USDCAD news - page 23
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August 2015 Canadian building permits -3.7% vs 0.8% exp
Highlights of the August 2015 Canadian building permits data report 7 October 2015
Pretty pointless data from Canada as we've already had the August starts numbers. Ok, it does give us intentions to build. Get your housing data while you can though as probably by this time next week they'll be under 20 foot of snow and ice until about June
USDCAD has picked up from another look under 1.3000 to 1.2986
September 2015 Canadian housing starts 230.7k vs 200.0k exp
September 2015 Canadian housing starts data report 8 October 2015
USD/CAD almost unchanged, Fed minutes on tap
The U.S. dollar was almost unchanged against its Canadian counterpart on Thursday, as the release of upbeat U.S. jobless claims data lent support to the greenback but investors remained cautious before the minutes of the Federal Reserve's latest policy meeting.
USD/CAD hit 1.3074 during early U.S. trade, the session high; the pair subsequently consolidated at 1.3053.
The pair was likely to find support at 1.2970, Wednesday's low and a two-month low and resistance at 1.3176, the high of October 5.
The Department of Labor said the number of individuals filing for initial jobless benefits in the week ending October 3 fell by 13,000 to 263,000 from the previous week’s downwardly revised total of 276,000.
Market participants were now eyeing the minutes of the Fed's latest policy meeting, due later in the day, for further indications on the central bank's next policy moves.
The greenback has been under pressure recently amid diminished expectations for a rate hike by the Fed this year in the wake of last Friday's unexpectedly weak U.S. jobs report for September.
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Canadian September employment +12.1K vs +10.0K expected
Highlights of the September Canadian jobs report:
USD/CAD forecast for the week of October 12, 2015
The USD/CAD pair fell during the course of the week, slicing through the 1.30 level. However, we see quite a bit of support between the 1.28 level and the 1.30 level. With that, even though we broke down we think that this market still has plenty of support below and therefore we are not willing to sell this market. In fact, we think that this pullback might be just what the buyers need to continue to push the market higher.
Keep in mind that the oil markets are very influential when it comes to the Canadian dollar, so having said that we believe that you will have to pay attention to market. Having said that, the WTI Crude Oil market looks as if it was starting to face some serious pressure near the $50 level, so we could get a bit of a bounce in this area anyway. After all, this pair tends to move very inversely from that well market, so we would anticipate that the 1.28 level should offer some type of support.
Once we get above the 1.30 level, we feel that this market would then reach towards the 1.34 handle. That would be a continuation of what has been a fairly strong trend, especially considering that we broke above the 1.30 level in the first place. After all, that is where the financial crisis Stalling in this particular currency pair. We just could not get above the 1.30 level and it acted pretty much as a “brick wall.”
You may have to look to shorter-term charts to get the actual trade signal though. After all, we are getting fairly close to the 1.28 level, so anything that looks like the buyers are stepping back into the marketplace is reason enough for us to think about buying. On the other hand, if we do find yourselves breaking down below the 1.28 handle, that would be very negative for this pair, and as a result we would have to start thinking about selling at that point in time as it would signify a significant breakdown of support.
source
USD/CAD Oct. 12-16
The Canadian dollar repeated with an excellent week, posting gains of more than 200 points. USD/CAD closed at 1.2942, its lowest level since July. This week’s highlight is Manufacturing Sales. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD. The Canadian dollar gained ground as a result.
The Canadian dollar received a boost from a better than expected Canadian employment numbers and higher oil prices. In the US, the dovish Fed minutes sent the greenback broadly lower and the loonie took full advantage.
* All times are GMT.
USD/CAD: Loonie Pares Gains After Hitting Two-Month High
The USD/CAD pair strengthened, while trade was subdued with US and Canada celebrating Columbus Day and Thanksgiving respectively.
The so-called loonie was down 0.45%, trading at C$10.3006 against the greenback, after reaching the two-month high of C$1.2910.
"It was a relatively quiet start to the week given the celebration of Columbus Day in the US. Exchanges remained opened but the S&P 500 has recorded a flat performance. Meanwhile commodities have fallen, led by a 4.5% decline in the WTI price," senior market strategist at Bank of New Zealand, Kymberly Martin, said in a note.
Oil prices turned sharply lower on Monday, putting additional pressure on the commodity-based loonie. Futures for West Texas Intermediate crude oil fell 4.86% to $47.22 per barrel and Brent contracts declined 4.65%, trading at $50.45 per barrel.
Earlier, traders digested the Federal Open Market Committee (FOMC) meeting minutes released last week, which showed officials acknowledging a slight increase in downside risks.
But, Fed officials' policy still seems to remain intact. "We do not currently anticipate that the effects of these recent developments on the US economy will prove to be large enough to have a significant effect on the path for policy," the second-highest-ranking Fed official, Vice-Chair Stanley Fischer said on Sunday.
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USD/CAD pares losses, eases off 2-month trough after U.S. data
The U.S. dollar pared losses against its Canadian counterpart on Thursday, easing off a two-month trough as the release of positive U.S. economic reports sent the greenback broadly higher.
USD/CAD eased off 1.2874, the pair's lowest since July 29, to hit 1.2940 during early U.S. trade, steady for the day.The pair was likely to find support at 1.2858, the low of July 29 and resistance at 1.3080, Tuesday's high.
The U.S. Department of Labor reported on Thursday that the number of individuals filing for initial jobless benefits in the week ending October 10 decreased by 7,000 to 255,000 from the previous week’s total of 262,000.
Analysts had expected jobless claims to rise by 8,000 to 270,000.
Separately, the U.S. Commerce Department said that consumer prices fell 0.2% last month, matching forecasts and following a fall of 0.1% in August.
Year-over-year, consumer prices were flat in September, compared to expectations for a 0.1% slip.
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