Now that’s how you stage a comeback! After retreating against the Greenback on Wednesday, the Loonie returned with a vengeance to undo all of its losses. At the end of the day, USD/CAD finished 46 pips lower at 1.0167.
The NHPI report printed worse-than-expected results, showing a 0.2% increase in house prices amid forecasts which called for a 0.3% rise. Likewise, the capacity utilization rate failed to meet expectations, as it came in at 81.1% instead of 81.3%. Luckily, these reports didn’t have much of an impact on the markets and didn’t affect demand for the Loonie.
At 12:30 pm GMT today, we’ll have something more substantial on our plates as Canada is set to publish its manufacturing sales report. Look for it to reverse the previous month’s 0.3% slide with an 0.3% uptick.
Phew! Despite the release of disappointing Canadian data, the Loonie was able to limit its losses against the Greenback and even capped the day higher by 4 pips. What the heck did Canada release anyway?
Last Friday Canada printed its manufacturing sales data, which showed a 2.4% decrease in the month of April. Not only that, but March’s growth was also revised lower from -0.3% to -0.6%! Fortunately for the oil-related Loonie, renewed Middle East unrest concerns pushed crude oil prices to its nine-month high and provided the Canadian dollar a bit of boost.
Let’s see if the Loonie will be as lucky today. At 12:30 pm GMT we’ll see just how much Canadian securities were bought by foreigners. Word on the hood is that they bought a total of 4.59 billion CAD worth of securities, higher than last month’s 1.19 billion CAD reading. If the data comes in as expected, then we might see the Loonie escape the recent comdoll weakness and actually gain more pips against its counterparts.
The day was pretty uneventful for USD/CAD, which ended up closing just 7 pips higher at 1.0178 after spending the entire day in a tight range. Can we expect it to come to life today?
The foreign securities purchases reports was largely ignored by the market, even though it printed well above expectations. Purchases hit 14.91 billion CAD in April, which is triple the 4.59 billion CAD figure that many had expected to see. With the Canadian economy performing relatively well and oil prices on the rise, it seems that everyone wants a piece of the good stuff as foreigners have decided to load up on Canadian assets.
No reports coming out of Canada today, but do check out our economic calendar for U.S. reports that may affect USD/CAD trading. And remember to keep an eye on oil prices, homies!
For the second day in a row, the Canadian dollar slipped through the cracks, as it allowed the Greenback bulls to edge higher. By the end of the day, USD/CAD rose 31 pips to finish at 1.0209.
Make sure you check in at 4:40 pm GMT, as Stephen Poloz will be making one of his first appearances as the Bank of Canada Governor when he speaks in front of the Chamber of Commerce. He might drop some hints as to what his thoughts on monetary policy are, so watch out!
Topsy turvy day for the Loonie, as USD/CAD got pushed this way and that by central bank events. The pair crept from the 1.0240 area to a low of 1.0173 before jumping up to a high of 1.0287. What was that all about?
New BOC head Stephen Poloz’s very first speech didn’t seem to generate as much excitement among Loonie pairs, as he simply reiterated the central bank’s pledge to maintain price stability and spur growth. In particular, he highlighted the importance of business confidence and the challenge of reconstruction in Canada. He did express some optimism that the Canadian economy will be able to make a strong recovery, which explains why the Loonie was able to make some gains during the start of the New York session.
However, the FOMC statement soon turned things around as Fed head Bernanke announced that the Fed could start winding down its bond purchases at the end of the year. This sparked a huge dollar rally that forced the Loonie to give up its recent gains.
There are no reports on Canada’s schedule for today, which suggests that USD/CAD could be very sensitive to U.S. data. The U.S. has the initial jobless claims, existing home sales, and Philly Fed index on tap so y’all better stay on your toes!
Like most of its comdoll buddies, the Loonie got the short end of the stick in yesterday’s trading. It lost heavily against its counterparts with USD/CAD popping up 101 pips higher than its open price. What the heck happened?!
Where to begin? Aside from overall risk aversion gripping the markets, the Loonie also had to deal with crude oil falling by a full $2.84, China printing a weaker-than-expected manufacturing PMI, and the dollar rising strongly across the board. And Canada didn’t even release any economic report!
At 12:30 pm GMT today we’ll know if the Loonie has a chance at getting back its pips. Canada is set to release its inflation and retail sales numbers, which are all expected to come in better than their last month’s readings. Since Canada’s reports have been printing to the upside lately, investors are feeling optimistic. Still, keep an eye out for any downside surprises, aight? You just might catch another wave of Loonie selling!
The Loonie bulls received another shock for the week and this time the Fed had nothing to do with it. Thanks to surprisingly weak Canadian reports, USD/CAD finished the day 83 pips higher than its open price. Yeouch!
