USD/CAD: Canadian Dollar Steady
Kenny Fisher | Jan 18, 2019 11:07
USD/CAD has posted small gains in the Friday session, recovering the losses from Thursday. Currently, the pair is trading at 1.3265, down 0.12% on the day. On the release front, Canada releases CPI. In the U.S., today’s key event is UoM Consumer Sentiment. The indicator has slowed over the past three months, and the downward trend is expected to continue, with an estimate of 97.0 points.
Risk appetite remains steady, which has been good news for the Canadian dollar. The currency has sparkled in January, posting gains of 2.7 percent. The U.S.-China trade war, which is one of the biggest threats to the global economy, has triggered a slowdown of the Chinese economy, and there are concerns that U.S. growth will slow if the sides don’t resolve the conflict. Senior Chinese and U.S. officials are meeting for another round of trade talks on Jan. 30, and investors remain hopeful that the U.S. will not impose new tariffs on March 1.
The U.S. government shutdown has meant that the flow of economic data has been reduced. This has magnified the importance of the Beige Book, which was released on Wednesday. The report found that businesses across the country had become less optimistic, due to higher interest rates, swings in the financial markets and global trade tensions. At the same time, most of the regional Feds said that growth in their region was “modest to moderate.” The report reiterates the recent dovish stance we are seeing from the Federal Reserve, which has sent strong signals to the markets that rate hikes could be on hold for the near future.
USD/CAD Fundamentals
USD/CAD for Friday, January 18, 2019
USD/CAD, January 18 at 7:50 EST
Open: 1.3280 High: 1.3284 Low: 1.3250 Close: 1.3266
USD/CAD Technical
| S3 | S2 | S1 | R1 | R2 | R3 |
| 1.3049 | 1.3125 | 1.3200 | 1.3290 | 1.3383 | 1.3461 |
USD/CAD showed little movement in the Asian session and has posted small losses in European trade
- 1.3200 is providing support
- 1.3290 is the next resistance line
- Current range: 1.3200 to 1.3290
Get The App
Further levels in both directions:
- Below: 1.3200, 1.3125 and 1.3049
- Above: 1.3290, 1.3383, 1.3461 and 1.3552
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.