0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The S&P 500's refusal to hit a record and Dollar's anchor to range this past week is sign of summer liquidity conditions, but the quiet is not insurmountable. 'S&P 500 Record and Dollar Break Look to Stimulus and Trade to Override Seasonality' https://www.dailyfx.com/forex/video/daily_news_report/2020/08/15/SP-500-Record-and-Dollar-Break-Look-to-Stimulus-and-Trade-to-Override-Seasonality-.html https://t.co/mbvPkdQfYl
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/DmhBkcMZBK https://t.co/kFk6ccU3Sk
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/aXSB0bG3y0
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/1G7CRsegRX https://t.co/i342ipPuvW
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/tHp0Nb3Tr5
  • USD/JPY is bucking the trend in USD weakness, tentatively putting it on a path towards higher levels. Get your $USDJPY technical analysis from @PaulRobinsonFX here: https://t.co/RnrBCFE3gt https://t.co/hTSdTcIwZY
  • The Canadian Dollar gained with government bond yields. Might USD/CAD find its way to current 2020 lows? Canada’s benchmark stock index, the TSX Composite, faces the March high.Get your $USDCAD market update from @ddubrovskyFX here:https://t.co/0Ba8E2S7vC https://t.co/JLUTzF6xlY
  • IG Client Sentiment is warning that the S&P 500, gold prices and AUD/USD could fall ahead as upside exposure accumulates. What are key technical levels to watch for next? Find out from @ddubrovskyFX here: https://t.co/YsBypn73vy https://t.co/erPb9HMRVc
  • The US Dollar could be readying to rise against the Singapore Dollar and Indonesian Rupiah ahead. Will USD/PHP and USD/MYR also follow this outlook? Find out from @ddubrovskyFX here: https://t.co/xvMPZha5SB https://t.co/P9QLmnY1Fg
  • The Euro has been struggling to maintain its upside momentum. Is EUR/USD readying to turn lower? EUR/AUD may be aiming to rise, but has EUR/CAD topped? Find out from @ddubrovskyFX here: https://t.co/vlJM3iQIYS https://t.co/8FGl10wDto
Canadian Dollar, BoC Outlook Jawboned by Jobs Data. Yen May Fall

Canadian Dollar, BoC Outlook Jawboned by Jobs Data. Yen May Fall

2019-12-09 00:00:00
Daniel Dubrovsky, Analyst
Share:

Asia Pacific Market Open Talking Points

Find out what the #1 mistake that traders make is and how you can fix it!

US Dollar Gains as Canadian Dollar Plummits

After persistent weakness, the US Dollar enjoyed some breathing space on Friday as it was supported by a slew of risk-positive news. It began with a stellar local jobs report, accelerating with rosy sentiment data and US-China trade deal optimism. By far the former had the most profound impact as the country added the most non-farm payrolls since January.

On the flip side of the spectrum, the Canadian Dollar was the worst performing major as it was hit by contrastingly disappointing employment data. Canada lost 71.2k positions, far undershooting economists’ estimates of a 10.0k uptick. Local bond yields tumbled, undermining last week’s Bank of Canada monetary policy announcement which pictured a more positive outlook on the economy.

Meanwhile, White House Economic Adviser Larry Kudlow offered some reassurance on US-China trade deal bets. He noted that an agreement “is still close” ahead of the December 15 deadline. That is when President Donald Trump may decide whether to raise tariffs against his Chinese counterpart, Xi Jinping. This past week, we have seen mixed commentary on the possibilities of a near-term deal.

Monday’s Asia Pacific Trading Session:

With that in mind, we may see Asia Pacific equities follow Wall Street higher (S&P 500 +0.91%, Dow Jones +1.22%) at the onset of the new trading week. This may bode ill for the anti-risk Japanese Yen as it looks past local GDP data due to its limited implications for near-term BoJ monetary policy prospects. The sentiment-linked Australian and New Zealand Dollars may rise as the Canadian Dollar remains vulnerable to further selling pressure on dovish BoC bets.

Canadian Dollar Technical Analysis

Fundamental factors helped fuel USD/CAD and push it to its largest single-day gain since the beginning of October. Still, prices remain off November peaks after breaking under a near-term rising support line. That may keep the near-term bias lower unless the Canadian Dollar continues to see selling pressure in the days ahead. Immediate support lays below at 1.3158.

Chart of the Day – USD/CAD

Canadian Dollar, BoC Outlook Jawboned by Jobs Data. Yen May Fall

Chart Created Using TradingView

FX Trading Resources

--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.