Stacks on AUDUSD

Another stack on EURUSD

EURJPY shorts from 150

GBPUSD longs from double bottom

No end to the GBPJPY bullish sign

Shorts on GBPJPY after breaking the support

Risky shorts for daredevils on US30

Silver has provided some serious bearish breakouts on 4H

Strong confluence on EURUSD longs

Gold, show us some love please!

Vision Pro is go long for

What's good, GOLD?

Breakout and retest on the resistance now turn support

Sellers are going to be liquidated

Ripple stacks at 0.5

Bitcoin Sluggish on bullish sentiments above 2000$

Bitcoin to extend its complex correction before bullish run

Took the loss, for another short position

AUDUSD under selling pressure

Gold still buys

Ripples previous bearish leg can be the last one for now

Still betting long on Chainlink

Stopped out for no good reason!

Lets go gold!

NFP day with Dow Jones

GBPJPY topping out?

Copper contrarian buying opportunity?

Still bullish on Gold

Descending trendline retest

AUDUSD needs retracement at 0.6515

Breakout buy and retest on EURJPY

The Double Bottom can trigger a bullish breakout

EURUSD buys from 1.0730

EURUSD buys, but stalled on a monday holiday

Heavy support at 1937

EURUSD double bottom

Still looming for EURUSD longs

US Dollar Uptrend Has Started, Is It Time to Short EURUSD?

Stop hunts on RIPPLE

Still bullish on ripple

Stacks on Ripply

Still short on Bitcoin

Shorting ETH at the resistance

Taking a long position even after a loss

Expecting another corrective bearish leg before upside

Inverse head and shoulders formed

Ethereum retest at 1813

Bearish on Bitcoin

Waiting on Chainlink

0.4475 is the buy region for Ripple

Hawkish continuation of trend after a pullback

GBPJPY buys from 171.40

Double top on GBPJPY?

Still hovering GBPJPY

Fall on gold can be considered as last leg of bearish correction

Looking at gold buys from 1940

Gold pounced from support

Major support levels tapping

Textbook breakout and retest on NASDAQ

EURUSD to fall below 4HEMA200

Double bottom on support on EURUSD

EURUSD buys from support

EURUSD has still hidden bearish cards on the line

USDCHF to complete its correction before next fall

AUDUSD flooring at the support level

Gold buys from 1971

USDCAD seems to be getting ready for bullish run

AUDUSD tapping the support once again

Short Term Buying on AUDUSD

Still believe for Gold to move up

Kiwi struggling for sustenance above the DEMA200

Chainlink at the support level of 6.45

Breakout sells on Dow Jones 30

Daily and weekly resistance on NASDAQ

Gold to complete higher degree correction

AUDUSD breakout buy

Uptrend gold tapping major support

CADJPY looking for a retest of the resistance

Intraday EURUSD setup

Does XRP's Strong Bids at 0.41 Enough to Re-test 0.47?

GBPJPY testing the support

Shorts from retracement level

Longs at 50% retracement

EURUSD has turned favors to bearish trend

GBPJPY wants to fly high

Shorting gold till 1980?

Slipping on GBPJPY?

Trendline speaks of bearish sentiments prevailing on USDCAD

USDCHF to stay bearish until the break of TL above

EURUSD taking advantage of 1.0800 support

GBPJPY can go for a bearish run below the SL

Bitcoin still bearish

Minor resistance shorts on CADJPY

Chainlink buys from 6.32

Bitcoin will be bullish after bearish correction

EURUSD took a bearish turn

EURUSD completing daily cycle bearish correction

EURUSD maintaining steady bullish stance above TL

EURUSD still buys

ETH/USD bearish until touchdown at DEMA200

The Canadian dollar depreciated slightly since touching the two-month high of 1.335 per USD on June 8th, as higher unemployment in the Canadian economy challenged the Bank of Canada’s hawkish pledges. The domestic jobless rate rose by 0.2 percentage points to 5.2% in May, the first increase since August of 2022, suggesting that the labor market is finally feeling the impact of the BoC’s aggressive tightening cycle. The data came shortly after the central bank unexpectedly hiked its key rate by 25bps, going against the BoC’s signal that rates could have peaked and suggesting that borrowing costs were not as restrictive as policymakers expected. The latest price data showed that the Canadian CPI rose by 4.4% in April, well above market forecasts of 4.1% and picking up from 4.3% in March. In the meantime, crude oil prices bounced from recent lows and supported buying activity for the loonie.

