And that’s the way the Loonie rolls! After a few moments of consolidation and a day of losing to the Greenback, the Loonie staged a strong rally back to the .9840 area on Monday. USD/CAD dipped to a low of .9835 before ending the day at .9843.
Canada didn’t release any economic reports yesterday, leaving the Loonie at the mercy of risk sentiment. Fortunately for the commodity currency, risk appetite was strong yesterday after the U.S. Congress hinted that they are closer to coming up with a solid plan for avoiding the Fiscal Cliff.
Whether this positive sentiment will last today remains to be seen though. With no major reports coming out of Canada, I’m pretty sure Loonie traders will keep their eyes and ears peeled for any updates on the Fiscal Cliff plans. Bear in mind that any signs of progress could give the Loonie a boost and push it below the .9850 area so stay on your toes!
Consolidation, baby! That was the name of the game for Loonie traders, as we didn’t see have any data to push USD/CAD in either direction. The pair eventually ended the day at .9854, just 11 pips above its opening price. Could we see bigger moves today?
Watch out for the monthly wholesale sales report headed our way at 1:30 pm GMT. Expectations are that sales rose by .4% in October, which would mark a nice turnaround from the 1.4% drop we saw in September. Should this report print better than expected, we may see USD/CAD slide down the charts.
Risk aversion popped its ugly head back in the markets yesterday and triggered a selloff among higher-yielding currencies, including the Loonie. USD/CAD opened at .9854 then closed at .9875 as the lack of progress in U.S. Fiscal Cliff talks dominated the news.
Canadian wholesale sales came in stronger than expected for October as it printed a 0.9% uptick, higher than the estimated 0.4% increase and better than the previous month’s 1.5% decline. This suggests a potential rebound in retail sales down the line as wholesale sales are typically considered a leading indicator of consumer spending.
However, the Loonie lost ground to the Greenback yesterday as negative news on the U.S. Fiscal Cliff negotiations popped out. As it turns out, the White House refused to accept the proposals of the Republicans, bringing their talks back to a stalemate. It doesn’t help that the deadline is fast approaching!
Let’s see if that’s the case as Canada is set to release its retail sales report at 2:30 pm GMT. Both core and headline figures are expecting to see 0.2% upticks for October, which would be an improvement over the previous month’s 0.0% and 0.1% readings respectively. Stronger than expected figures could boost the Loonie so make sure you keep close tabs on the actual release!
Thanks to some pretty solid retail sales figures, the Loonie dragged USD/CAD lower, narrowly avoiding a third straight loss against the Greenback. After trading as high as .9897, the pair retreated and fell to .9874, 2 pips below its open price.
What a comeback, eh? And the Loonie owes it all to October retail sales data! Thanks to a healthy job market and strong consumer confidence, headline retail sales were up 0.7%, far better than the 0.2% that had been expected. Meanwhile, core retail sales came in at 0.5%, delivering another pleasant surprise against the 0.2% forecast. No wonder the BOC has been hawkish as of late!
Now, let’s see if this will translate into stronger GDP growth! At 1:30 pm GMT, we can expect the October GDP report to come out. Survey says it’s due to show a tiny uptick of 0.1% after September’s flat growth.
Also, the latest CPI stats will be available at 1:30 pm GMT. According to forecasts, there was no change in prices last month, unlike the 0.2% rise recorded in October. Don’t miss these bad boys – they’re the last Canadian reports to come out before the holidays, so it’ll probably be your last chance to trade the news this year!
Was the Loonie naughty in 2012? It looks like Santa didn’t give it the gift of pips in December. USD/CAD found a bottom at .9825 early on in the month, inching higher all the way up to .9950.
For the most part, concerns about the U.S. falling over the fiscal cliff highlighted the dollar’s safe haven status and weighed down the Loonie. But don’t fret! Word around the hood is that American policymakers were finally able to reach a deal. Will we see risk appetite pick up? Maybe. Keep close tabs on the markets to find out fosho.
