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USD/CAD, CAD/JPY forecast: Canadian dollar analysis - July 24, 2024
The CAD/JPY trend has turned negative following this week’s big rally in the yen, while the USD/CAD will be in focus with the release of key US data in the coming days.
Canadian Dollar Technical Forecast: USD/CAD Volleys to Range Resistance
USD/CAD is not unfamiliar to ranges, and prices have pushed up to test a key spot of range resistance as deviation has shown between U.S. and Canadian monetary policy.
Canadian Dollar Technical Forecast: USD/CAD, CAD/JPY
USD/CAD is testing the 200-day moving average again, but this time as support; and CAD/JPY has begun to re-test a massive spot of resistance near 15-year highs.
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Canadian Dollar Technical Analysis: USD/CAD Breakout Ahead of FOMC, NFP
USD/CAD put in a strong breakout last week and price ran to a key zone of resistance. The question now is whether bulls can continue to drive and US and Canadian employment numbers are on the calendar for this Friday.
Canadian Dollar Technical Analysis: USD/CAD, EUR/CAD, GBP/CAD
Tiff Macklem kept the door open for more rate hikes out of Canada last week, and tomorrow brings inflation data ahead of next week’s Bank of Canada rate decision.
Canadian Dollar Technical Analysis: USD/CAD, EUR/CAD, CAD/JPY
USD/CAD extended a bullish breakout this week while starting re-test of the 1.3500 psychological level. Bulls held the move despite US CPI coming in below expectations and CAD/JPY retains breakout potential given an ascending triangle formation. EUR/CAD on the other hand may offer some pullback potential given a hold at a key Fibonacci level of resistance.
Canadian Dollar Forecast: USD/CAD Clings to Recovery Ahead of BoC
USD/CAD snapped back aggressively on Friday, bringing to question a recovery move ahead of the Bank of Canada rate decision scheduled for this Wednesday.
Bank of Canada preview: At interest rates peak?
After a combined 425 basis points worth of hikes, the BOC has already signaled it would pause tightening to let the economy digest impact of previous hikes.
USD/CAD struggles to test January high ahead of BoC rate decision
The Bank of Canada (BoC) interest rate decision on March 8 may prop up USD/CAD as the central bank moves to the sidelines.
CAD/JPY pair to watch heading into BoC decision
A 25-basis-point hike is expected
Canadian Jobs report blew away estimates
The strong Employment Change out of Canada in October may give the BOC a bit more confidence to raise rates in December. However, the meeting is a long way off.
The BOC just dropped one of their preferred CPI measures
During a hawkish speech, the BOC governor outlined which of the three ‘preferred’ CPI measures they will no long focus on, and why.
The BOC just dropped one of their preferred CPI measures
During a hawkish speech, the BOC governor outlined which of the three ‘preferred’ CPI measures they will no long focus on, and why.
Yes, inflation may have peak but it “remains far too high”
Sometimes the obvious needs to be said. And that is exactly what the BOC’s deputy governor said in his op-ed by stating inflation “remains far too high”.
Bank of Canada hikes 25bps. More to come!
The Bank of Canada raised rates for the first time since October 2018 by 25bps to 0.50%.
Bank of Canada leaves rates unchanged. Is it less hawkish now?
How many rate hikes are necessary to control inflation given that the BOC sees it returning to 2% over the long run?
Bank of Canada preview: Is the BOC ready to hike rates?
At its last meeting in December, the BOC said it doesn't see a rate hike until mid-2022. However, some seem to think it will hike at this meeting!
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Bank of Canada Preview: When is the BOC looking to raise rates?
With inflation on the rise and a very strong jobs report for September, the Bank of Canada is likely to cut bonds purchases
BOC Drops its Hawkish Bias, USD/CAD Breaks Above 1.3500
To the surprise of no informed market participant, the Bank of Canada left interest rates unchanged at 1.75% in today’s monetary policy meeting. A pre-meeting Bloomberg poll of 24 economists showed this result was unanimously expected, so the “decision” itself didn’t lead to any meaningful market moves...
BOC Preview: Will Poloz and Company Shift into Neutral This Month…Or Next?
The Bank of Canada will deliver its interest rate “decision” and monetary policy statement in tomorrow morning’s US session. According to futures markets, traders are not expecting any changes to monetary policy tomorrow and only a 16% chance of a rate hike by the BOC’s July meeting.
Week Ahead: Three Major Central Bank Decisions and NFP
Looking ahead, the upcoming week features interest rate decisions from three major central banks (RBA, BOC, and ECB), while data highlights include UK and US services PMIs, Aussie GDP, Chinese trade figures and jobs reports from both North American nations.
BOC unlikely to hike but Canadian dollar may rise nonetheless
The Bank of Canada is going to make a decision on whether to follow the US Federal Reserve and hike interest rates by 25 basis points when it concludes its meeting later on today.
USD/CAD Blasts Off to 18-Month Highs on BOC, OPEC on Tap
Despite US stock and bond markets closed in honor of President George H. W. Bush’s passing, we’ve seen a surprising amount of volatility in the FX market.