Canadian Dollar Eases from 2-Month High

The Canadian dollar strengthened past 1.335 per USD in June, the highest in two months, after the Bank of Canada defied market expectations and raised its key interest rate by 25bps to 4.75%. The decision marked the resumption of the central bank’s tightening cycle after three consecutive holds, going against the BoC’s signal that rates could have peaked, and suggesting that borrowing costs in the Canadian economy were not as restrictive as policymakers expected. Following the hike, policymakers maintained the forecast that headline inflation will slow to 3% by the summer, although the bank warned that price growth could remain sticky above the 2% target. The latest data showed that the Canadian CPI rose by 4.4% in April, well above market forecasts of 4.1% and picking up from 4.3% in March. In the meantime, crude oil prices bounced from recent lows and supported buying activity for the loonie.

Canadian Dollar Rises to 2-Month High on BoC Surprise Hike

USDCAD decreased to a 4-week low of 1.3327

Canadian Dollar Hits 4-week High

The Canadian dollar strengthened toward the 1.34 per USD mark in early June, overcoming the strong momentum of the DXY to its highest in nearly one month as investors cogitated on hawkish signals from the Bank of Canada in its upcoming meeting. Although the central bank is widely expected to hold its interest rates steady at 4.5%, hot inflation and strong growth data raised bets that BoC may be forced to eventually extend its tightening cycle. Consumer prices grew 4.4% annually in April, well above market forecasts of 4.1% to unexpectedly accelerate from the 4.3% in the previous month. The figure compares to the BoC’s forecast that inflation would fall to 3% by the middle of the year.

Canadian Dollar Approaches 1-Month High

The Canadian dollar remained below $1.35, staying close to a 2-week high of $1.34 reached last week, as investors cautiously await the Bank of Canada's monetary policy meeting on Wednesday. Money markets anticipate that the interest rate will remain unchanged at 4.5%, but there are chances for the bank to resume interest rate hikes. The latest data showed that consumer prices rose by 4.4% annually in April, surpassing market estimates of 4.1% and breaking a streak of 10 consecutive months of slowing inflation amid sharp increases in mortgage costs and rent. Additionally, over the weekend, Saudi Arabia announced its biggest cut to oil production in years, further intensifying inflation concerns.

Canadian Dollar Hovers at 2-Week High

The USDCAD decreased 0.0129 or 0.95% to 1.3444 on Thursday June 1 from 1.3572 in the previous trading session.

Canadian Dollar at 1.34

USDCAD increased to a 4-week high of 1.3644

Canadian Dollar Hits 4-week Low

The Canadian dollar remained near 1.35 per USD, as investors were monitoring the latest developments on the monetary policy in both Canada and the United States. The bets increased that the Bank of Canada may be forced to resume its hiking campaign after data showed inflationary pressures remain elevated. Consumer prices rose by 4.4% annually in April, well above market estimates of 4.1% and breaking the streak of 10 consecutive months of slowing inflation amid sharp increases in mortgage costs and rent. Also, in the US, comments from several Fed officials raised expectations that the rates would remain higher for longer. Fed’s Bullard suggested the possibility of raising rates by another half-point this year, while Fed's Kashkari described the decision to pause or hike rates in June as a close call.

Canadian Dollar Stabilizes Around $1.35

The Canadian dollar strengthened to the 1.34 per USD level, approaching the near-one-month high of 1.337 after hotter-than-expected CPI data ramped up expectations of a hawkish Bank of Canada. Consumer prices rose by 4.4% annually in April, well above market estimates of a 4.1% increase and breaking the streak of 10 consecutive months of slowing inflation amid sharp increases in mortgage costs and rent. The result triggered worries that Canadian inflation may not converge to the 3% mark by the third quarter of the year, as projected by the BoC, ramping up bets that policymakers may be forced to resume their hiking campaign to rein in inflation. On the other hand, slowing inflation and growth concerns in the US have markets expecting rate cuts by the Fed in the third quarter. On the growth front, the BoC expects the Canadian GDP to expand by 1.4% this year and 1.3% in 2024 before picking up to 2.5% in 2025.

