While the BOC has turned more hawkish, other fundamental factors are working against the Canadian Dollar in the near-term. Volatility and weakness in oil prices coupled with a stretch of disappointing Canadian economic data are weighing on the Loonie. According to the IG Client Sentiment Index, USD/CAD rates have a bullish bias in the near-term.
The Canadian Dollar faces reversal pressures again after CPI data despite a drop in crude oil prices. Ahead, the Australian and New Zealand Dollars may rally with Asia stocks.
The Canadian Dollar may be getting ready to reverse against the US Dollar after increasingly bearish USD/CAD technical signals. Ahead, the Yen may weaken as AUD and NZD gain.
The USD/CAD eyes resistance breakout as uncertainties over global growth amidst trade wars undermine crude oil prices. Sentiment warns of a bearish NZD/USD bias ahead of the RBNZ.
USDCAD Eyes 2019 Lows, GBPUSD Rises on Short Squeeze - US Market Open
USDCAD at 2019 Lows, EURUSD Dips on ECB Dove, GBPUSD Stabilises
CAD Spikes, GBPUSD Outperforms, EURUSD Eyes FOMC - US Market Open
The Canadian Dollar climbs on the back of recent USMCA tailwinds and oil price gains, but the prospect of hawkish FOMC minutes due Wednesday threatens to keep USD bid.
USDCAD soared then swooned in a volatile trading session due to downbeat rhetoric found in the Bank of Canadas latest Financial Stability Report but now being offset by positive USMCA deal news.
Canadas job numbers crushed estimates this morning coming in at 106.5k jobs added, crushing estimates of 11.6k putting Aprils beat as the highest on record
The Canadian Dollar fell as BoC business outlook resulted negative, fueling interest rate cut expectations as USD/CAD support held. Ahead, AUD/USD may fall to support on RBA minutes.
EURUSD Muted Post NFP as Predicted by FX Options, CAD Data Mixed - US Market Open
USD/CAD dropped to support on rosy GDP data, the British Pound fell after Mays Brexit deal failed to pass through Parliament, delaying the divorce. Asia stocks may rise as Yen sinks.
Forex option traders have bid up USDCAD overnight implied volatility to its highest level since January 3 ahead of Friday's employment data release.
Canadian Dollar forex traders are expecting heightened price volatility ahead of the Bank of Canada's upcoming interest rate decision.