Retake shorts from the resistance level of 36275

Gbpjpy started to trend bearish

Falling Parallel Channel

Rectangle Pattern

Range Bound

Continued EURUSD shorts

Monday blues and reds on Gold

Ethereum buys from the support level

Chainlink another buys from the support

Rising Wedge

Ripple to be bought again

Bitcoin buys from support retest

DJ30 shorts from the top

Still short on Gold

Another shorts on EURUSD

Another bearish shot on EURUSD

DJ30 at a weekly resistance level

Symmetric Pattern

Falling Wedge

Unusual price action on Gold

AUDUSD buys from support

Ascending Triangle

Rising Parallel Channel

Faling Wedge

Opportunity Ahead

美元疲软，黄金价格继续冲刺

澳洲CPI今晚发布，数据面动能短线回落

DJ30 buys from 35100

GBPJPY at the resistance level for sells

Breakout of Falling Parallel Channel

Pennant

Book full Profit

黄金继续受到美元走软利好，站稳2000并继续向上冲刺

美元地位冲高回落，整体动能依然偏空

EURUSD is at a resistance

Gold at a weekly resistance

Round 2 on Ethereum

Chainlink in a bullish trend

Hop on to XRP before its late

Bitcoin just broke out from the trendline

AUDUSD to sell from 0.6570

Another scale in on shorts on GOLD

Tesla buys from 233

Brent at 82.70

Flag And Pole

Huge XRP Weekly Megaphone Structure Revealed. Huge Moves Ahead!

Gold down after breakout sells

GBPJPY has a trendline breakout sell

DJ30 still bullish

Bullish shots on EURUSD from 1.0885

GOLD double bottom formation

Double Pattern Formation

Ethereum at 1955

Chainlink gaining momentum

The Honest Forming Falling Wedge

Book Full Profit

Book Partial

XRP going to be another bullish magnificent

Bitcoin in a bull run

USDJPY Yearly High Rejection - US Dollar Weakening

Bitcoin Bulls Reclaimed A Crucial Weekly Ready For More Upside!

Cup & Handle breakout

Falling Wedge breakout on the upside

Symmetric Pattern breakdown

Marriot forming Rising Wedge

The Canadian dollar weakened past the 1.35 per USD level, stepping back from a two-month high as the US dollar recovered and risk appetite dampened. Recent economic indicators from Canada hinted at an economic slowdown, placing pressure on the Bank of Canada to lean towards a more dovish monetary stance. The surprising 1.1% contraction in Canadian GDP, contrary to the anticipated 0.2% expansion, underscored the impact of the central bank's assertive tightening measures. Coupled with a rise in unemployment and a slowdown in consumer inflation, market expectations are leaning towards potential interest rate cuts by the BoC in the first half of 2024. All eyes are on the upcoming monetary policy decision, with expectations that the BoC will maintain their current interest rates in the announcement scheduled for Wednesday.

Canadian Dollar Weakens from Recent Highs

The Canadian dollar strengthened towards the 1.35 per USD level, marking a renewed two-month high amid expected oil supply pressures. Crude oil markets are poised for an upward turn following a unanimous OPEC decision to reduce daily output by an additional million barrels. This news was sufficient to offset economic data indicating a slowdown in the Canadian economy, putting pressure on the Bank of Canada to adopt a dovish monetary stance. With a contraction of 1.1% in the Canadian GDP on an annualized basis, in sharp contrast to market expectations of a 0.2% expansion, the data underscored the impact of the central bank’s aggressive tightening. This aligned with a higher unemployment rate and slowing consumer inflation, prompting expectations in the markets for the BoC to initiate interest rate cuts in the first half of 2024.

Canadian Dollar Hits 2-Month High

The Canadian dollar weakened past 1.362 per USD from the two-month high of 1.357 touched on November 28th, as weak growth data strengthened the case for the Bank of Canada to expedite interest rate cuts. The Canadian GDP contracted by 0.3% in the third quarter, marking an annualized contraction of 1.1%, which was a sharp contrast from market expectations of a 0.2% expansion. The data extended evidence that the Canadian economy is feeling the impact of the central bank’s aggressive tightening to a greater extent, aligning with a higher unemployment rate and slowing consumer inflation. Consequently, markets expect the BoC to start cutting interest rates in the first half of 2024. In the meantime, expectations that OPEC+ nations are due to reduce crude oil output at the start of next year limited the loonie’s downturn.