Canadian Dollar Strengthens following BoC

The Canadian dollar strengthened to $1.33, closing in on its highest level in three months as cooling inflationary pressure added to speculation that the Bank of Canada and the Federal Reserve hiking cycle has ended. Domestically, headline inflation rose by 4.3% annually in March, the lowest in 19 months and dropping sharply from the 5.2% seen in the previous period. Since the result was roughly in line with the Bank of Canada’s forecast of a 3% target by the middle of the year, expectations strengthened that the tightening pause would be maintained. On the growth front, the BoC revised GPD to expand 1.4% this year and 1.3% in 2024 before picking up to 2.5% in 2025. On top of that, the inflation rate in the US slowed more than expected to a 1-year low of 4.9% in April and core inflation eased as expected.

Loonie Approaches 3-Month High

The Canadian dollar weakened to $1.36 from a one-month high of $1.33 on April 13th, as signs of cooling inflationary pressure added to speculation that the Bank of Canada hiking cycle has ended. Headline inflation rose by 4.3% annually in March, the lowest in 19 months and dropping sharply from the 5.2% seen in the previous period. Since the result was roughly in line with the Bank of Canada’s forecast of a 3% target by the middle of the year, expectations strengthened that the tightening pause would be maintained. On the growth front, the BoC revised GPD to expand 1.4% this year and 1.3% in 2024 before picking up to 2.5% in 2025. On top of that, the Federal Reserve hinted at a possible pause in its tightening cycle following a 25 bps hike in May.

Loonie Remains Under Pressure

USDCAD increased to a 4-week high of 1.3617

The Canadian dollar was changing hands around the $1.35 mark, moving further away from a one-month high of $1.33 on April 13th, as signs of cooling inflationary pressure added to speculation that the Bank of Canada hiking cycle has ended. Headline inflation rose by 4.3% annually in March, the lowest in 19 months and dropping sharply from the 5.2% seen in the previous period. Since the result was roughly in line with the Bank of Canada’s forecast of a 3% target by the middle of the year, expectations strengthened that the tightening pause would be maintained. On the growth front, the BoC revised GPD to expand 1.4% this year and 1.3% in 2024 before picking up to 2.5% in 2025.

Canadian Dollar Struggles for Traction

The Canadian dollar was steady near the $1.34 mark, slightly weaker than the one-month high of $1.33 touched on April 13th as the sharp pullback in Canadian inflation eased worries that the Bank of Canada could resume its tightening cycle. Consumer prices rose by 4.3% annually in March, the lowest in 19 months and dropping sharply from the 5.2% in the previous month as base year effects eliminated inflationary pressure from energy. The result was roughly in line with the Bank of Canada’s forecast that inflation will return to 3% by the middle of the year, strengthening expectations that the central bank will maintain its tightening pause for the near future. On the growth front, the BoC revised GPD estimates to grow 1.4% this year and 1.3% in 2024, before picking up to 2.5% in 2025.

Canadian Dollar Holds Below 1-Month High After CPI

The Canadian dollar depreciated to $1.34, down from a 2-month high of $1.33 on April 14, as investors reassessed the outlook for monetary policy ahead of the release of a key inflation report. Canada's annual inflation rate is expected to ease to 4.3% in March, the lowest since August 2021, from 5.2% in February. The Bank of Canada said it would take longer than expected to bring inflation down to its 2% target and that it was still prepared to raise interest rates if necessary. Elsewhere, investors bet the US Federal Reserve will deliver a 25bps rate hike in May.

Loonie Weakens from 2-Month High

The Canadian dollar was changing hands around $1.33, the highest in two months, as investors weighed the Bank of Canada's latest monetary policy decision while reassessing the growth outlook. Policymakers held the target for its overnight rate unchanged at 4.5% in April, as widely anticipated, and resolved to keep it at the current level should economic conditions develop broadly in line with expectations. At the same time, they noted that GDP growth in the first quarter seems stronger than projected in January, with a rebound in exports and a solid consumption rise. The recent upside in crude oil, one of Canada's major exports, also drove fresh buying into the loonie. On the dollar side, soft inflation data fuelled bets that the Federal Reserve will soon end its rate-hiking cycle, which, in turn, prompted a bearish outlook for the greenback.

