Not much movement for the Loonie - USD/CAD ended the day just 5 pips lower at 1.0260. Without any Canadian reports to drive the markets, the pair never really traded more than 35 pips away from its opening price. Boooring!
Hopefully, we’ll get a bit more action today as Canada is set to publish CPI data. Headline CPI is expected to show a 0.3% increase in prices, while core CPI is slated to print a 0.2% uptick. There’s a chance we’ll see soft inflationary figures, as early indications from the Ivey PMI and recent raw materials prices suggest weaker inflationary pressures for the month of March.
Should these reports reveal weaker-than-expected inflation, it could result in a USD/CAD rally as it would give the BOC leeway to keep interest rates where they are and hold off from hiking rates until 2014.
Look who missed the risk appetite train! Last Friday, Canadian data popped up in the red, which is probably why the Loonie bulls didn’t jump in along with the other high-yielding currencies higher. USD/CAD had dropped to an intraday low of 1.0232 before it closed 3 pips higher than its open price. Ouch!
Canada’s unlucky streak got extended last Friday when the country’s inflation only showed a 0.2% growth instead of the 0.4% rate that markets were expecting. Not only that, but the comdoll country’s wholesale sales also registered a 0.0% growth, which is pretty discouraging given that it printed a 0.5% rise last month.
No data is scheduled for release today, but watch your charts closely tomorrow at 12:30 pm GMT when Canada releases its retail sales report. Predictions aren’t looking to rosy right now, so make sure that you prepare for every possible scenario if you’re planning to day trade the report!
Without any economic data on tap from Canada, the Loonie was left with no other choice but to spend another day in the bear lair. USD/CAD hovered around the 1.0250 minor psychological handle for the most part of the day before closing 4 pips higher from its opening price at 1.0256.
If you’re looking for some action on the Loonie, today may just be your day. The Canadian retail sales report for March is on tap later at 12:30 pm GMT and it would probably cause some volatility on the charts. A figure better than the expected reading of 0.3% for the headline figure and 0.5% for the core reading could boost the Loonie.
TaKe caution, alright? Disappointing numbers could once again leave the comdoll in the bear lair once again.
Although USD/CAD experienced quite a bit of volatility yesterday, the pair still ended up basically where it had begun the day. It opened at 1.0260, rose near the previous day’s high at 1.0286, and then closed at 1.0263.
The Canadian retail sales data helped the Loonie stay afloat versus the Greenback. The headline figure came in at 0.8%, more than double the expected gain of 0.3%. Meanwhile, the core version, which excludes the volatile automobile sales in its computation, showed a rise of 0.7%, slightly higher than the 0.5% increase initially forecasted.
There’s absolutely nothing on Canada’s economic cupboard today, so there’s a high chance that USD/CAD will maintain its range today. Keep a close eye on the previous day’s highs and lows, as they could very well hold!
Ho hum… USD/CAD’s price action was pretty dull yesterday, although the pair did have an extra kick of volatility during the New York session. USD/CAD jumped to a high of 1.0277 then dipped below the 1.0250 handle towards the end of the day.
The lack of top-tier economic data from Canada was probably the reason why USD/CAD saw very limited movement in yesterday’s trading. Only BOC Governor Carney’s speech was on tap, and this didn’t result in a significant reaction from USD/CAD as he didn’t really say anything out of the ordinary.
There are no reports on Canada’s schedule for today, which means that USD/CAD could be in for another round of quiet trading. Do stay on your toes for any changes in market sentiment though!
Despite the lack of economic data, the Canadian dollar managed to make a huge lunge forward thanks to increased appetite for risk. The Loonie closed the U.S. trading session at 1.0208 against the dollar, which is a respectable 49 pips higher from its day open price.
The bout of risk appetite initially came from the U.K., as the country’s first estimate of its Q1 2013 GDP came in much better than expected. It showed that the country managed to avoid a technical recession and actually expand 0.3%. Economists initially expected a growth of only 0.1%. In the U.S., the weekly initial jobless claims also beat forecast. It printed a reading of 339,000, lower than the 352,000 consensus.
Even though Canada doesn’t have anything on its economic cupboard, I think we’ll still see a lot of movement from the Loonie. After all, the U.S. is going to publish the Advanced GDP report, which could indirectly affect the Loonie.
Scooooooore!!! Canada might not have printed any economic report, but a weak U.S. data dragged USD/CAD by another 39 pips to 1.0169. What is this U.S. economic report anyway?
It’s none other than the U.S. GDP, of course! The data came in at 2.5% last Friday, which is way worse than the 3.1% growth that many had anticipated.
Let’s see if Canada’s own GDP report can do any better. We don’t have any Canadian data on the docket today but Canada is set to release its own GDP numbers tomorrow at 12:30 pm GMT. If you’re planning on trading the Loonie today though, then you can watch out for other major reports like the U.S. core PCE and pending home sales due at 12:30 pm GMT.