Canadian Dollar Retreats after GDP

The Canadian dollar climbed past the 1.36 per USD level in late November, marking a two-month high as speeches by Fed officials reinforced expectations of rate cuts in 2024, leading to a USD sell-off. Conversely, disinflation in Canada, coupled with stronger consumer spending, heightened risk appetite and bolstered the Canadian currency. In October, inflation in Canada fell more than anticipated to 3.1%, softer than the Bank of Canada’s forecast of around 3.5% through the middle of next year. Additionally, retail sales grew by 0.6% in September, surpassing estimates. Meanwhile, expected delays in the OPEC+ meeting to decide production policy led to a slight recovery in oil futures, further supporting demand for the loonie.

Canadian Dollar Strengthens to 2-Month High

The Canadian dollar traded around the 1.36 per USD level in late November, marking an over one-month high amid US economic indicators pointing to cooling inflation and job creation, signaling a weaker economy, pointing to a dovish shift by the Fed. Domestically, inflation in Canada fell more than expected to 3.1% in October, softer than the Bank of Canada’s forecast of around 3.5% through the middle of next year. This reading signaled disinflation, which, coupled with retail sales rebounding in September and surpassing estimates with growth of 0.6%, heightened risk appetite and boosted the loonie.

Canadian Dollar at Over 1-Month High

USDCAD decreased to a 5-week low of 1.3626

Canadian Dollar Hits 5-week High

The Canadian dollar hovered around 1.37 per USD in late November, stronger than near one-year lows touched in the middle of the month, benefiting from a softer dollar as the Fed's tightening campaign appears to have come to an end. Domestically, inflation in Canada fell more than expected to 3.1% in October, and was also softer than Bank of Canada’s forecast of around 3.5% through the middle of next year. The reading offered another sign of disinflation which coupled with a slowing economy, is raising bets the BoC will refrain from further interest rate hikes.

Canadian Dollar Strengthens from Recent Lows

The Canadian dollar strengthened towards the 1.37 per USD level, rebounding from recent losses as oil prices recovered and weaker-than-expected US economic data bolstered bets that the Federal Reserve is done with its monetary tightening cycle. In Canada, evidence of disinflation and a slowing economy drove markets to expect the BoC to refrain from further interest rate hikes, partially offsetting the support from a lower greenback. Canada’s raw material prices showed a decline of 2.5% in October, following an upwardly revised rise of 3.9%. Headline inflation fell more than expected to 3.8% in October, while preliminary accounts showed that the Canadian GDP stalled for a second consecutive quarter in the three months ending September. Still, the loonie is set to end the week around 0.5% higher.

Canadian Dollar Set for Weekly Gains

The Canadian dollar weakened towards the 1.38 per USD level, paring recent gains as lower oil prices and softening risk appetite weighed on the Canadian currency. Crude oil benchmarks fell to multi-month lows amid new data showing lower fuel demand in key consumers in Asia and North America, dampening the demand for the loonie. Additionally, signs of disinflation in Canada and evidence of a slowing economy drove markets to expect the BoC to refrain from further interest rate hikes, offsetting the support from a lower greenback. Headline inflation fell more than expected to 3.8% in October, while preliminary accounts showed that the Canadian GDP stalled for a second consecutive quarter in the three months ending September.

Canadian Dollar Eases on Oil Prices

The Canadian dollar strengthened past the 1.375 per USD level, recovering from recent losses amid a softer US dollar and expectations of robust foreign demand for the loonie. The CPI in the US came in below forecasts in October, easing expectations of further rate hikes by the Fed and stripping support for the greenback. Meanwhile, oil prices trimmed some of their sharp losses after a report from OPEC underscored robust energy demand from key oil consumers, lifting the outlook for one of Canada’s main exports. Limiting the rebound, signs of disinflation and evidence of a slowing economy drove markets to expect the BoC to also refrain from further interest rate hikes.