Canadian Dollar Hits Two-Month High

USDCAD decreased to a 8-week low of 1.3406

Canadian Dollar Hits 8-week High

The Canadian dollar was slightly higher at around 1.34 per USD, moving further away from a five-month low of $1.39 on March 9th, on higher oil prices and the latest BoC monetary policy decision. The Bank of Canada left interest rates steady in April, as expected, following a pause in its tightening campaign in March, but reconfirmed its readiness to raise rates if necessary. The central body also added that inflation in Canada will fall quickly to around 3% in the middle of this year and then decline more gradually to the 2% target by the end of 2024. Apart from that, the BoC revised its growth projections for 2023. At the same time, a fall in the dollar after inflation in the US came below forecasts also offered the loonie some support.

Loonie Edges Slightly Higher on Oil, BoC

The Canadian dollar was changing hands around $1.34, moving further away from a five-month low of $1.39 on March 9th, as rising oil prices attracted fresh buying into the loonie. A surprise production cut of more than 1 million barrels a day by OPEC+ and an upbeat outlook for global demand pushed Brent crude, the international benchmark, above the $85 per barrel mark. On the monetary policy side, the Bank of Canada held the target for its overnight rate unchanged at 4.5% in March, as widely anticipated, and resolved to keep it at the current level should economic conditions develop broadly in line with expectations. Canada's trade balance for February, due to be reported on Wednesday, and the March job report, set for release on Thursday, could offer further clues about the health of the domestic economy.

Canadian Dollar Enjoys Wave of Momentum

USDCAD decreased to a 4-week low of 1.3553

The Canadian dollar was changing hands around $1.37, close to a five-month low of $1.39 from March 9th, on bets that the Bank of Canada would shift to cutting interest rates later this year after the pause in its tightening campaign. Policymakers held the target for its overnight rate unchanged at 4.5% in March, as widely anticipated, and resolved to keep it at the current level should economic conditions develop broadly in line with expectations. On the dollar side, investors remained worried that the recent stress in the US financial system could lead to a credit crunch, worsening the growth outlook.

Canadian Dollar Hovers Near Five-Month Low

The Canadian dollar hovered around 1.37 per UDS, close to a 2-week high, as investors moved away from the dollar on growing bets that the US Federal Reserve could leave interest rates unchanged this week due to the banking turmoil. The bank of Canada kept its overnight rate unchanged at 4.5% this month and stated that it should continue to hold the rate at the current level should economic conditions develop broadly in line with expectations. The latest data showed the annual inflation rate fell more than expected to a one-year low of 5.2% in February from 5.9% in January.

Loonie Hovers Close to 2-Week High

The Canadian dollar rose past 1.37 per UDS, the highest in two weeks, as investors moved away from the dollar on growing bets that the US Federal Reserve could leave interest rates unchanged this week due to the banking turmoil. The bank of Canada kept its overnight rate unchanged at 4.5% this month, and stated that it should continue to hold the rate at the current level should economic conditions develop broadly in line with expectations. The CPI report is due on Tuesday, with the annual inflation rate seen falling to a one-year low of 5.4% in February from 5.9% in January. Money markets see a one-in-three chance that the central bank would cut rates at its next policy decision on April 12.

Loonie Strengthens to 2-Week High

The Canadian dollar hovered near 1.37 per USD, remaining close to the five-month low of 1.383 touched on March 9th as concerns over the health of the global banking system pressured riskier currencies and Canada's heavyweight financial sector. Uncertainty prevailed over the health of global banks with confidence on the stability of Credit Suisse remaining low despite the Swiss National Bank's liquidity injection, while support for the First Republic Bank is expected to receive support from major US lenders. In the meantime, the sharp decline in crude oil prices further pressured the loonie, limiting turnover of Canadian exports. Lastly, the Bank of Canada signaled it has ended its rate-tightening cycle, provided the Canadian economy develops in par with expectations, while the US Federal Reserve will likely continue to raise rates to combat inflation.

Canadian Dollar Remains Under Pressure

The Canadian dollar remained under selling pressure against the dollar, approaching $1.38 for the first time since November as investors reacted to what could be the end of the tightening cycle from the Bank of Canada. Policymakers held the target for its overnight rate unchanged at 4.5% in March, as widely expected, and stated that they should keep it at the current level should economic conditions develop broadly in line with expectations. Such a decision contrasted sharply with a hawkish Federal Reserve, which, in turn, sparked demand for the dollar. Fed Chair Jerome Powell told Congress that the central bank would likely need to raise rates more than expected in response to recent robust inflation and employment data.