Good luck and good trading!
I hope you guys are keeping track because that’s FOUR days in a row now that the Loonie ended higher against the Greenback! Once again, traders went nuts for the Canadian currency, taking USD/CAD down 56 pips to end at 1.0115. Let’s see if it can extend its streak for another day!
Aside from the broad-based Greenback weakness that we saw yesterday, soaring oil prices also helped tow the Loonie to new heights. Remember, oil is one of Canada’s top exports, so where oil prices go, the Loonie usually follows.
Up ahead, we have Canada’s monthly GDP report coming out at 12:30 pm GMT. A 0.2% growth is expected for the month of February, which is the same as what we saw in January. If the results print below forecasts, it could just cause the Loonie to come tumbling back down, so don’t even think about missing the release, homies!
The winning streak continues! Thanks to a positive Canadian data, USD/CAD fell for a FIFTH day in a row, slipping by 41 pips this time. What energized the Loonie bulls anyway?
It’s none other thanCanada’s GDP, of course! The report printed a 0.3% growth for the month of February, which is slightly higher than the expected 0.2% growth and is in line with the upwardly revised 0.3% growth in January. As a result, traders shrugged off Canada’s weak raw materials and industrial price data.
Canada won’t be releasing any more reports today but Mark Carney is scheduled to give a speech in Edmonton at 10:05 pm GMT. Since he’s on his last months as BOC head honcho, y’all better listen for any clues on his sentiment and expectations of the next BOC head!
With most of the world out on holiday, economic catalysts were in shortage yesterday. This resulted in a pretty quiet day, with USD/CAD trading in a relatively tight range. The pair began 1.0074, found support at the previous day low at 1.0054, and then closed the day a few pips higher from its open at 1.0082.
The only red flag on Canada’s economic calendar today is its Trade Balance. The Trade Balance, which measures the net difference in value between Canada’s imports and exports, is expected to show a 700 million CAD deficit for the month of March, significantly lower than the 1 billion CAD deficit seen in February.
A falling deficit is normally seen as bullish for the domestic currency because it could imply that exports are rising much faster than imports. The actual figure will be released at 12:30 pm GMT.
Could this be the end of the line for the CAD bulls? For the second day in a row, the Canadian dollar failed to edge out the dollar, as USD/CAD basically remained within a range. Will we see more of the same as we end the week?
Not even better-than-expected trade balance figures could boost the Canadian dollar. Canada posted a balanced deficit, after it was projected to post a deficit of 700 million GDP. This means that for the month of March, Canada did not export more than it imported, or vice versa.
One reason why the Canadian dollar may have weakened though is due to the announcement that Stephen Poloz will be taking over the top post at the BOC after Carney jumps across the Atlantic to join the BOE. Formerly of the export financing department of the government, rumors are that Poloz may be more willing to additional easing measures as compared to Carney. Of course, this isn’t good news for the Canadian dollar.
Looking ahead, we have no hard data scheduled for release from the Great White North today. Make sure you hit up my USD commentary to find out what else will be released during today’s New York session!
What a rally by the Loonie! USD/CAD slid lower on Friday as risk appetite from the strong U.S. NFP figures boosted the higher-yielding Canadian dollar. The pair broke below the 1.0100 handle and consolidated around the 1.0075 area towards the end of the New York session.
Even though Canada didn’t print any major reports on Friday, the Loonie was able to enjoy a strong rally when its North American neighbor revealed a strong recovery in its labor market. After all, strong domestic demand in the U.S. typically has a positive impact on the Canadian economy as it boosts demand for the latter’s products.
For today, Canada will release its building permits and Ivey PMI figures starting from 1:30 pm GMT. Building permits could show a 0.7% uptick for March while the Ivey PMI is projected to dip from 61.6 to 58.3. Later on this week, Canada will release its own labor data and possibly show a 13.5K rise in hiring.
The stalemate continues! Once again, the Loonie and the Greenback locked horns on the charts, with neither currency willing to give ground. After an entire day of trading, USD/CAD finished just 7 pips lower at 1.0069. Will the pair finally bust a move today?
We got mixed reports on the Canadian economy. Building permits surged by 8.6%, leaving forecasts for a 0.7% increase in the dust. On the other hand, the Ivey PMI dropped more than expected last month as the index fell from 61.6 to 52.2. But keep in mind that although purchasing activity slowed, the Ivey PMI remained above the 50.0 level, which marks expansion. Now, that ain’t so bad, right?
No reports on tap today, so in the meantime, I suggest y’all keep tabs on the commodities. Remember, movements in oil prices are usually mirrored by the Loonie. That’s why it’s called a comdoll yo!
All aboard the Loonie train! The comdoll extended its gains against the dollar. Yesterday, USD/CAD finished the day lower at 1.0044 with a 24-pip gain for the Loonie. Will the pair’s next stop be at parity?
