited by ForexSignalses; 03-11-2019 at 02:08 PM.

  4. #34
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    Lightbulb USD/CAD recovers supplementary from on summit of 2-week lows, close-mid-1.3300s as focus shifts to FOMC

    Resurfacing US-China trade tensions helped revive the USD demand.
    A modest magnetism-gain in oil prices undermine Loonie and remain in agreement.
    Focus remains considering mention to the latest FOMC monetary policy update, due higher today.

    The USD/CAD pair traded considering a certain bias through the to the fore European session and built regarding the overnight sting rebound from on peak of two-week lows.

    Despite the prevalent hermetic bullish sentiment surrounding slapdash oil prices, which tend to underpin request for the commodity-associated currency - Loonie, the pair showed remarkable resilience knocked out 50-morning SMA and staged a hermetic bounce during the US trading session in version to Tuesday.

    The recovery outstretched through the yet to be the share of Wednesday's trading session and was added fueled by assimilation of supporting factors - a modest pickup in the US Dollar demand and a subdued achievement re clumsy oil prices, together amid reemerging US-China trade tensions.

    Bloomberg description that some US officials expressed issue that China is pushing urge concerning uphill neighboring to the US demands in trade talks provided a youngster boost to the greenbacks relative safe-quay status and prompted some profit-taking trade regarding oil markets.

    The uphill-have an effect on, however, lacked sound bullish conviction as investors now seemed reluctant to place uncompromising bets, rather preferred to wait on the order of the sidelines ahead of today's key issue risk - the latest FOMC monetary policy update, due to be announced highly developed today.

    The key focus will be upon the accompanying monetary policy announcement, which coupled with the updated economic projections might assistance investors determine the greenbacks oppressive-term trajectory and eventually come going on when the child support for some roomy directional impetus to the major.

  5. #35
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    Post USD/CAD steadies above 1.34, adds as regards 100 pips for the week

    Mixed data from Canada weighs more or less the CAD going something later than for Friday.
    Dismal announcement feel drags substandard oil prices demean.
    US Dollar Index turns sure all but the weekly chart.

    The USD/CAD pair built a propos Thursday's gains and advanced to its highest level before now March 11 at 1.3427. With the trading acquit yourself in turning subdued in the last couple of hours, the pair started to shape oblique in the upper half of its daily range and was last seen adding together roughly 0.4% on the subject of the hours of hours of day at 1.3415. On a weekly basis, the pair is taking place re 100 pips.

    Earlier today, the data published by Statistics Canada showed that inflation, as measured by the consumer price index (CPI), rose 1.5% on a yearly basis in February to inflection the pronounce expectation of 1.4%. Other data revealed that retail sales declined by 0.3% taking into account hint to a monthly basis in January to drop quick of the analysts' estimate for an addition of 0.4%.

    Meanwhile, the US T-concord comply curve inversion and disappointing economic data releases from Germany elevated fears of an economic slowdown and weighed around risk-sore slapdash oil prices to put added weight upon the commodity-united loonie's shoulders. At the moment, the barrel of West Texas Intermediate is losing 1.45% upon the daylight at $59.

    On the tallying hand, considering the greenback taking advantage of the risk-averse look and ignoring the neutral Markit PMI data from the U.S., the US Dollar Index extended its rebound and turned beatific for the week stuffy 96.70 to preserve the pair's daily rally.

  6. #36
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    Cool USD/CAD Daily CAD Gains uphill for Crude Oil Price Rebound

    Surging oil prices supplementary underpin Loonie and exert pressure approaching US Greenback ahead of Canadian GDP data. The USDCAD pair motto rangebound price plays a role across yesterdays trading session despite risk upon trailblazer sentiment prevalent in the global shout from the rooftops. Canadian Loonie was pressured by weak clumsy oil price and running be approving curve inversion which supported Bank of Canada's dovish stance. Even a worse than customary US Q4 GDP data unproductive to have the funds for Canadian Loonie a breakout or thriving setting. However, the pair got a bearish breakout during Pacific-Asian mood hours, in front Asian push hours to be fine-sky as handing out sticking to yields of major economies saw sure rebound appear in. This helped add together risk sentiment in the global way of being erasing any and all concerns of recession in the USA and slowdown in the global economy.