Crude oil prices wasn’t as slippery (pun intended) as it was early in the week, but the Loonie bears found another report to chew on. You see, Canada had just printed its inflation and retail sales reports, both of which came in worse-than-expected.
The headline CPI report showed a 0.2% growth, which is weaker than the expected 0.4% uptick while its core figure also disappointed its 0.3% expectations with only a 0.2% increase. Meanwhile, the headline retail sales report showed a 0.1% rise, lower than the expected 0.2% uptick while the core retail sales numbers dropped by 0.3% instead of showing 0.0% growth. Weaker-than-expected inflation and poor consumer spending numbers? What a double whammy!
We won’t be seeing economic reports from Canada until Friday when it prints its GDP report, so the Loonie will most likely trade on overall comdoll sentiment and commodities’ price action. Make sure you also keep an eye out for sentiment on the Greenback as it could also affect the high-yielding currencies!
It was a wild, wild day for USD/CAD yesterday. At first, the pair continued its stellar rally, rising to its highest level since October 4, 2011. The gains proved to be temporary though, as the pair quickly gave up its gains to end the day hardly changed at 1.0486.
No economic data was published in Canada yesterday and today will be no different. Nevertheless, we could still see USD/CAD exhibit some movement as some tier 1 U.S. data are scheduled to be released later on. Specifically, we’ll see the Durable Goods Orders report, the S&P/CS House Price Index, the CB CB Consumer Confidence survey, and the New Home Sales.
Individually, these reports do not really have a strong effect on price action, but taken together, they could produce a bit of volatility. Better watch out!
Make that 8 straight, mate! The Loonie chalked up yet another day of losses as USD/CAD rose 22 pips to finish just above the 1.0500 handle. Will the bleeding ever stop?!
Once again, the comdoll was unable to withstand the Greenback’s advances. But it wasn’t alone! Almost all other major currencies also ended the day weaker against the safe haven currency, as the U.S. published some upbeat economic reports.
On the domestic front, we didn’t really have any new reports to work with from Canada, and looking at the economic calendar, today won’t be any different. That being said, it might be best for you to see what the U.S. plans to release if you’re looking for news to trade USD/CAD with. Good luck, fellas!
Quiet day for the Loonie, as it didn’t move too far off its opening price thanks to the lack of volatility in the markets. By the end of the day, USD/CAD was trading at 1.0479, 29 pips below its daily open.
Once again, nothing lined up from Canada today, but that doesn’t mean we’ll be in for a snoozefest. Make sure you hit up my USD commentary, as it appears that we’ve got a slew of events headed our way from Uncle Sam! These reports could affect market sentiment, so be careful when trading during the New York session!
USD/CAD traded in a “U” pattern yesterday. The pair, after opening the Tokyo trading session at 1.0479, fell to 1.0424, found support at the region, and then rallied back up to close the day barely changed at 1.0476.
No major report was released yesterday but today will be an important one for the Loonie as Canada’s GDP report will be published. It’s set to come out at 12:30 pm GMT and is estimated to show that the country grew 0.1% for the month of May. In April, the country’s economy expanded 0.2%. USD/CAD has been ranging a lot for the past few days, so if the actual result greatly misses forecast, we could see a huge breakout later. Pay attention!
The Loonie stopped by Loserville last Friday after a weak report from Canada got mixed in with the comdoll aversion in the markets. USD/CAD tipped an intraday high at 1.0554 before it settled 42 pips higher than its open price. Yikes!
Last Friday Canada’s GDP came in at 0.1% for April, which is in line with expectations but is a bit lower than March’s 0.2% growth rate. Even the raw materials price index disappointed analysts when only grew by 0.2% instead of 2.5% as many had expected.
Let’s see if the Loonie can take back some of its losses today. Canada will be out celebrating Canada Day today, but that doesn’t mean that you shouldn’t watch the Loonie pairs. Word on the hood is that China had just released its manufacturing PMI numbers and that the U.S. is also due to release some big numbers. Watch closely and see if it will affect appetite for comdolls like the Loonie, aight?
The Loonie is off to a good start! Despite the lack of economic reports from Canada, USD/CAD finished the first of July lower at 1.0496 after opening at 1.0527. Now the more important question is, will the Loonie be able to sustain its rally?
That would probably depend on market sentiment as our forex calendar is once again blank for data from Canada and the U.S. Keep in mind that the currency usually rallies when risk appetite is up, but doesn’t do so well when risk aversion is in play. Good luck!
The Loonie took a major hit again yesterday as the USD/CAD pair managed to post new highs. The pair, after opening the Tokyo session at 1.0495, had skyrocketed as high as 1.0579 before it closed the New York trading session at 1.0548.
