Kenny Fisher | Apr 11, 2019 11:59
The Canadian dollar has recorded considerable losses on Thursday. Currently, USD/CAD is trading at 1.3383, up 0.48% on the day. On the release front, the sole Canadian event is a minor housing report. In the U.S., PPI climbed 0.6%, above the estimate of 0.3%. Core PPI improved to 0.3%, edging above the forecast of 0.2%. Unemployment claims sparkled, dropping to 196,000, well below the estimate of 210,000. On Friday, the U.S. posts UoM consumer sentiment and the semi-annual Treasury currency report.
The Federal Reserve was in focus on Wednesday, with the release of the minutes from the March meeting. The Fed left the door open to rate hikes in 2019, provided that economic conditions improved. Some members said that they expected the economy to improve, while others said that rate movement could shift “in either direction based on incoming data and other developments.”
The International Monetary Fund downgraded economic forecasts worldwide, and Canada was no exception. The IMF lowered its forecast from 1.9% to 1.5%. The report noted that Canada would be a major beneficiary if the U.S. and China can hammer out a deal and end their bruising trade war. The IMF also lowered its forecast for global growth, from 3.5% to 3.3%.
Oil prices have dipped on Thursday, but remain close to 5-month highs. Civil unrest in Libya and Venezuela have tightened supplies, as have a cut in supplies by OPEC members. Canada is a major oil producer, so the rise in oil prices has helped bolster the Canadian currency, despite lukewarm Canadian data.
USD/CAD Fundamentals
Thursday (April 11)
Friday (April 12)
*All release times are DST
*Key events are in bold
USD/CAD for Thursday, April 11, 2019
USD/CAD, April 11 at 8:05 DST
Open: 1.3318 High: 1.3396 Low: 1.3313 Close: 1.3376
USD/CAD Technical
S3 | S2 | S1 | R1 | R2 | R3 |
1.3125 | 1.3200 | 1.3290 | 1.3383 | 1.3445 | 1.3552 |
USD/CAD posted small gains in the Asian session and the trend continued in European trade. The pair has edged higher in North American trade
Further levels in both directions:
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