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Loonie

The dollar was choppy today...The dollar was choppy today and started the day lower but remains sub 92.00, whilst holding above the 91.60 support level in wake of a weak initial jobless claims print yet again this week at 411k, a similar pace to last week. CAD was a underperformer despite a partial recovery in Canadian manufacturing sales and failed to benefit from a later recovery bid in oil prices, with USD/CAD rising a fair bit into the 4pm BST London fix. For now, further upside to be expected on USD/CAD heading into tomorrows session.
Long
by FTUKcom
4
USD/CAD nearing the 1.2000!Loonie hand back gains vs their US counterpart following firm rebounds yesterday. UUSD/CAD is hovering below 1.2050 in advance of Canadian retail sales. The Buck remains fundamentally, technically and even psychologically weak as the DXY languishes below 90.000, but the index is trying to resist another bout of selling pressure that could yet culminate in further depreciation given bearish external factors. For USD/CAD we could see some serious downside moves heading into next week. 1.2000 is a massive level and if broken we could see drops even down to the 1.1500.
Short
by FTUKcom
10
USDCAD - Is it time to finally buy?USDCAD - Is it time to finally buy? USDCAD - In my year ahead outlook these were the levels I was talking about the 1.20 areas!! We have finally got to those areas longer term at a key 1.618 area but now it's looking a little over extended the bears. Where does this leave us? This could be a great opportunity for a trade up towards key resistance zones! Whilst trading CAD, keep an eye on WTI (CL) Technically: Pattern: Channel Resistance: 50 EMA - 1.21895 areas Support: 1.20785 - 1.20780 If we go above 50 EMA Close above out of the channel down - Bulls will come into control to the next resistance areas (Drawn in red) that could be potential take profit areas! Key tip: It's important to implement your own trade plan for further confluence. Trade Journal (Just a trade idea, not a recommendation)
U
by Trade_Journal
CAD - FUNDAMENTAL DRIVERSFUNDAMENTAL BIAS: STRONG BULLISH 1. The Monetary Policy outlook for the BOC At the April meeting the BOC confirmed market’s speculation that they will start tapering their QE program, and followed through with a CAD1bln reduction per week. The bank also took a hawkish tilt by bringing forward their interest rate hike expectations to 2022 from 2023. The BOC is the first major central bank to step away from the ultra-easy policy put in place due to the pandemic. As long as the virus situation does not deteriorate meaningfully the bank is set to continue normalizing policy and potential hike rates in 2022. 2. Commodity-linked currency with dependency on Oil exports Oil staged an unprecedented recovery after hitting rock bottom in 2020. The move higher has been partly driven by (1) supply & demand (OPEC’s production cuts); (2) improving global economic outlook (vaccine roll out and monetary and fiscal stimulus induced recoveries); (3) rising inflation expectations (reflation). Even though further gains will be an uphill battle after the push higher, the bias remains positive in the med-term as long as the supportive factors and drivers remains intact and should be supportive for the CAD in the med-term. 3. Developments surrounding the global risk outlook As a high-beta currency, CAD has benefited from the market's improving risk outlook over recent months as participants moved out of safe-havens and into riskier, higher-yielding assets. Also, as a pro-cyclical currency, the CAD enjoyed upside alongside other cyclical assets after moving into an early post-recession recovery phase with expectations of global synchronized recovery. Even though the risks remain surrounding the virus and thus global economic outlook, the success of the global vaccination roll out should prove supportive for the CAD.
by thunderpips
USD/CAD – Week 18 – Indecision territory.In our previous analysis, we correctly forecasted that USDCAD will break the low again. For this week the price may continue to fall, but at some point, we expect the US Dollar to gain some momentum against his Canadian fellow and start a bullish move. A nice confirmation for the bullish move will be a break of the resistance area that we highlighted, followed by a small correction. Friday will be a busy day for both currencies as the investors wait for the US NFP & Unemployment rate data, as well as the Canadian Unemployment rate. This could impact the pair massively and act as a trigger for the bullish move that we anticipate to happen. Trade with care. Best regards, Financial Flagship Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Long
by financialflagship
14
USD/CAD – Week 17 – BOC driving the pair to a new low.Last week, the BOC kept the interest rates unchanged and announced that “weekly net purchases of Government of Canada bonds will be adjusted to a target of $3 billion.” This statement dropped the value of the pair from the $1.265 resistance area straight into the support level. In the coming days. we anticipate the price to make a small correction, break the support area and make a new low. Trade with care. Best regards, Financial Flagship Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Short
by financialflagship
12
1.2500 is still proving to be a sticking point...1.2500 is still proving to be a sticking point for the Loonie vs its US peer, but Usd/Cad has pulled back from circa 1.2535 against the backdrop of firmer crude prices and the Canadian budget that was mixed in terms of 2020/21 and 2021/22 fy deficit forecasts vs prior projections, though pretty neutral on balance, awaiting CPI and the BoC on Wednesday. I have illustrated the make or break zone which will be the main factor to determine the overall mid trend of the next 4 - 5 weeks.
by FTUKcom
8