Canadian Dollar Rebounds

The Canadian dollar hovered near the 1.38 per USD level, close to the one-year low of 1.39 touched on November 1st, as a hawkish outlook from the Fed continued to exert pressure on the loonie. Fed officials emphasized that it was premature to declare victory over inflation and expressed a willingness to raise rates if necessary. While oil prices rebounded slightly, limiting the decline of the Canadian currency, they were still on track for a third consecutive weekly drop, contributing to the weakness of the Canadian dollar. Lingering concerns about global demand for the commodity persisted as the Chinese economy indicated weakening demand from the world’s top consumer of crude.

Canadian Dollar Hovers Near 1-Year Low

The Canadian dollar had weakened past the 1.37 per USD level, approaching the one-year low of 1.39 touched on November 1st, as a hawkish outlook by the Fed continued to pressure the loonie. Fed officials stated that it was still too early to declare victory over inflation. Additionally, oil prices extended their decline, stripping support for the Canadian currency, as the Chinese economy signaled weakening demand from the world’s top consumer of crude.

Canadian Dollar Eases Further

The Canadian dollar strengthened to 1.37 per USD, rebounding sharply from the one-year low of 1.39 touched on November 1st, benefiting from a broad pullback for the DXY as soft economic data from the US backed the Federal Reserve’s signals that may refrain from raising interest rates further. Still, weakening economic data domestically added to expectations of a less hawkish BoC and impeded a sharper appreciation for the loonie. The unemployment rate in Canada rose to a 21-month high of 5.7% in October, above market expectations. Additionally, wage growth continued to slow and payrolls rose less than expected, consolidating a marked softening for the Canadian labor market. In its latest meeting, the BoC held interest rates unchanged and increased the leeway necessary for another hike, stating that previous tightening has already destroyed demand and curbed inflation.

Canadian Dollar Extends Rebound

The Canadian dollar hovered around 1.38 per USD, close to its lowest level in over a year seen on October 27th, reflecting the stagnation of the Canadian economy in September, based on preliminary data. Additionally, oil prices reached their lowest point since August 2023, which weakened support for the loonie. BoC Governor Macklem mentioned in his recent speech that the central bank was monitoring inflationary risks, including potential increases in energy prices and disruptions in the supply chain, while reiterating their readiness to raise interest rates further if inflationary pressures persisted. Meanwhile, the Fed left its benchmark rates unchanged, seen as a hawkish pause, and investors were left anticipating one last hike in December.

Canadian Dollar Holds Close to Over 1-Year Low

The Canadian dollar held around 1.38 per USD, close to its lowest level in over a year seen on October 27th, following a downward revision of growth forecasts for 2023 and 2024 by policymakers in anticipation of GDP figures set to be released on October 31st.  In October, the Bank of Canada, as expected, kept interest rates steady while indicating a willingness to raise borrowing costs if deemed necessary. Headline inflation in Canada decreased from 4% in September to 3.8%, falling short of the 4% forecast. The central bank also expressed its expectation of an average inflation rate of 3.5% through mid-2024. Traders anxiously awaited "Super Wednesday" for various interest rate decisions and BoC Governor Macklem's speech for insights into monetary policy direction. Meanwhile, crude oil prices remained below the one-year highs seen in September, which constrained Canadian exports.

Canadian Dollar Hovers Near Over 1-Year Low

The Canadian dollar weakened past 1.38 per USD, reaching its lowest level in over a year, as the Greenback gained strength from robust economic data, notably surpassing GDP estimates. Meanwhile, crude oil prices remained below the one-year highs observed in September, limiting Canadian exports. In October, the Bank of Canada maintained interest rates as expected. However, policymakers revised growth forecasts downward for 2023 and 2024 with GDP figures due October 31st, while indicating readiness to raise borrowing costs if necessary. Headline inflation in Canada dropped to 3.8% in September from 4%, falling short of the 4% forecast. The central bank also expressed its expectation of an average inflation rate of 3.5% through mid-2024.

Canadian Dollar at Over 1-Year Low

USDCAD increased to a 12-month high of 1.3865

Canadian Dollar Hits 12-month Low

The Canadian dollar weakened slightly to approach 1.38 per USD, the lowest level since mid-March, after the Bank of Canada left interest rates steady once again in October, in line with expectations. Policymakers cut growth forecasts for both 2023 and 2024 but warned they are prepared to raise borrowing costs further if needed. Headline inflation in Canada fell to 3.8% in September from 4%, below expectations of 4% and the central bank said it would average 3.5% through mid-2024. Also pressuring the loonie, the US dollar strengthened across the board while crude oil prices held firmly below the over-one-year highs touched in September, limiting demand for Canadian exports.