Canada won’t release any economic report until Friday. Employment figures will be on tap, with job growth seen to be flat and the unemployment rate predicted at 7.3% in December.
With that said, make sure you keep close tabs on market sentiment, ayt? Good luck folks!
Now that’s how you start the year! The Loonie racked up some major pips from yesterday’s trading, forcing USD/CAD to slip 79 pips to .9860 as the U.S. fiscal deal set off fireworks for comdoll traders. Suweeeet!
Thanks to the U.S.'s last-minute budget deal, the markets bought up the Loonie like it was going out of style. Apparently, by passing a bill to increase taxes on individuals earning above $400,000 and taxes on dividends from 15% to 23.8%, the U.S. (Canada’s largest trading partner) was able to avoid some pretty harsh measures that would’ve probably sent it back into recession. Phew! Crisis averted!
Naturally, this helped boost the markets’ risk appetite, which proved beneficial to the comdolls.
No reports from Canada today. For now, it’s probably best that you keep risk sentiment in check. If the risk rally continues, we’ll likely see more red candles for USD/CAD, so stay alert, especially in the New York session, when the U.S. is set to publish some heavy reports.
The Loonie sure loves to stay in a range, doesn’t it? USD/CAD moved sideways above the .9850 minor psychological level during yesterday’s trading then rallied towards the end of the U.S. session and closed at .9872.
There were no reports released from Canada yesterday, which probably explains the Loonie’s range-bound price action. Mixed U.S. jobs data, namely stronger-than-expected ADP employment figures and weaker-than-expected initial jobless claims, also kept USD/CAD stuck in tight consolidation.
It wasn’t until the release of the FOMC meeting minutes, which revealed that Fed officials were getting concerned about the size of the central bank’s bond purchases, that USD/CAD enjoyed a little more volatility. Apparently, FOMC members can’t seem to agree on how long the easing program should last, and this conflict in the U.S. central bank was enough to spark a bit of risk aversion in the markets.
Canada is set to report its jobs data at 2:30 pm GMT today, which means that the Loonie could be in for a topsy-turvy day. Hiring is expected to have picked up by 4K in December 2012, weaker than the 59.3K increase in employment during the previous month. However, the jobless rate is expected to tick higher from 7.2% to 7.3%. Better keep an eye out for these figures as weaker-than-expected results could trigger another Loonie selloff.
Don’t forget that today is also NFP Friday so be careful when trading USD/CAD. Good luck and good trading!
Ooohhhh, muscles! Thanks to a very positive Canadian employment report, the Loonie was able to fight toe-to-toe with the safe haven Greenback last Friday. USD/CAD began the day at .9873, rose to .9925, and then fell back down to .9870.
Canada’s employment report showed that 39,800 net jobs were created in December. The market had only initially estimated that 4,000 jobs would be added. The country’s unemployment rate also surprisingly went down. It was reported to have fallen to 7.1% from 7.2%.
This week, Canada’s economic calendar is pretty bare as only the Foreign Securities Purchases report and Manufacturing Sales are scheduled for release. Both are considered medium-tier data, and they don’t normally have a strong impact on price action.
With no hard data on tap, USD/CAD stuck within a tight range of just 30 pips, eventually ending the day at .9863. Will we see more of the same consolidation or is a breakout in the cards?
Not even the better-than-expected Ivey PMI report could bust USD/CAD out of its range yesterday. The report printed at 52.8, after it was projected to come in at just 51.3. This was a big jump from the 47.5 reading we saw last month, indicating that the manufacturing sector could be back on track now.
Looking at our economic calendar, we don’t have anything lined up, so we may see more consolidation take place on USD/CAD. Nevertheless, you never know what might rock the markets, so stay on your toes!
Without any major economic report from Canada, the Loonie just kept on chillin’ like vanilla bread puddin’ in yesterday’s trading. USD/CAD finished the day almost unchanged, only 7 pips above its opening price at .9871.
