USD/CAD: Wobbly Canadian Dollar Back Above 1.36
Kenny Fisher | Dec 27, 2018 08:41
USD/CAD has gained ground in the Thursday session. Currently, the pair is trading at 1.3623, up 0.37% on the day. On the release front, the U.S. releases employment claims, which is expected to rise to 217,000. We’ll also get a look at CB Consumer Confidence, which is forecast to climb to 135.7 points. On Friday, the U.S. publishes Chicago PMI and Pending Home Sales. There are no Canadian releases this week, so U.S. indicators will have a magnified effect on the direction of USD/CAD.
The Canadian dollar has dropped to its lowest level since May 2017, as the currency continues to head south. USD/CAD jumped 1.62 percent last week and has climbed 2.3 percent in December. With global equity markets falling to their lowest level since 2008, high trader apprehension has made the Canadian dollar less attractive, as investors stick with safe-haven assets. A quiet Christmas week could halt the steep slide, but further headwinds await the Canadian dollar in January unless risk appetite improves.
USD/CAD Fundamentals
Thursday (December 27)
- 8:30 US Unemployment Claims. Estimate 217K
- 9:00 US HPI. Estimate 0.3%
- 10:00 US CB Consumer Confidence. Estimate 133.7
Friday (December 28)
- 9:45 US Chicago PMI. Estimate 61.4
- 10:00 US Pending Home Sales. Estimate 0.9%
*All release times are EST
*Key events are in bold
USD/CAD for Thursday, December 27, 2018
USD/CAD, December 27 at 9:15 EST
Open: 1.3574 High: 1.3633 Low: 1.3566 Close: 1.3626
USD/CAD Technical
| S3 | S2 | S1 | R1 | R2 | R3 |
| 1.3383 | 1.3561 | 1.3552 | 1.3696 | 1.3793 | 1.4001 |
USD/CAD edged higher in the Asian session. The pair posted slight gains in the European session but then retracted. USD/CAD has ticked higher in North American trade
- 1.3552 is providing support.
- 1.3696 is the next resistance line
- Current range: 1.3552 to 1.3696
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Further levels in both directions:
- Below:1.3552, 1.3461, 1.3383 and 1.3292
- Above: 1.3696, 1.3793 and 1.4001
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