Free Trial

USD/CAD last seen at C$1.3289,........>

DOLLAR-CANADA
DOLLAR-CANADA: USD/CAD last seen at C$1.3289, almost unchanged. This occurs
after the rate lost altitude yesterday, albeit finished off lows.
- On Wednesday, the pair ebbed slightly lower initially, before diving to its
intraday low of C$1.3256 on the back of better than expected CPI numbers
released out of Canada. The aforementioned low was retested subsequently, before
USD/CAD moved away from worst levels as a softer energy complex sapped strength
from the loonie after the release of the latest DoE report. Per the DoE data,
U.S. fuel stockpiles swelled surprisingly, raising concerns re: fading demand.
- Canadian Senate's Banking and Trade Committee chair called for a special BoC
meeting, which would allow lawmakers to hear from BoC Gov Poloz amid heightened
trade uncertainty (see a CANADA bullet at 23:00 BST 08/21).
- Bears look for a break under yesterday's low/trendline support/Aug 19 low at
C$1.3256/55/51. Conversely, a jump onto the C$1.3300 handle would open up
C$1.3345/46, where the rate peaked on Aug 7/yesterday.
- Remaining data highlights this week include Canadian wholesale trade & retail
sales, due later today and on Friday respectively.

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.