Our forex calendar is still blank for top-tier reports for the comdoll today. However, we do have Canada’s housing starts report for December on tap. Although its not considered to be a major market mover, it might be worth your pips to still pay attention to it. Who knows, it could spark some volatility on the Loonie. It’s due to come out at 1:15 pm GMT and the forecast is for a 198,000 reading.
Down for another day! Thanks to weak Canadian data and overall comdoll weakness, the Loonie failed to pare its intraweek losses yesterday. USD/CAD touched an intraday low at .9854 before it capped the day 5 pips higher than its open price.
Good thing that the Canadian housing starts data wasn’t all that bad. The report clocked in at 198,000 for December, which is only slightly lower than November’s 201,000 figure. Fortunately for the comdoll bulls, oil prices continued to strengthen yesterday and supported the oil-related Loonie.
Canada will be printing its building permits and its new housing price index reports today at 2:30 pm GMT. The building permits report is expected to weaken against its previous numbers while prices of new housing is expected to mimic its growth rate last month.
Be careful though, as the reports are released at the same time as ECB’s press conference! If Draghi announces anything market-moving, then we might see volatility in the Loonie pairs that’s unrelated to Canada’s economic reports.
The Loonie must have felt fly like a G6 on the charts in yesterday’s trading, bagging 41 pips from the dollar when it closed at .9834. ECB head honcho Draghi’s relatively more positive than expected remarks on the euro zone fueled risk appetite and allowed higher-yielders such as the comdolls to finish higher against the USD.
I wonder if he Loonie will continue to fly high today. Aside from market sentiment, the currency’s price action will also probably be dictated by the trade balance report from Canada. At 1:30 pm GMT later, the country’s trade balance report is eyed to print a 300 million CAD deficit for November. A better-than-expected figure will probably be bullish for the Loonie so make sure you don’t miss it!
Consolidation was the name of the game for USD/CAD last Friday as it was unable to move convincingly in one direction. It moved sideways for almost an entire day, finding significant resistance at .9848 and strong support at .9815.
Canada’s trade balance was the only notable economic release last Friday. It showed that the country’s trade deficit has widened to 2 billion CAD from 600 million CAD. It was a huge disappointment as the market had only initially expected a 300 million CAD deficit.
Canada’s economic cupboard will be pretty bare this week as no major data is scheduled for release. This means that USD/CAD’s movement will probably be determined by events taking place in other major economies like the U.S. and the euro zone. Market sentiment will likely play a big role, too.
Quite a topsy-turvy way to start the week for the Loonie! The Canadian currency managed to sneak in some gains against the Greenback but not without USD/CAD spiking to a high of .9867. Towards the end of the U.S. session, the pair slid back down and ended the day at .9838.
Canada didn’t print any major reports yesterday, which means that most of USD/CAD’s movement was a result of risk sentiment. As it turns out, Fed head Bernanke didn’t speak of when the central bank’s QE program would end, causing traders to lose appetite for the Greenback.
There are no top-tier reports from Canada again today so y’all better keep close tabs on market sentiment to figure out where USD/CAD could be headed. Don’t forget that U.S. retail sales, PPI, and Empire State manufacturing index are due at 2:30 pm GMT so we could see a lot of action and profit opportunities around that time. Good luck and good trading!
“Keep calm and trade sideways,” was USD/CAD’s theme yesterday as it simply moved within a tight range. It opened the day at .9838, rose as high as .9869, and then fell back down to close the day barely changed at .9844.
The lack of market moving events was probably the reason behind USD/CAD’s directionless price action. With today’s economic cupboard also empty, I think USD/CAD could range again. Support at .9832 has proven to be very strong, so keep a close eye on the level just in case it holds again.
The Loonie bulls weren’t able to get their mojo back yesterday as USD/CAD rose for a second day in a row. The pair reached an intraday high of .9878 before it closed 18 pips higher than its open price. What gives?