Loonie Falls Slightly after BoC

USDCAD increased to a 30-week high of 1.3785

Canadian Dollar Hits 30-week Low

The Canadian dollar depreciated to the 1.37 per USD mark, approaching the six-month low of 1.375 touched on October 4th after a cooler-than-expected inflation print eased expectations that the Bank of Canada may still hike interest rates this year. Headline inflation in Canada fell to 3.7% in September from 4% in the earlier month, surprising market expectations that expected steady price growth and raising hopes of disinflation in the Canadian economy despite the spike in crude oil prices in the period. The closely watched by the BoC trimmed-mean rate also fell more than expected to 3.7%, equalling the 19-month low touched in June. Also pressuring the loonie, crude oil prices held firmly below the over-one-year highs touched in September, limiting demand for Canadian exports. Additionally, hot retail data from the US strengthened the dollar.

Loonie Approaches 6-Month Low on Soft Inflation

The Canadian dollar appreciated towards the 1.36 per USD, moving away from the six-month low of 1.37 recorded on October 4th, benefiting from a recent rally in oil prices. The outlook for Canadian exports improved as the US oil benchmark rose by nearly 6% on Friday, bolstering the Loonie. Meanwhile, Bank of Canada Governor Tiff Macklem acknowledged that the recent increase in long-term bond yields couldn't replace monetary policy. The bank faces the decision of letting previous rate hikes take effect in the economy or raising rates again to address persistent inflation. In September, Canada's economy added 63,800 jobs, and wages continued to grow, providing some flexibility for the BoC to maintain a hawkish stance.

Canadian Dollar Strengthens for 2nd Session

The Canadian dollar retreated to past 1.36 per USD, approaching the six-month low of 1.37 touched on October 4th, pressured by renewed strength in the greenback following a hotter-than-expected CPI print. Pressure on the loonie also prevailed as crude oil benchmarks remained well below their peaks from late September, limiting the outlook of higher Canadian exports. Still, signs of stubborn inflation and a strong labor market domestically prevented a further decline. In September, Canada’s economy added 63,800 jobs, and wages continued to grow, adding some leeway for the BoC to remain on the hawkish side.

Canadian Dollar Retreats Past 1.36 USD

Canadian dollar was holding steady at 1.36 per USD, remaining at its strongest level since October 2 as Canadian bond yields below the 4% while oil rally eased. The U.S. dollar index lost ground following dovish comments from Federal Reserve policymakers boosted investor sentiment. Atlanta Fed President Raphael Bostic said the U.S. central bank does not need to raise interest rates any further. Furthermore, the Loonie has received additional support from stronger-than-expected Canadian employment data. In September, Canada's economy added 63,800 jobs, and wages continued to rise, contributing to the positive outlook for the Canadian dollar.

Loonie Hovers at 8-Day High

The Canadian dollar rose past the 1.362 per USD mark in early October, benefitting from surging oil prices driven by the escalating Middle East conflict. Moreover, recent economic data demonstrated the resilience of the Canadian economy despite the Bank of Canada's aggressive tightening measures. The country recorded its most robust job creation in 8 months during September, maintaining a steady jobless rate of 5.5%. Additionally, the Ivey Purchasing Manager Index for September surpassed expectations, and Canada reported its first trade surplus since April, with a notable surge in exports. These gains occurred despite the strengthening of the Dollar Index following a U.S. job data release that exceeded expectations, bolstering the case for a forthcoming Fed rate hike.

Canadian Dollar Rises on Oil Prices

The Canadian dollar rose for a 2nd session on Friday, touching 1.368 against the USD, as recent data showed the Canadian economy is doing well despite an unprecedented tightening campaign by the Bank of Canada. The economy created the most jobs in 8 months in September and the jobless rate held steady at 5.5%. Also, the Ivey Purchasing Manager Index for September came in well above expectations and the country reported the first trade surplus since April as exports surged. The gains came in spite of the strengthening of the Dollar Index after the data showed that the US economy added many more jobs than expected, thereby boosting the case for another rate hike by the Fed.