Canadian Dollar Hovers Near Four-Month Low

The Canadian dollar weakened past $1.37, closing in on its lowest level since November 2, after Fed chair Powell signaled that stronger-than-expected economic data is expected to lead the US Federal Reserve to raise interest rates higher than previously thought. Domestically, recent data reinforced expectations the BoC will pause its tightening cycle in March. The GDP unexpectedly stalled in Q4 last year but preliminary estimates point to a rebound in January. At the same time, annual inflation fell to 5.9%, the lowest in nearly a year and the core rate unexpectedly eased to 5%, compared to market forecasts it would go slightly up to 5.5%.

Loonie Nears 4-Month Low

USDCAD increased to a 8-week high of 1.3666

Canadian Dollar Hits 8-week Low

The Canadian dollar weakened to approach $1.36, the lowest level since January 3rd, after fresh economic data painted a mixed picture. The GDP unexpectedly stalled in Q4 last year but preliminary estimates point to a rebound in January. At the same time, annual inflation fell to 5.9%, the lowest in near a year and the core rate unexpectedly eased to 5%, compared to market forecasts it would go slightly up to 5.5%. Recent data reinforced expectations the BoC will pause its tightening cycle in March. At the same time, a bullish sentiment surrounding the USD on bets the Fed would need to keep borrowing costs higher for longer also weighed on the loonie.

Canadian Dollar Edges Lower on Weak GDP Performance

The Canadian dollar weakened to approach $1.35, the lowest level since January 5th, after the inflation rate in the country slowed more than expected in January. Annual inflation fell to 5.9%, the lowest in near a year and below forecasts of 6.1% and the core rate unexpectedly eased to 5%, compared to market forecasts it would go slightly up to 5.5%. New inflation data reinforced expectations that the BoC will pause its tightening cycle next month. At the same time, a bullish sentiment surrounding the USD on bets the Fed would need to keep borrowing costs higher for longer also weighed on the loonie.

Canadian Dollar Depreciates after Inflation Data

The Canadian dollar traded near $1.34, well below a 2-½-month high of $1.326 hit at the beginning of the month, as the Bank of Canada is expected to be the first major central bank to pause rate increases after delivering eight rate hikes in the past 11 months. The Bank of Canada hiked its key interest rate to 4.5% in January, the highest level in 15 years. Meanwhile, Governor Tiff Macklem said no further rate hikes would be needed if, as expected, the economy stalled and inflation fell. Also, the summary of Governing Council deliberations showed policymakers decided to hike rates in January because of labor-market tightness and stronger-than-expected growth.

Loonie Under Pressure as BoC Seen Pausing Rate Hikes

The Canadian dollar depreciated toward $1.34, moving further away from a 2-½-month high of $1.326 hit earlier in the month, as investors doubt the US Federal Reserve would stop hiking rates after a stronger-than-expected US jobs report. The US central bank slowed the pace at which it raises interest rates further by delivering a smaller 25 bps hike at the end of its two-day policy meeting. Domestically, the Bank of Canada raised its overnight rate to 4.50% in January, the highest since 2007, while announcing the likely end of its aggressive tightening cycle. Policymakers expect growth to stall in the first half of 2023 amid evidence that tighter monetary policy is already restraining domestic demand and denting economic activity.

Loonie Falls from 2-1/2-Month High

The Canadian dollar was hovering around $1.33, close to levels not seen since September 2022, as investors considered the Federal Reserve's latest monetary policy decision. The US central bank slowed the pace at which it raises interest rates further by delivering a smaller 25 bps hike at the end of its two-day policy meeting. Such a move, along with somewhat dovish remarks from Fed Chair Powell, spooked investors from the dollar while allowing the upside move in the loonie to continue. Domestically, the Bank of Canada raised its overnight rate to 4.50% in January, the highest since 2007, while announcing the likely end of its aggressive tightening cycle. Policymakers expect growth to stall in the first half of 2023 amid evidence that tighter monetary policy is already restraining domestic demand and denting economic activity.

