Free Trial

USD/CAD has consolidated at...........>

DOLLAR-CANADA
DOLLAR-CANADA: USD/CAD has consolidated at ~C$1.3025 in the early stage of
Asia-Pacific session after adding ~90 pips on Wednesday.
- CAD underperformed on Wednesday as oil slipped sharply after DoE crude oil
inventory numbers showed a far larger build of crude stockpiles than expected.
- Another factor lifting USD/CAD has been broader dollar strength, which
received an additional boost in the wake of the release of FOMC minutes which
sent DXY to new highs.
- Bulls now target the Oct 11 high at C$1.3063, while bears need to break the
Oct 10 low to regain control and challenge the 200-DMA at C$1.2895.
- Points of note tomorrow include Canadian CPI & retail sales ahead of next
week's BoC's decision, where the majority of those surveyed expect a hike in
interest rates by 25 bps.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.