Canadia Dollar Rises for 2nd Session

The Canadian dollar weakened past the 1.37 per USD mark in early October, reaching the lowest level since May, amid pressure from a strong US dollar and the retreat in oil prices. Higher-than-expected job openings from the JOLTs underscored tightness in the US labor market, backing hawks in the FOMC. Besides lifting the greenback, the outlook of a hawkish Fed pressured the benchmarks for energy commodities that are essential to Canadian exports, limiting demand for the local currency. On the other hand, preliminary results pointed to a slight expansion for the Canadian GDP in August, while wage growth accelerated and the trimmed-mean core inflation overshot expectations in September. The data backed the case for the BoC to maintain its terminal rate for longer.

Canadian Dollar Depreciates to 4-Month Low

USDCAD increased to a 27-week high of 1.3694

Canadian Dollar Hits 27-week Low

The Canadian dollar weakened past the 1.36 per USD mark in early October, reaching the lowest level since September 7th as dismal GDP data supported expectations that the Bank of Canada could continue its tightening cycle. The latest GDP data showed that the Canadian economy inched up by 0.1% in August. In addition, the headline inflation and the trimmed-mean core rates were both well above expectations in September. Also, Canadian government 10-year bond yields fell 4.1 basis points to 4.032%. Furthermore, the stronger dollar also contributed to the decline in the loonie. The US dollar recovered from an earlier dip and remained close to a 10-month high against a basket of major currencies.

Loonie Depreciates to 2-½ Week Low

The Canadian dollar strengthened past the 1.35 per USD mark, the highest in seven weeks, supported by the outlook of a hawkish Bank of Canada and elevated crude oil prices. New data showed that the Canadian GDP likely expanded by 0.1% in August, gaining traction from an unchanged July and raising hopes that the country will be able to recover from the unexpected stall in the second quarter. Additionally, headline inflation and the trimmed-mean core rates were both well above expectations in September, adding to concerns that the Canadian central bank likely underestimated price growth per the latest forecasts, warranting a prolonged period of restrictive policy. In the meantime, the loonie was also supported by soaring oil prices, increasing the amount of foreign currency inflows.

Canadian Dollar Rises to 7-Week High

The Canadian Dollar hovered near 1.345 per USD, close to the six-week high touched September 19th, amid sustained high oil prices and as recent inflation figures heightened the likelihood of the Bank of Canada adopting more stringent monetary policy measures. Canada’s annual inflation rate surged to 4% in August, surpassing market forecasts of 3.8%, rebounding from June’s two-year low of 2.8%. Also the mean-trimmed core rate, a key indicator monitored by the Bank of Canada, unexpectedly rebounded. The BoC held the target for its overnight rate unchanged at 5% in September, the highest level in 22 years, and signaled that future rate decisions will be based on the latest economic signals.

Canadian Dollar Hovers Near 6-Week High

The Canadian Dollar appreciated toward 1.34 per USD in September, the highest in 6 weeks, after recent inflation data has raised the probability of the Bank of Canada implementing further tightening measures in its monetary policy. The annual inflation rate in Canada rose to 4% in August, overshooting market expectations of 3.8% and rebounding from a two-year-low of 2.8% hit in June. Additionally, the mean-trimmed core rate, which is closely watched by the BoC, unexpectedly rebounded and drove the monetary authority to warn that underlying inflation is above the bank’s expectations for the period. The BoC held the target for its overnight rate unchanged at 5% in September, the highest level in 22 years, and signaled that future rate decisions will be based on the latest economic signals.

Canadian Dollar Rises to 6-Week High

The Canadian Dollar touched $1.34 on Tuesday, marking its strongest performance in 6 weeks, after recent inflation data has raised the probability of the Bank of Canada implementing further tightening measures in its monetary policy. The annual inflation rate in Canada rose to 4% in August, overshooting market expectations of 3.8% and rebounding from a two-year-low of 2.8% hit in June. The BoC held the target for its overnight rate unchanged at 5% in September, the highest level in 22 years, and signaled that future rate decisions will be based on the latest economic signals.