Canadian Dollar Hovers Near Five-Month Peak

The Canadian dollar was changing hands around $1.34 as investors considered the Bank of Canada's latest monetary policy decision. The BoC raised its overnight rate to 4.50% in January, the highest since 2007, while announcing the likely end of its aggressive tightening cycle. Policymakers expect growth to stall in the first half of 2023 amid evidence that tighter monetary policy is already restraining domestic demand and denting economic activity. In the meantime, Canada's annual inflation rate fell to 6.3% in December of 2022, the least since February 2022 and below market expectations of 6.4%. On the dollar side, weakening US economic data backed the narrative that the Federal Reserve would slow its tightening pace by delivering a modest 25 bps hike in February.

Canadian Dollar Under Pressure After BoC Decision

The Canadian dollar was changing hands at $1.34 in the fourth week of January, more than 3% above an over 2-year low of $1.388 hit on October 14th, 2022, as investors expect the Bank of Canada to increase its overnight rate to 4.5% on Wednesday, the highest since 2007. The central bank has raised rates at a record pace of 400 bps since March amid high inflation levels. Canada’s annual inflation rate fell to 6.3% in December of 2022, further declining from the 1983-high of 8.1% hit in June and below market expectations of 6.4%. Also, higher crude oil prices added to support for the loonie. Oil, one of Canada's major exports, was above $88 a barrel on continued optimism about future fuel demand.

Loonie Hovers $1.34

The Canadian dollar was changing hands around $1.34, not far from a seven-week high of $1.33 touched last week, as rising oil prices continued to lend optimism to bulls. In the meantime, Canada’s annual inflation rate fell to 6.3% in December of 2022, the least since February 2022 and below market expectations of 6.4%, reinforcing the case that the Bank of Canada will slow the pace of policy rate increases or even end its tightening cycle. The BoC raised its overnight rate to 4.25% in December, the highest since 2008. On the dollar side, data showing that the annual inflation rate in the US has eased for a sixth straight month to 6.5% in December reinforced the narrative that the Federal Reserve would slow its tightening pace by delivering a modest 25 bps hike in February.

Canadian Dollar Trends Water Near 7-Week Highs

The Canadian dollar started 2023 on the right foot, moving toward the $1.33 mark and closing in on its highest level since late November as rising oil prices attracted fresh buying into the loonie. In the meantime, the Bank of Canada raised its overnight rate to 4.25% in December, the highest since 2008. Still, the central bank noted it would consider if further increases are needed, suggesting lower rate hikes or the possible tightening cycle end. On the dollar side, data showing that the annual inflation rate in the US has eased for a sixth straight month to 6.5% in December reinforced the narrative that the Federal Reserve would slow its tightening pace by delivering a modest 25 bps hike in February.

Canadian Dollar Hovers Near Seven-Week High

The Canadian dollar was hovering at $1.35, not far from an over two-year low of $1.39 touched on October 14th and down more than 6% in 2022, as growth fears and weakness in oil prices spooked investors away from the loonie. The latest data showed that the Canadian economy grew an annualized 2.9% in the third quarter of 2022, beating expectations for a modest 1.5%, but still the weakest reading since the second quarter of 2021. On the monetary policy side, the Bank of Canada raised its overnight rate to 4.25% in December, the highest since 2008. Still, the central bank noted it would consider if the interest rate needs to rise further, suggesting slower rate hikes or a possibility of an end to the tightening cycle.

Canadian Dollar Set For Yearly Loss

The Canadian dollar traded at $1.36 mark, not far from an over two-year low of around $1.39 touched on October 14th, as investors continue to digest hawkish messages from major central banks including the Fed and a surprise move from the BoJ. Earlier this month, the Bank of Canada raised its overnight rate by 50bps for a second consecutive time to the highest since 2008. Still, the central bank noted it would consider if the interest rate needs to rise further, suggesting slower rate hikes or a possibility of an end to the tightening cycle. Meanwhile, fresh CPI figures showed inflation in Canada slowed less than expected in November. Money markets now see a nearly 40% chance the BoC will raise interest rates further next month.

Loonie Little Changed after CPI

The Canadian dollar was hovering around the $1.36 mark, not far from an over two-year low of around $1.39 touched on October 14th, as investors continued to assess the monetary policy and growth outlook. Earlier this month, the Bank of Canada raised its overnight rate by 50bps for a second consecutive time to the highest since 2008. Still, the central bank noted it would consider if the interest rate needs to rise further, suggesting slower rate hikes or a possibility of an end to the tightening cycle. The latest data showed that the Canadian economy grew an annualized 2.9% in the third quarter of 2022, beating expectations for a modest 1.5%, but still the weakest reading since the second quarter of 2021.

