USDCAD takes a ride as oil whips around after inventory data
Well there was a weaker currency other than the USD over a few minutes at least. The oil inventory data continue to show no relief in site and that the USDCAD thinking twice about heading lower. The price of crude oil moved ba…
USD/CAD drops despite falling crude oil prices and Canadian data
FXStreet (Córdoba) – USD/CAD is about to end the day modestly lower despite a decline in crude oil prices and a lower-than-expected reading on Canadian Housing starts.
On Friday it reached at 1.3318 the highest level since September 30 boosted by the NFP report. But also on Friday, employment numbers from Canada were stronger than expected and is possible behind today’s performance of the loonie that is the best among commodity currencies.
Crude oil is falling modestly, the barrel (WTI) trades below USD 44.00 while stocks in Wall Street are falling more than 1%. USD/CAD held in negative territory and below 1.3200, despite risk aversion and a decline in commodity prices.
USD/CAD technical levels
To the upside, resistance levels might lie at 1.3215/20 (last week highs), 1.3355 (August 25, 26 high) and 1.3400 (psychological level). On the opposite direction support might be seen at 1.3245 (daily low), 1.3190 (previous support) and 1.3155 (Nov 6 low).
USD/CAD is about to end the day modestly lower despite a decline in crude oil prices and a lower-than-expected reading on Canadian Housing starts.
(Market News Provided by FXstreet)
USD/CAD warns of a stronger rally attempt
A well bid USD/CAD elevates the ADX above its 50 level, signal of a highly constructive trend on 1hr charts.What makes the higher settlement in the ADX rare -although not unprecedented- is the fact that it was printing below 35 ten hours ago.Such an ou…
USD/CAD drops to 1.3080 on data
FXStreet (Edinburgh) – The greenback is losing the grip vs. its Canadian neighbour on Monday, now sending USD/CAD to the area of 1.3080/75 following US data.
USD/CAD turns negative near 1.3080
The pair has left the area above the 1.3100 handle despite better-than-expected results from the US docket today. In fact, the critical ISM Manufacturing PMI has come in at 50.1 for the month of October, a tad better than the 50.0 initially forecasted albeit down from September’s 50.2.
Further results saw the manufacturing PMI tracked by Markit at 54.1 vs. 54.0 anticipated, while Construction Spending advanced 0.6% from August to September vs. 0.5% expected.
Back to Canada, RBC’s Manufacturing PMI eased a tad to 48.0 during the last month, down from 48.6 in the previous reading.
USD/CAD levels to consider
As of writing, the pair is now losing 0.02% at 1.3078 and a break below 1.3069 (61.8% Fibo of 1.3459-1.2827) would open the door to 1.3032 (100-day sma) and finally 1.2949 (5-month uptrend). On the flip side, the next hurdle aligns at 1.3310 (23.6% Fibo of 1.3459-1.2827) ahead of 1.3400 (psychological handle) and then 1.3459 (high Sep.29).
The greenback is losing the grip vs. its Canadian neighbour on Monday, now sending USD/CAD to the area of 1.3080/75 following US data…
(Market News Provided by FXstreet)
USD/CAD dives on oil price surge, reversal forms
Oil shorts squeezed hard
WTI crude is up $2.30, or 5.3%, to $45.50 today.
A few headlines are floating around the oil market.
– Today’s US inventory showed a slightly small supply build (bearish)
I suspect positioning is the greatest part of the equa…
USD/CAD Forecast Oct. 26-30/10/2015
The Canadian dollar had a week to forget, losing over 250 points last week. USD/CAD closed the week at 1.3163. This week’s key event is GDP. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD. USD/CAD posted sharp gains after the BOC presented a pessimistic growth report, as low oil prices continue to hobble the Canadian [&hellip