Canadian Dollar Hits 6-Weeks High

USDCAD decreased to a 4-week low of 1.3488

Canadian Dollar Hits 4-week High

The Canadian dollar appreciated to around 1.36 per USD, rebounding from the five-month low of 1.37 touched on September 7th following a better than anticipated job report. The Canadian economy added 40 thousand jobs in August, over double the expected 15 thousand, while wage growth accelerated past forecasts to 5.2%. Meanwhile, the jobless rate beat expectations at 5.5%. Bank of Canada Governor Tiff Macklem has reiterated that policymakers are carefully managing the balance between the risks of tightening too much or too little. During a news conference following his speech, he emphasized that it is “much too early” to discuss rate cuts, as the presence of ongoing wage pressures signal a continued hawkish stance for the central bank. Additionally, the BoC has noted its readiness to implement further rate hikes if inflationary pressures persist above the 2% target.

Canadian Dollar Advances on Job Report

The Canadian dollar depreciated to around 1.36 per USD in early September, marking its lowest level since late March, following the decision by the central bank to maintain its benchmark interest rate unchanged. The move was aligned with market expectations as a series of weak economic data forced the central bank to consider longer policy lags and higher threats to growth. The Canadian GDP contracted by an annualized 0.2% in the second quarter, significantly below expectations of a 1.2% expansion, highlighting the impact of tighter borrowing costs on the Canadian economy. Additionally, PMI data indicated that factory activity in the country experienced its sharpest decline in over three years. However, the depreciation of the Canadian dollar was somewhat mitigated by higher crude oil prices, which have increased demand for Canadian exports. The central bank also noted that it could implement further rate hikes if inflationary trends continue to exceed the 2% target.

Canadian Dollar Weakens after BoC Rate Decision

USDCAD increased to a 13-week high of 1.3639

Canadian Dollar Hits 13-week Low

The Canadian dollar depreciated toward 1.36 per USD in early September, hovering close to the lowest level since late May as a batch of weak economic data consolidated market bets that the Bank of Canada will refrain from hiking its key policy rate this month. The Canadian GDP contracted by an annualized 0.2% in the second quarter, compared to expectations of a 1.2% expansion, to underscore the impact of tighter borrowing costs in the Canadian economy. Additionally, PMI data showed that factory activity in the country sank at the fastest pace in over three years. Money markets now price an over 90% chance that the BoC will hold its key rate at 5% in its September decision, and leave it unchanged at that level until the first quarter of 2024. On the other hand, sharper depreciation was prevented by increased crude oil prices, which create higher demand for Canadian exports.

Canadian Dollar Retreats on GDP Contraction

The Canadian dollar depreciated past the 1.36 per USD level, reaching a three-month low, as the US dollar maintains its strength following comments from Fed Chair Powell that suggest the potential for additional rate hikes if the US economy remains resilient. At the same time, oil prices retreated from recent highs and Canada posted the largest trade deficit since November 2020, highlighting the extent of net outflows of the domestic currency from the economy, and pressuring the loonie. On the other hand, annual inflation rate in Canada rose more than expected in July and the core rate failed to slow as anticipated, keeping a range of possibilities open for the Bank of Canada, as the bank considers the need for another rate hike in September.

Canadian Dollar Hits 3-Month-Low

USDCAD increased to a 11-week high of 1.3565

Canadian Dollar Hits 11-week Low

The Canadian dollar fell past the 1.34 per USD level, an over two-month low, as the greenback remains strong amid bets the Fed will need to keep interest rates elevated for longer. At the same time, oil prices fell from recent highs and Canada posted the largest trade deficit since November 2020, highlighting the extent of net outflows of the domestic currency from the economy, and pressuring the loonie. On the other hand, annual inflation rate in Canada rose more than expected in July and the core rate failed to slow as anticipated, keeping a range of possibilities open for the Bank of Canada, as the bank considers the need for another rate hike in September.

Canadian Dollar Extends Loses

The Canadian dollar weakened past the 1.34 per USD level, an over two-month low, after the country posted the largest trade deficit since November 2020. The data highlighted the extent of net outflows of the domestic currency from the economy, pressuring the loonie. In the meantime, the latest labor data showed that Canada’s unemployment rate edged up to a one-and-a-half-year peak of 5.5% balancing labor market tightness amid the 5% surge in wages, and keeping a range of possibilities open for the BoC as the bank considers the need for another rate hike in September. Price data was also relatively conflicting as the inflation rate slowed considerably to 2.8%, but the closely monitored trimmed-mean core inflation rate rose past expectations to 3.7%.