Canadian Dollar Struggles for Momentum

The Canadian dollar strengthened to the 1.36 per USD level, rebounding from the one-month low of 1.356 touched on December 6th after the Bank of Canada raised the target for its overnight rate by 50bps for a second consecutive decision to 4.25%. The move compared to broadly split expectations between the Bank’s decision and a softer 25bps increase, lifting borrowing costs to the highest since 2008 and continuing the fight against soaring inflation in the Canadian economy and supporting the Canadian dollar. Still, more gains for the local currency were capped as the Governing Council noted that they will consider if the interest rate needs to rise further, suggesting slower rate hikes or a potential end to the bank’s tightening cycle. In the meantime, the sharp decline in crude oil prices since the start of the month also laid pressure on the loonie.

Loonie Rebounds After BoC Rate Hike

USDCAD increased to a 4-week high of 1.3645

The Canadian dollar weakened to 1.35 against the dollar, as investors digested the latest jobs report and await the Bank of Canada monetary policy meeting on Wednesday. Data from Statistics Canada showed the economy added 10.1K jobs in November, compared with market expectations of a 5K gain while the jobless rate unexpectedly fell to 5.1%. Money markets expect the Bank of Canada to raise interest rates by 25 bps next Wednesday, after delivering a 50 bps rate hike in October. The central bank unexpectedly slowed the pace of interest-rate hikes as the economy showed signs of a sharp slowdown. The latest data showed that the Canadian economy grew an annualized 2.9% in the third quarter of 2022, beating expectations for a modest 1.5%, but still the weakest reading since Q2 2021.

The Canadian dollar weakened further towards the $1.36 mark, a level not seen since early November, as investors continued to assess the growth and monetary policy outlook. The latest data showed that the Canadian economy grew an annualized 2.9% in the third quarter of 2022, beating expectations for a modest 1.5%, but still the weakest reading since the second quarter of 2021. On the monetary policy side, the Bank of Canada surprised markets in October by slowing the pace of interest-rate hikes as the economy showed signs of a sharp slowdown. Money markets now expect the central bank to raise interest rates by 25 basis points in December.

The Canadian dollar weakened to 1.35 against the dollar, the lowest in a week, as risk-off sentiment seeped back into global markets and the latest data showed the country's current account balance swung to a deficit. Oil, one of Canada's major exports, was under pressure amid demand worries from top consumer China, though rumors of a possible production cut by OPEC+ in December provided a little boost to the commodity. On the macro front, Canada recorded a current account deficit of CAD 11.1 billion in Q3, the biggest gap in two years, and following surpluses in the first two quarters of 2022. Investors now await GDP and employment data to be released later in the week. Money markets expect the central bank to raise interest rates by 25 basis points on December 7th and see a roughly 20% chance of a larger hike.

Canadian Dollar Depreciates to 1-Week Low

The Canadian dollar appreciated further against the dollar, now hovering around $1.335 and not far from an eight-week peak of $1.325 touched earlier this month, as prospects of further interest rate hikes lent optimism to bulls. Bank of Canada Governor Tiff Macklem said in testimony at the House of Commons that inflation remains too high while warning that the central bank's tightening cycle is not over. After a robust job report for October, Canada's annual inflation rate stood at 6.9%, still far above the central bank's 2% target. Limiting further upside momentum was weakness in crude oil, the top Canadian export product, amid a worsening outlook for global growth.

Canadian Dollar Regains Momentum

The Canadian dollar held flat at 1.34 per USD as the dollar retreated, slowing its decline from its eight-week high of 1.325 hit in November as investors moved away from risky assets as fresh COVID-19 curbs in China brought back worries over the global economic outlook. Also, adding to woes, crude oil, the main Canadian export product, touched a 9-month low putting additional pressure on the currency. Meanwhile, fresh CPI print showed that inflation remained near 7%, not far away from a 39-year high of 8.1% hit in June suggesting that the Bank of Canada will continue to raise interest rates. Money markets are split between a 25bps and a 50bps rate hike by the BoC in its December meeting. Bank of Canada Governor Tiff Macklem said that he understands the pain that many Canadians are feeling due to the tightening cycle that the central bank embarked on, but it is a priority to establish price stability in the Canadian economy.

