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CAD Gains Cool Ahead of BoC, EURUSD Soft as Germany Heads for Recession - US Market Open

CAD Gains Cool Ahead of BoC, EURUSD Soft as Germany Heads for Recession - US Market Open

Justin McQueen,


USD: The US Dollar is notably firmer against major G10 currencies with markets pricing out the possibility of Fed rate cuts, while a pick-up in US yields have also brought investors into the greenback. Elsewhere, talk that US-China trade discussions are going well, according to President Trump has provided a boost for risk assets with US equity market tracking higher.

EUR: German data continues to deteriorate with the latest industrial production figures falling sharply. The monthly rate surprised to the downside with a fall of 1.9% (Exp. 0.3%), which in turn dragged the yearly rate to -4.7% (Exp. -0.8%). This also follows yesterday’s weak factory order, consequently increasing the risk that Germany is heading for a technical recession. As such, EURUSD is softer this morning in reaction to yet another soft reading out of Germany, while resistance at 1.15 also proved to be a stumbling block for the pair.

CAD: Amid the rise in oil prices, the Canadian Dollar continues to find support vs major counterparts, which in turn has seen USDCAD dip below 1.33. However, gains have somewhat slowed ahead of tomorrow’s BoC MPR, which provides a key risk to the currency.

DailyFX Economic Calendar: Tuesday, January 08, 2019 – North American Releases

DailyFX Webinar Calendar: Tuesday, January 08, 2019

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  1. EUR/USD Long-term Volatility Chart Suggests a Big Move is Coming” by Paul Robinson, Market Analyst
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  3. Technical Outlook for the USD Index, EUR/USD, Gold Price & More” by Paul Robinson, Market Analyst
  4. AUD Technical Analysis Overview: AUDUSD, AUDJPY, AUDNZD” by Justin McQueen, Market Analyst
  5. USDCAD Price Tumbling as Canadian Dollar Benefits From Rising Oil Prices” by Martin Essex, MSTA, Analyst and Editor

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at

Follow Justin on Twitter @JMcQueenFX

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