It would seem that the Loonie benefited from the rally in equities and pickup in risk appetite. With that said and given that we don’t have any major report due from Canada today, it would do you well to gauge market sentiment. Just be careful and remember that the comdoll doesn’t do so well when risk aversion is in play.
I hope y’all have been keeping count because that’s FOUR wins in a row now for the Loonie! It extended its lead against the Greenback by another 11 pips as USD/CAD slid to 1.0033. What spurred the rally this time?
Well, it wasn’t the housing starts report, that’s for sure! Housing starts in April only matched expectations at 175,000. Meanwhile, March’s 184,000 figure was revised down to 181,000.
Loonie bulls had price movements in the commodity markets to thank for keeping the Canadian currency afloat. A surge in “black crack” prices kept the Loonie from losing ground, forcing USD/CAD to levels not seen since the middle of February. As you know, oil is one of Canada’s top exports, which is why the Loonie often moves hand in hand with the commodity.
Again, no major reports coming out of Canada today. The only report on tap is the NHPI, which is due at 12:30 pm GMT and is slated to show a 0.1% rise in house prices. This report ain’t really known to be much of a market shaker, so in the meantime, y’all might have to keep tracking the commodity markets if you want to get a good feel for the comdolls.
And the winning streak ends! For the first time in 6 days, the Canadian dollar failed to edge higher versus the dollar, as USD/CAD finished at 1.0076, up 43 pips from its opening price.
The Loonie’s demiste had less to do with CAD weakness and more to do with a spike in Greenback demand. Make sure you hit up my USD commentary for the 411 on what happened to the scrilla!
For today, make sure you tune in at 12:30 pm GMT, as Canadian employment figures are scheduled for release. Word on the street is that the labor market added an additional 14,800 to the work force last month, which would be a nice improvement from the 54,500 job losses we saw the month before. Should this report print a better-than-expected result, it could give the Loonie bulls the fire needed to erase some of yesterday’s losses!
And the bleeding continues! For the second day in a row, USD/CAD edged higher as traders continued to dump the Loonie in favor of the Greenback. After opening at 1.0076, the pair ended the day at 1.0113.
With the markets still going nuts for the safe haven Greenback, the Loonie just couldn’t find any love. Of course, it didn’t help that Canadian employment data also came in worse than expected. Though the unemployment rate held steady at 7.2%, Canada only posted job gains of 12,500 last month, which is just a bit short of the 14,800 increase that many had expected to see.
Looking ahead, it seems as though we’ll have to wait until Wednesday, when manufacturing sales data is due, to get our first taste of Canadian data this week. The report is expected to show a 0.6% increase after the previous month’s 2.6% surge.
Then on Thursday, we’ll pick up with the foreign securities purchases report, which is set to print a 5.36 billion CAD figure. Shortly after that, the BOC review, will be available.
Capping our week off on Friday is the April CPI (slated to show a 0.1% increase in prices) and the March wholesale sales report (expected to print a 0.4% increase).
Yeehaw! The Loonie has finally been able to bust a move on the charts! USD/CAD finished lower for the first time in two days yesterday. The pair was down 5 pips from its opening price to 1.0110.
No reports were released from Canada and today, our forex calendar is still blank from reports from the country. Will the Loonie be able to hustle some muscle and rally USD/CAD below 1.0100?
That will probably depend on market sentiment. With that said, make sure to remember that the currency tends to do well when risk appetite is up but struggles when risk aversion is in play. Good luck!
The Loonie was subjected to a lot of selling yesterday, giving up 61 pips to the safe haven Greenback. USD/CAD began the day at 1.0110 and closed the U.S. trading session 1.0171. Crude oil, which usually tracks the performance of the Loonie, fell for the third consecutive day yesterday, too.
No major data was released from Canada yesterday, suggesting that USD/CAD’s rise was the product of the overall bullish dollar sentiment that began last week.
Today, Canada only has one report to offer us. At 12:30 pm GMT, the country’s Manufacturing Sales report will be published. It’s anticipated to come in with a 0.6% gain, significantly lower than the previous month’s 2.6% increase.
The 1.0200 major psychological resistance held like a boss in yesterday’s trading, as the Loonie was able to recover some of its recent losses against the Greenback. At the end of the day, USD/CAD settled a few pips above the 1.0150 minor psychological level.
Although Canada’s manufacturing sales report printed a weaker than expected reading, weak economic data from the U.S. helped keep USD/CAD’s gains in check. Manufacturing sales in Canada dipped by 0.3% in March instead of rising by 0.6%, but the previous month’s figure was revised up from 2.6% to 2.8%.
There are no major reports due from Canada today so USD/CAD’s movement could be sensitive to U.S. data once more. Take note that CPI, building permits, initial jobless claims, and the Philly Fed index are on tap and that another round of weak U.S. data could mean more weakness for USD/CAD. Stay on your toes!