Canadian Dollar Holds at 1.34 CAD/USD

The Canadian dollar depreciated to 1.35 per USD, moving further away from the eight-week high of 1.325 hit in November as investors moved away from risky assets as fresh COVID-19 curbs in China brought back worries over the global economic outlook. Also, adding to woes, crude oil, the main Canadian export product, touched a 9-month low putting additional pressure on the currency. Meanwhile, fresh CPI print showed that inflation remained near 7%, not far away from a 39-year high of 8.1% hit in June suggesting that the Bank of Canada will continue to raise interest rates. Money markets are split between a 25bps and a 50bps rate hike by the BoC in its December meeting. Bank of Canada Governor Tiff Macklem said that he understands the pain that many Canadians are feeling due to the tightening cycle that the central bank embarked on, but it is a priority to establish price stability in the Canadian economy.

Canadian Dollar Falls for 2nd Session

The Canadian dollar traded at 1.33 per USD, hovering close to the eight-week high of 1.325 hit on November 11th as the fresh CPI print showed that inflation has stopped slowing, suggesting that the Bank of Canada will continue to raise interest rates. Consumer prices rose by 6.9% in October, unchanged from the previous period and putting an end to three straight months of slower inflation since hitting the 39-year high of 8.1% in June. Bank of Canada Governor Tiff Macklem said that he understands the pain that many Canadians are feeling to due to the tightening cycle that the central bank embarked on, but it is a priority to establish price stability in the Canadian economy. Money markets are split between a 25bps and a 50bps rate hike by the BoC in its December meeting. The central bank lifted rates by 50bps on October 26th, a sixth consecutive rate hike, but below a 100bps hike in July and a 75bps increase in September.

Canadian Dollar Firms Near 8-Week High

The Canadian dollar strengthened to 1.33 per USD, the strongest since September 19th, as the US dollar sank after a lower-than-expected inflation reading for the US increased bets the Fed will raise rates by a smaller 50bps next month. The Bank of Canada lifted rates by 50 bps on October 26th, a sixth consecutive rate hike, but below a 100bps hike in July and a 75bps increase in September. Still, the central bank is expected to tighten further and raise rates by another 50bps in December as the inflation remains elevated. In Canada, CPI figures are due next week. Meanwhile, BoC Governor Tiff Macklem said the unemployment rate needs to increase from near-record lows to contain inflation.

Loonie Climbs to 8-Week High

USDCAD decreased to a 7-week low of 1.3345

Canadian Dollar Hits 7-week High

The Canadian dollar strengthened to 1.34 per USD on Thursday, the strongest since September 20th, as the US dollar rally paused after a lower-than-expected inflation reading for the US increased bets the Fed will raise rates by a smaller 50bps next month. The Bank of Canada lifted rates by 50 bps on October 26th, a sixth consecutive rate hike, but below a 100bps hike in July and a 75bps increase in September. Still, the central bank is expected to tighten further and raise rates by another 50bps in December as the inflation remains elevated. In Canada, CPI figures are due next week. Meanwhile, BoC Governor Tiff Macklem is set to speak before the Public Policy Forum today which could provide further clues on the central bank's next steps.

Loonie at 1-1/2-Month High

The Canadian dollar appreciated to $1.35, the highest in six weeks, after a better-than-expected jobs report suggested policymakers will need to continue to hike rates until it actually restrains the economy. The Canadian economy added 108K jobs in October, much more than forecasts of a 10K gain, and total hours worked went up 0.7%, the most since June. The Bank of Canada lifted rates by 50 bps on October 26th, following two consecutive meetings of bigger increases. Meanwhile, mixed signals about the US labour market dragged down the dollar sharply.

Loonie Rises to 6-Week High

The Canadian dollar gained to 1.35 CAD/USD after the Fed raised interest rates by another 75 bps as expected but sounded less hawkish than many investors anticipated. Investors are now awaiting Fed Chair Powell's press conference for further clues about the magnitude of the December rate hike amid recent speculations that it could be only a smaller 50 bps rate increase. The Bank of Canada recently raised rates by only 50bps on October 26, falling out of line with the Fed's rate hike path.

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