Given the lack of economic catalysts yesterday, I think it’s safe to say that market participants are still pricing in their asset purchases tapering expectations. If you recall, two weeks ago, the Federal Reserve shocked the markets by saying that it could scale down its quantitative easing program if the U.S. economy continues its current path. The Fed also had an optimistic tone, which supported the Greenback greatly.
Today, the only red flag on Canada’s forex calendar is the release of the country’s trade balance for the month of May. It is scheduled to be released at 12:30 pm GMT and is anticipated to show a deficit of 700 million CAD. In the month before that, the deficit was at 600 million CAD. Let’s see if the negative forecast will continue to put downward pressure on the Loonie today.
The give-and-take on USD/CAD continued as the Loonie bounced back to reclaim control of the pair. After losing ground to the Greenback on Tuesday, it retaliated and forced the pair to end 39 pips lower at 1.0510.
Aside from the continued rise in oil prices, the Canadian trade balance lent support for the Loonie. It revealed a trade deficit of just 300 million CAD, which is less than half the consensus forecast.
Sadly, we won’t be getting any more Canadian reports until tomorrow, when Canada’s employment stats and Ivey PMI come out. So in the meantime, continue tracking sentiment for the Greenback and oil prices if you plan on trading USD/CAD. Good luck out there, fellas!
With U.S. traders off on holiday and with no reports due from Canada, USD/CAD trading pretty much stuck within range and didn’t form any new significant highs or lows. Could that all change today with all the reports headed our way?
We could be in for some wild rides when U.S. traders stroll back into the office at the start of the New York session.
At 12:30 pm GMT, the employment reports are expected to show that 4,200 jobs were lost last month, while the unemployment rate remained steady at 7.1%.
Later on at 2:00 pm GMT, the Ivey PMI will also be released, with expectations being that the report will print at 59.6, down from the 63.1 we saw last month. A worse-than-expected resulted may just send USD/CAD soaring past its recent highs.
Watch out though, as it is also NFP Friday, and that will definitely affect USD/CAD trading as well. Hit up my USD commentary for the 411 on that economic report!
USD/CAD bowed down to the mighty Greenback’s strength, but it managed to chalk up small gains against the euro, yen, and even the pound. What the heck happened?!
Blame Canada’s mixed reports! Last Friday Canada posted its employment numbers, which showed that there were less layoffs than markets had expected. Unfortunately, the good vibes were canceled out by a weaker-than-expected reading of the IVEY PMI. The positive employment reports must have been enough for some bulls though, which is probably why the Loonie gained against some of its non-dollar counterparts.
Let’s see if the Loonie will perform as positively today when Canada prints its building permits report at 12:30 pm GMT. The data is seen to grow by 2.6% in May, which is slower than the 10.5% growth that we saw in April. Then, at 2:30 pm GMT we’ll see the BOC’s business outlook survey. No other report is scheduled for release, so you might also want to watch out for any news that might affect the appetite for the comdolls!
Consolidation is the name of the game! USD/CAD was stuck in its recent range, as the pair found support at the 1.0550 area and resistance close to 1.0600. Can it break out today?
Canadian building permits came in better than expected for May, as the figure showed a 4.5% increase, which is higher than the estimated 2.6% rise. On top of that, the previous month’s figure was revised higher from 10.5% to 11.2%.
There are no major reports due from Canada or the U.S. today, which suggests that USD/CAD might be in for more consolidation. Stay on your toes for any potential changes in market sentiment that could trigger strong moves for this pair!
Way to hustle some muscle! The Loonie is two for two so far this week as it extended its gains against the dollar yesterday. USD/CAD finished lower at 1.0526 after kick-starting the day at 1.0560.
There weren’t any reports released from Canada. However, it would seem that good vibes were aplenty in the markets and risk appetite picked up just enough for the comdolls to post a rebound against the dollar.
Today, our forex calendar still doesn’t have anything for the Loonie. With that said, make sure you keep tabs on market sentiment, ayt? If risk appetite continues, we could see the Loonie extend its winning streak to three!
Thanks to the surprisingly dovish FOMC meeting minutes, the Loonie has been able to make significant advances versus the Greenback over the last 24 hours. USD/CAD is currently trading at 1.0407, more than 100 pips from its opening price yesterday.
According to the FOMC meeting minutes, policymakers believe that the highly accommodative monetary policy that it has put in place is still required for the foreseeable future. While this isn’t exactly groundbreaking news, it is very different from what we heard from the Fed a few weeks ago when it hinted that it could possibly taper before the year ends. Traders, in response, readjusted their positions and expectations, resulting in a massive sell-off in the Greenback.
For today, only the New House Price Index (NHPI) is scheduled to be released. It will publish at 12:30 pm GMT and it is projected to show a 0.3% increase, which is slightly higher than the previous month’s 0.2%. A rising NHPI is normally considered bullish for the domestic economy because rising home prices could attract more investors and stimulate industry activity.