We hear anything from Canada yesterday, but USD/CAD was affected by the overall Greenback rally in the markets yesterday. The Loonie’s losses were limited though, thanks to a surprisingly low U.S. oil stock report that boosted oil prices. As you know, higher oil prices mean more demand for the oil-related Loonie.
At 2:30 pm GMT today Canada is set to release its foreign securities purchase data. The report is expected to show decreased demand for the Canadian dollar compared to its previous reading, but make sure that you watch this report closely as it could affect the Loonie’s price action especially in the absence of other major reports during the U.S. session.
Surprise, surprise! The Loonie was able to pull ahead of the Greenback for the first time in three days despite posting worse-than-expected economic data. After rising to a high of .9886, USD/CAD retreated, falling to .9852, just 9 pips below its opening price.
Foreign securities purchases declined from 12.67 billion CAD to 5.62 billion CAD in November, but the market didn’t seem to mind so much, even though this figure was waaay below the 9.45 billion CAD result that many had predicted.
Later today, we’ll take a look at manufacturing sales data, which is expected to show a .9% increase in November, following the 1.4% slide in October. If this report prints results above expectations, it might just help the Loonie erase some more of its recent losses. Catch it at 1:30 pm GMT.
Like its comdoll buddies, the Loonie had no chance against the Greenback’s strength last Friday. USD/CAD popped up to an intraday high of .9948 before it capped the day 73 pips higher than its open price. What’s up with that?!
Canada’s manufacturing sales report should’ve given the Loonie bulls a thrill as it printed a growth of 1.7% in November, which beat the expected 0.9% growth. Instead, the pair shot up from its .9850 support and shot up by as much as 100 pips.
Analysts believe that the less-than-stellar consumer sentiment report from the U.S. might have dampened the Loonie bulls’ drive. Remember that the U.S. is Canada’s trading buddy and a glitch in the U.S. economy could also affect Canada’s growth. Then again, traders could just be positioning ahead of the BOC’s interest rate decision.
Canada is up for a big week this week as the wholesale and retail sales are scheduled both at 2:30 pm GMT on Monday and Tuesday, right before the BOC’s interest rate decision on Tuesday at 4:00 pm GMT. And if that’s not enough action for ya, you could also try trading Canada’s CPI release on Friday at 2:30 pm GMT.
Although USD/CAD consolidated for most of the day, the Loonie still lost a bit of ground to the Greenback as the pair closed 12 pips up from its .9919 open price. Will the Loonie have a chance to recover today?
Since most U.S. session traders were off enjoying a holiday yesterday, there was very little movement among the dollar pairs, particularly for USD/CAD. In fact, the pair barely reacted to stronger than expected Canadian wholesale sales data, which showed a 0.7% uptick for November.
Perhaps traders are also hesitant to take large positions in USD/CAD ahead of today’s retail sales release. For the month of November, retail sales are expected to stay flat while core retail sales could show a 0.1% increase. With stronger than expected wholesale sales for the same month though, there might be an upside surprise, which could boost the Loonie. Keep an eye out for the actual release at 1:30 pm GMT.
Thanks to mixed retail sales data, it’s no wonder USD/CAD stayed in consolidation mode! Once again, the pair remained in ranging mode, failing to establish any new significant highs or lows. By the end of the day, the pair was trading at. 9927 pips below its opening price!
Core retail sales dropped by 0.3% last month, which wasn’t only a complete turnaround from the 0.2% growth we saw the month before, but also failed to hit forecast of a 0.1% increase. Headline sales though, surprised to the upside, rising 0.2% after analysts were expecting flat growth.
The question is, how will this affect the BOC interest rate decision, which is due tonight at 3:00 pm GMT. While expectations are that we won’t see any rate change, there has been speculation that the BOC may change its stance, which has been rather hawkish as of late.
Make sure you tune in during the New York session, as the rate statement may prove to be the spark needed to bust USD/CAD out of consolidation!