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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
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
  • Pelosi says stimulus talks with Mnuchin will continue - BBG
  • Update on #Cryptocurrencies #BITCOIN -0.55% #BITCOINCASH -0.35% #ETHEREUM -0.68% #RIPPLE -0.46% #LITECOIN +1.08%
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.28% Gold: -0.31% Silver: -3.01% View the performance of all markets via
  • US Dollar: Ready to Rumble with High-Impact Data - EURUSD, AUDUSD
  • Senator McConnell signals that a deal is still far off on stimulus $SPX $DJI $DXY
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.18%, while traders in Wall Street are at opposite extremes with 69.58%. See the summary chart below and full details and charts on DailyFX:
  • In the very short term, price action in USD/CAD is likely to be distorted by month-end flows. The general view is that month-end is expected to be USD supportive. Get your $USDCAD market update from @JMcQueenFX here:
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.89% US 500: 1.53% FTSE 100: 0.20% France 40: 0.07% Germany 30: 0.02% View the performance of all markets via
  • Fed's Bowman: - Continued monetary and targeted fiscal support may be needed - If virus worsens asset prices will be vulnerable to price drops - BBG
  • Secretary Mnuchin says he will meet with Senator McConnell today - BBG
CAD Pushes Higher After Hitting 11yr Low, Still Oil Dependent

CAD Pushes Higher After Hitting 11yr Low, Still Oil Dependent

2015-10-02 21:30:00
Tyler Yell, CMT, Currency Strategist
CAD Pushes Higher After Hitting 11yr Low, Still Oil DependentCAD Pushes Higher After Hitting 11yr Low, Still Oil Dependent

Fundamental Forecast for CAD: Bearish

  • Canada’s Consumer Price Index (CPI) expanded an annualized 1.3% in August, a marked slowdown in the core rate of inflation may dampen the appeal of the Loonie.
  • Oil Gains and a dovish rhetoric from the Federal Reserve have allowed the Canadian dollar to gain nearly one and a half percent against the USD.
  • For up-to-date and real-time analysis on the CAD, Oil and market reactions to economic factors currently ‘in the air,’ DailyFX on Demand can help.

The Canadian Dollar witnessed a strong rise to end the week after a weak start. The Canadian dollar rebound is mainly due to bounces in commodities and risk that brought USDCAD lower by nearly 200 pips, and other Crosses display more CAD strength. Optimism currently surrounds the Trans-Pacific Partnership, or TPP agreement as Canada and Mexico signaled a willingness to open the North American auto market two parts made from ASEAN economies. However, the current question is whether or not the commodity and risk rally will last and for now the answer appears to be not long.

After a small beat in Canadian GDP, 0.8% vs. expectations of 0.7% last week, this week will bring us the Canadian unemployment rate. While the unemployment rate isn’t typically a trend changer, a definite surprise brings its fair share of volatility to CAD crosses.

From a relative basis, the Canadian dollar books most attractive against other resource exporting nations, such as Australia and New Zealand. However, an assumption of a continuing drop in commodity currencies, G4 FX may continue to attract capital on a haven capital flow play. On September 29, the Canadian dollar hit an 11 year low as USDCAD printed at 1.3457 against the US Dollar, and momentum could continue to carry this further still.

Currently, the correlation of commodity influenced currencies continues to drag down the entire bunch, which could continue to spell trouble for the Canadian dollar. Per the Bloomberg Commodity index, last quarter saw a 14% drop, the biggest since 2008 global financial crisis, and now eyes turned to a hawkish Federal Reserve that could further exasperate the move. Lastly, there is continued risk for political stalemates after next month’s national election that limits the fiscal stimulus to support the company aligning with an overreliance on oil for near-term direction.

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