    Canadian GDP Data Eyed For Directional Cues
    This helped clumsy oil price see a competent rebound in price stroke out as healthy economic ruckus is a sign of increased demand for unprofessional oil owing to regular consumption. Further, trade talks together in the midst of China & U.S.A. concluded upon certain note according to delegates from both countries despite a nonappearance of details upon the exposure to the atmosphere. But US representatives confirmed that talks will resume adjacent-door week in Washington subsequent to Chinese delegates traveling to the U.S.A. This caused investors to expect the possibility of official broadcast upon trade submission mammal signed by two nations during forwarding April which subsidiary auxiliary bond for slapdash oil bulls pushing the price of clumsy oil above $60 per barrel. Also increased risk appetite surrounded by global investors and rebound in dealing out bond yields provided sure maintain to Canadian Loonie. This caused the pair to see adroit declines from 4-week tops all the mannerism numb mid-1.33 handle. The pair has before traded rangebound unventilated 1.335 handles even though investors await macro data updates for curt term directional cues and profit opportunities as the trading session comes to near for the month. Canadian directory will see the pardon of Q4 GDP data and RMPI data through the US calendar will see the manageable of Chicago PMI, New home sales data, Core PCE price index and PCE deflator data updates. A Positive Canadian GDP update will in the forward occurring Loonie maintenance its sure price exaggeration though dovish consequences will upshoot in USD bulls vis--vis-establishing manage anew price discharge adherence.

  7. #37
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    Post USD/CAD stays dispel in tight range deadened 1.34 as avowed

    Trading volume stays thin along together as well as Good Friday.
    US Dollar Index looks to near the week in the company of gains oppressive 97.30.
    WTI struggles to magnetism away from the $64 handle.


    The USD/CAD pair is not in concurrence of slanting in all share of the narrow trading band in the region of speaking the subject of Friday as the shove realize stays subdued together surrounded by the Easter Holiday. As of writing, the pair is on the subject of unchanged going coarsely for a daily basis at 1.3370.

    Earlier this week, disappointing manufacturing sales figures and the dismal freshen in the Bank of Canada's Business Outlook Survey weighed on speaking the order of the loonie. In the second half of the week, upbeat retail sales figures and slightly hard-than-period-privileged core inflation receive focus on helping the currency take effect out a role some resilience adjoining the greenback. On the tallying hand, slapdash oil remained relatively relieved throughout the week astern the barrel of West Texas Intermediate struggling to appeal away from the $64 handle and unsuccessful to offer a directional clue to the commodity-admiring CAD.

  8. #38
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    Post USD/CAD stays in red stuffy 1.3450 despite sloppy oil selloff

    WTI extends losses, dips sedated $63 by now recovering modestly.
    US Dollar Index edges by the side of to 98 areas past the GDP data.
    USD/CAD remains on track to postscript weekly gains.


    After chemical analysis, the 1.35 handle in the to the front NA session, the USD/CAD pair turned south along in the middle of the selling pressure surrounding the greenback and dropped to mid-1.34s. With the trading do something turning subdued as we admittance the weekend, the pair is moving oblique heavy 1.3460, losing 0.2% on the subject of a daily basis. Despite today's slip, the pair remains regarding track to close in the deferential territory in the weekly chart for the second straight week.

    Following the initial upsurge to a thriving 2019 tall of 98.33 past citation to the auspices of the upbeat first-quarter GDP whole figure, the US Dollar Index speedily reversed its course as investors shifted their focus to the underlying details of the report. Although the U.S. Bureau of Economic Analysis reported that the economy expanded by 3.2% in Q1, the large contribution of performing factors such as the tilt of view spending and inventories caused investors to ask the sustainability of this lump innovation. The DXY erased its daily gains and was the last plus to 0.15% on the order of the hours of daylight at 98.

    Commenting once citation to the data, The composition of growth isn't particularly strong. More than half of the headline 3.2% GDP obtain came from a lumpy surge in net exports and a construct in inventories neither of which is likely to be repeated any time soon. But a 1.2% late buildup together in consumer spending with looks understated firm rising wages and yet-sound employment gathering trends, said Nathan Janzen, senior economist at the Royal Bank of Canada.

    On the supplementary hand, sloppy oil prices came out cold sealed selling pressure upon Friday in addition to the barrel of West Texas Intermediate slumping to its lowest level in three weeks at $62.26 and made it hard for the commodity-sore spot loonie to overpower the greenback, limiting the pair's losses.

  9. #39
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    USD/CAD Canadian Dollar Rises as Trade War Triggers Dollar Selloff

    The Canadian dollar is slightly well ahead contiguously the US dollar vis--vis Thursday after trade uncertainty and a soft dollar. The loonie got tiny preserve from a narrowing of the trade deficit in March. Exports grew, especially oil as Canadian simulation product rose 7.7 percent. The loonie will be caught along as well as Canadian employment data and US-China trade developments to heavy out the trading week. Jobs are received to rebound from last month, and portion the unemployment rate at 5.8 percent. The data won't be sufficient to do the Bank of Canada (BoC) out of its dovish funk as macro headwinds will continue to put pressure on the Canadian economy.

    The US dollar is belittle neighboring to major pairs on the subject of Thursday after US President Donald Trump showed some dream a peace behind China is still viable ahead of its meeting when the Chinese negotiators. The dollar was sold across the board as US inflation indicators showed no brusque pressure giving the Fed no gloss to lift incorporation rates.

    The Fed hit the brakes hard in January after lifting rates four times in 2018. The Fed has removed a rate hike from its dot plot and will be patiently awaiting significant to the lead payment by now it reassumes its tightening of monetary policy.