Canadian Dollar Hits 2-Month-Low

The Canadian dollar was at the 1.33 per USD level, holding near the one-month high from August 2nd as the currency market digested a batch of North American labor data for hints on policy outlook for the Fed and the BoC. The Canadian unemployment rate edged higher to a one-and-a-half-year high of 5.5%, as the Canadian economy surprisingly shed a net of 6,400 jobs in July. Still, wages accelerated and grew by 5%, keeping a range of possibilities open as the BoC has left the door open for another rate hike in September. CPI data indicates a notable slowdown in Canadian inflation, with consumer prices rising by 2.8% from the previous year in June. However, the trimmed-mean core inflation rate, closely monitored by the Bank of Canada, remains well above market forecasts at 3.7%.

Canadian Dollar Falls as Unemployment Rate Rises

USDCAD increased to a 4-week high of 1.3377

Canadian Dollar Hits 4-week Low

The Canadian dollar fell past the 1.32 per USD mark, extending its decline from the 10-month high of 1.31 on July 13th amid a stronger US dollar. CPI data indicated a notable slowdown in Canadian inflation, with consumer prices rising by 2.8% from the previous year in June, the least in over two years, reducing the urgency for higher interest rates. However, the trimmed-mean core inflation rate, closely monitored by the Bank of Canada, remained well above market forecasts at 3.7% and kept the possibility of another rate hike on the table. In its last meeting, the BoC raised its target rate by 25bps as expected, reaffirming its commitment to restoring price stability. Additionally, a slight retreat in oil prices since mid-July tempered buying for the loonie.

Canadian Dollar Retreats from 10-Month High

The Canadian dollar weakened past 1.32 per USD, depreciating from the 10-month high of 1.31 touched on July 13th as new CPI data pointed to a marked slowdown in Canadian inflation. Consumer prices rose by 2.8% from the previous year in June, the lowest in over two years and below market expectations of 3%. Still, the trimmed-mean core inflation rate, which is closely measured by the Bank of Canada, remained well above market forecasts of 3.7%, spurring expectations that another rate hike from the central bank may still be on the table. In its last meeting, the BoC delivered another 25bps increase in its target rate, as expected, and reinforced its commitment to restore price stability. In the meantime, the slight retreat in oil prices since the middle of July also limited buying pressure for the loonie.

Canadian Dollar Retreats form 10-Month High

USDCAD decreased to a 43-week low of 1.3113

Canadian Dollar Hits 43-week High

The Canadian dollar strengthened to below the 1.32 per USD mark, approaching the nine-month high of 1.315 touched on June 22nd, after the Bank of Canada delivered another 25bps increase in interest rates as expected and reinforced its commitment to restore price stability. The central bank also revised higher its growth forecast for this year and pushed back its expectations for getting inflation back to the 2% target by the middle of 2025. In May, Canada's headline inflation rate moderated to 3.4% and the core reading slowed more than expected to 3.7%. At the same time, the US dollar weakened to levels not seen in over two months, after softer inflation readings for June eased bets on the need of more interest rate increases by the Fed beyond July.

Loonie Strengthens after BoC Rate Hike

The Canadian dollar strengthened towards the 1.32 per USD mark, moving towards the nine-month high of 1.315 touched on June 22nd, as investors eagerly awaited the outcome of the Bank of Canada's policy meeting on Wednesday. The central bank is anticipated to implement an additional 25 basis points rate hike, bringing its policy rate to a 22-year high of 5%, amid policymakers' efforts to steer inflation back towards their target. In May, Canada's headline inflation rate moderated to 3.4% and the core reading slowed more than expected to 3.7%, alleviating worries of sticky inflation. At the same time, investors dumped the US dollar amid signs that the Federal Reserve is nearing the end of its current monetary policy tightening cycle.

