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The latest inflation data out of Canada will hit the markets on Friday, at 1330 GMT. While these figures are always important for market expectations around future Bank of Canada (BoC) rate hikes, the loonie’s overall direction may depend mostly on how oil prices perform going forward, given the resurgent
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USD/CAD freefall pauses around 50% Fibonacci; bias still negative. USD/CAD erased half of its October-December rally, dropping to a one-month low of 1.3179 on Wednesday before turning neutral. According to the RSI, the pair is not far away from oversold territory at the moment, as the indicator lies slightly above 30, a sign
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The loonie recovered almost 2.0% of its lost value last week, registering its largest gain against the dollar in four months but the currency is waiting for another test this week as the Bank of Canada is scheduled to set monetary policy on Wednesday at 1500 GMT. While interest rates are
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Industrial production out of Germany, the UK and France will dominate the economic calendar next week, keeping investors’ attention firmly on the growth outlook for 2019. The Bank of Canada will be the first of the major central banks to hold a policy meeting this year, while the highlight in
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USD/CAD retreats below 19-month high; tendency still bullish. USD/CAD changed direction, heading to the downside, in the very short term over the last couple of daily sessions after finding strong resistance on the new 19-month high of 1.3663 last week. However, currently, the price remains above the near-term ascending trend line,
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USD/CAD records a new yearly high in the overbought zone. USD/CAD had one of its best trading sessions for this year last week, gaining more than 1.5% to close at 1.36, while this week the pair continues to attract buying interest, with the price registering a fresh high for 2018 at
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As 2018 draws to a close, the heavily sold currencies are set to end the year off their lows, while the US dollar – one of the biggest winners of 2018 – appears on track to start 2019 on a negative footing. While it’s too early to predict a new
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USD/CAD extends positive pattern; RSI overbought. USD/CAD keeps printing higher highs and higher lows within an ascending channel, reaching fresh 1 ½ -year peaks at 1.3529 on Thursday. While the market looks to be approaching overbought territory according to the RSI, the MACD suggests that the rally is not over yet
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Canadian inflation figures will hit the markets on Wednesday at 1330 GMT as well as retail sales and GDP numbers that are scheduled to be released on Friday at 1330 GMT. On December 5, the Bank of Canada (BOC) left its benchmark interest rate unchanged at 1.75%, after raising it by 25bps in the preceding meeting as
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The Federal Reserve’s policy meeting will be the main attraction next week as speculation grows the US central bank could signal a slowing down of the pace of rate hikes. Policy meetings by the Bank of England and Bank of Japan are not expected to draw as much attention. Instead,
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