Latest news with #USDCAD
Reuters
2 days ago
- Business
- Reuters
Canadian dollar dips as greenback notches broad-based gains
TORONTO, May 28 (Reuters) - The Canadian dollar edged lower against its U.S. counterpart on Wednesday as recent U.S. economic data bolstered the appeal of the American currency and ahead of domestic GDP data that could guide expectations for the Bank of Canada policy decision. The loonie was trading 0.2% lower at 1.3830 per U.S. dollar, or 72.31 U.S. cents, extending its pullback from a seven-month high on Monday at 1.3684. "It's a U.S. dollar story - the U.S. dollar is outperforming across the board," said Rahim Madhavji, president at "The U.S. economy is potentially doing better than some had expected." Data on Tuesday showed that U.S. consumer confidence improved in May after deteriorating for five straight months amid a truce in the trade war between Washington and China. "All eyes are looking towards the GDP data on Friday in Canada, which will obviously be a key indicator for the Bank of Canada," Madhavji said. Canadian gross domestic product data, due on Friday, is expected to show that the economy grew at an annualized rate of 1.7% in the first quarter, down from 2.6% in the previous quarter. Investors expect the BoC to leave its benchmark interest rate on hold at 2.75% at a policy decision meeting next Wednesday after recent domestic data showed underlying inflation heating up in April. The central bank paused its easing campaign last month for the first time since it began cutting rates in June. The price of oil, one of Canada's major exports, settled 1.6% higher at $61.84 a barrel as OPEC+ agreed to leave its output policy unchanged and the U.S. barred Chevron CVX.N from exporting Venezuelan crude. The Canadian 10-year yield eased half a basis point to 3.252%, while it was trading 5.1 basis points further below the equivalent U.S. rate at a gap of nearly 123 basis points.
Globe and Mail
10-04-2025
- Business
- Globe and Mail
USDCAD Completes A Correction Within An Uptrend
The USD/CAD came nicely to the downside last week out of a bearish triangle that was placed in wave B. But then the market made a sharp reversal; We see a strong and interesting rebound away from the 1.40 region, which raises the possibility that a low is in place, especially as price already recovered above the 1.4230 level, where an overlap invalidated any higher-degree bearish impulsive interpretation. That's a strong indication that a bottom may be forming and that we should be aware of more upside after the current intraday retracement which can be close to a support. So from a minimum perspective, we expect at least one more leg up to around 1.44. The reason why USDCAD can stay in the uptrend is because of bearish Crude oil, which can keep Canadian dollar weak. If we also consider a bigger corrective recovery for the USdollar Index, then USDCAD can be easily headed higher. For a detailed view and more analysis like this, you may want to watch below our latest recording of a live webinar streamed on April 07 2025.
Globe and Mail
17-10-2024
- Business
- Globe and Mail
USDCAD Turned Sharply Up
USDCAD turned south after an unsuccessful push above 2022 highs, so it appears that pair is still stuck in a triangle range, which seems to be a bullish pattern but is incomplete. Recently it turned sharply up in the 4-hour chart, so we are now tracking wave (D) that is underway to the upper side of a range, with potential resistance near 1.3900, but after (A)-(B)-(C) structure that is now still in play, so more gains should follow after wave (B) pullback. Supports are at 1.3725 and 1.3647.