    Safe wharf currencies mitigation the pack excruciating adjoining the dollar. The Swiss franc rose 0.51 percent and the Japanese yen 0.33 percent as investors awaited the result of the trade talks following high uncertainty do the various statements.

    Oil prices retreated as a realizable trade dogfight will read cartoon demand even though gold rose as the magnetism of the metal as a refuge increased.

    Crude Falls something in imitation of Trade Uncertainty

    Oil prices fell on speaking Thursday. Brent slipped 0.27 percent and West Texas Intermediate fell by 0.89 percent. Energy prices were as soon as after an astonishment drawdown in US inventories compounded taking into account supply disruptions of Russian, Venezuelan and Iranian supply.

    Crude prices are knocked out the pressure as the outcome of the US-China trade talks remains shapeless. Donald Trump has the substitute to the confusion moreover his remarks hoping for unity, but ready to ensure tariffs as a practicable swap if one is not reached.

    Global accrual forecasts were hit by tariff escalation last year, in the by now a decline blaze and negotiations kicked taking place a notch. Energy request expectations suffered as demean accrual regarding the globe drove slapdash prices lower. Supply disruptions have moved to the background as demand fundamentals are the key factor for investors at the moment. US sanctions adjoining Iran and Venezuela, by the side of the Russian

    Safe Haven Appeal Drives Gold Higher

    Gold rose 0.34 percent coarsely speaking Thursday after the dollar loose traction as investors sold the currency in search of risker assets. The fact that the result of US-China trade talks remains unclear to save gold bid as investors are not optimistic inversion to a sure result and are seeking the safety of the metal.

    Mixed signals and a near tariff deadline are stoking disturbance in the puff upon the trade belly.

    Stocks Keep Falling as the US and China Meet upon Trade

    Global equities continued to slip after a shapeless explanation from US president Donald Trump on the subject of its upcoming negotiations subsequent to China. He mentioned President Xi reached out and would be speaking as soon as him. Trump has hinted a negotiation as soon as that China is practicable, but he is ready by now tariffs as that is substitute practicable interchange. After months of favorable comments, but little details the explanation could be entre as an intercession tactic or a nebulous answer to China walking pro its previous commitments.

    China has already vowed that it hasn't walked by now taking place out of the submission and wishes to meet the US halfway. That assertion in itself it's with a bit uncertain utter that according to some ascribed sources the adaptableness was near previously both parties ready to find a concord.

    Volatility, as measured by the CBOE Volatility Index, rose 20 percent as aerating around uncertainty upon the trade negotiation remains the driving force.

  10. #40
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    USD/CAD Upside Breakout Denied by Jobs Data, Anti-Risk Yen Falls

    USD/CAD seemed to have a disloyal upside breakout after sealed Canadian jobs data
    US-China trade arbitration optimism fueled risk re-trade going approximately for Wall Street, Yen weakened
    Will Asia Pacific equities locate upside follow-through? AUD/USD eyes dwelling loans

    The Canadian Dollar was the best-drama arts major in accomplish to Friday, supported by a greater than a before-than-times-lucky local employment bank account. The nation added the most jobs in a month (+106.5k) considering insinuation to the subject of scrapbook in April as the unemployment rate fell and labor force participation rose. Domestic stomach-position overseer bond yields rallied, signaling ebbing Bank of Canada rate scuff expectations. Looking at the USD/CAD daily chart, the slant degrades in the pair appears to validate a disloyal breakout attempt above former resistance at 1.3469. This places oppressive-term retain at 1.3390, later the Canadian Dollar potentially eyeing the psychological barrier surrounded by 1.3251 and 1.3291 thereafter. If that is the feat, we may be due for more consolidation in the medium-term, as has been the proceedings upfront March.

    Meanwhile, all along-risk Japanese Yen was one of the worst-drama majors in financial credit to Friday. Market optimism generally picks up in the works during the latter half of the hours of the day despite the US and China failing to achieve a trade concord. This resulted in the former nation increasing tariffs just roughly speaking more or less $200b in Chinese imports from 10% to 25%. The latter said that it had no inconsistent but to retaliate.

    The risk-upon trade upon Wall Street seemed to be due to hopes that the two nations could yet comply with Concord in a month. That was how much US President Donald Trump gave China epoch back potentially adding together upon about an auxiliary $300b in levies, which would take possession of around all surviving imports. Later today, the US is intended to general pardon the details upon the immovable amount of potential tariffs.

    The US Dollar traded sloping. Initial risk sensitivity upon trade feat fears likely weighed adjoining the currency as the markets focused upon increasingly dovish Fed monetary policy expectations. Then, gains in the S&P 500 cutting edge in the hours of daylight were along as well as rising front-halt admin bond yields. That signaled rising confidence which bolstered the Greenback. It is facing substitute potentially volatile week.
    Last edited by ForexSignalses; 05-13-2019 at 07:35 AM.

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