Tags Posts tagged with "CAD"

CAD

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EUR/USD had another choppy session but on the short time frames the market was veering towards the bullish side. EUR/USD remained above the 1.09 level for most of the session – support is forming around 1.0876 and resistance at 1.0937.

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The tumbling price of crude oil continues to be felt on commodity currencies. The biggest faller of week has been the Canadian dollar which has seen more than a two percent slide against the US dollar.

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A slew of market moving data is due this week with nonfarm payrolls on Friday. Nonfarm payrolls are expected to have registered a small increase in July to 224,000.

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US crude supplies registered another big drop this week. The Energy Information Administration reported that supplies fell by 4.2M barrels to 24 June a much bigger drop than the 184,000 barrels that oil analysts had forecast.

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The greenback traded on relatively solid ground today despite a mixed set of economic data. The dollar was up against the yen and the euro but slipped versus the UK pound and fell sharply against the Canadian dollar.

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Commodities took another beating today after China’s main stock index the Shanghai Composite plunged by 8.5%. The Chinese authorities have staged a massive intervention in recent months to try to stabilize the stock market.

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New Zealand’s central bank (RBNZ) lowered interest rates this morning – a decision that was widely anticipated. The cut of 25 basis points allowed the kiwi to rally.

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CAD remains in a weak position following the Bank of Canada’s second surprise interest rate cut last week. USD/CAD is testing the 1.30 line with renewed vigour.

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The Bank of Canada surprised markets for a second time this year by cutting their target “overnight” rate of interest to 0.5% from 0.75%. The Canadian dollar fell sharply on the news as did other high yields.

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The Bank of Canada will meet tomorrow to decide interest rates. Rates are expected to be held at 0.75%. However following January’s surprise interest rate cut markets have been positioning cautiously.