Canadian Dollar Gains Ahead of BoC Decision

The Canadian dollar weakened past 1.325 per USD from the nine-month high of 1.315 touched on June 22nd, pressured by the muted momentum in prices of energy and metals, Canada’s main exports, and strength in the greenback as investors continued to assess the monetary policy outlook for the BoC and the Fed. A cooler-than-expected domestic inflation rate eased expectations on the extent that the Bank of Canada will continue to tighten its policy. The headline inflation rate moderated to 3.4% in May, in line with central bank expectations that price growth should slow to 3% in the summer, while the core reading slowed more than expected to 3.7% and alleviated worries of sticky inflation. Concerns of stubborn inflation drove the central bank to surprise markets and hike its key interest rate by 25bps in June, resuming its tightening cycle after the pause in March.

Canadian Dollar Depreciates from 9-Month High

The Canadian dollar strengthened to 1.315 per USD, nearing its highest level in nine months, as investors maintained confidence in the likelihood of another rate hike by the BoC in July, following the release of the CPI report in line with expectations. Canada's annual inflation rate moderated to 3.4% in May, while grocery prices continued their upward trajectory, rising 9% year-over-year. Excluding food and energy, prices climbed 4.0%, compared to a 4.4% increase in April. The average of two of the Bank of Canada's core measures of underlying inflation, CPI-median and CPI-trim, stood at 3.9%, down from 4.3% in April. In a surprise move, the central bank raised its key interest rate by 25 bps in June, signaling a resumption of its tightening cycle following two consecutive holds. The policymakers assessed that the current monetary policy stance lacked sufficient restrictiveness in June, and future rate hikes would be contingent upon fresh economic data.

Loonie Hovers at 9-Month High

The Canadian dollar strengthened to over 1.32 per USD, reaching its highest level in nine months, after the latest meeting minutes showed policymakers considered that monetary policy did not appear to be sufficiently restrictive in June and that the need for further rate hikes would be determined by fresh economic data. Earlier this month, the central bank surprised markets by raising its key interest rate by 25 basis points, resuming its tightening cycle after two consecutive holds. Recent data has presented a mixed picture, with the jobs report for May suggesting a cooling labor market, while the retail sales report indicated robust consumer spending. Elsewehre, the Federal Reserve is expected to continue hiking rates later this year after a pause in June.

Loonie Strengthens to 9-Month High

USDCAD decreased to a 39-week low of 1.3176

Canadian Dollar Hits 39-week High

The Canadian dollar appreciated past 1.32 per USD in mid-June, its strongest in nine months, as weakness in the greenback coincided with a hawkish outlook for the Bank of Canada. In its last meeting, the domestic central bank surprised markets and raised its key interest rate by 25bps. The decision marked the resumption of the BoC’s tightening cycle after two consecutive holds, backtracking the Governing Council’s signal that rates had peaked to indicate that borrowing costs were not as restrictive as policymakers expected. The BoC is expected to continue raising interest rates in its July meeting and extend the effort on curbing stubbornly tight interest rates. On the other hand, signs of a softening labor market in the US drove currency markets to pare bets of a hawkish Federal Reserve.

Canadian Dollar Appreciates to 9-Month High

The Canadian dollar appreciated past 1.33 per USD in June, the strongest in four months amid a hawkish Bank of Canada. In its latest meeting, the central bank surprised markets and raised its key interest rate by 25bps. The decision marked the resumption of the BoC’s tightening cycle after two consecutive holds, going against the Governing Council’s signal that rates could have peaked, and suggesting that borrowing costs in the Canadian economy were not as restrictive as policymakers expected. Further, economists expect the central bank to continue raising interest rates in its July meeting to extend the effort on curbing stubbornly tight interest rates. On the other hand, further gains were capped by a hawkish outlook by the Fed in its June meeting, despite the unchanged funds rate.

Canadian Dollar Holds at 4-Month High

The Canadian dollar appreciated past 1.33 per USD in June, the strongest in seven months, due to the discrepancy between the monetary policies of the Bank of Canada and the Federal Reserve. In its latest meeting, the Bank of Canada surprised markets and raised its key interest rate by 25bps. The decision marked the resumption of the central bank’s tightening cycle after two 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. Further, economists expect the central bank to continue raising interest rates in its July meeting to extend the effort on curbing stubbornly tight interest rates. On the other hand, the cooler-than-expected CPI print in the United States strengthened bets that the Federal Reserve will pause its tightening campaign in its upcoming meeting.

Canadian Dollar Appreciates to 7-Month High

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

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

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.

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