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.

Free Trading Guides
EUR/USD
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
GBP/USD
Bullish
USD/JPY
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
Bullish
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • RT @next_china: U.S., China chief trade negotiators spoke by phone on Saturday, Xinhua reports https://t.co/dMQtd0g4jY
  • The $AUDUSD and $EURUSD downtrend may prolong as traders counterintuitively buy into their descent. Meanwhile, the USD/CAD uptrend may accelerate on rising net-short bets. Get your market update from @ddubrovskyFX here: https://t.co/dlzJ31kf3f https://t.co/xp8P9MmCgb
  • As we head into next week, Cable is continuing to digest the massive leg higher last month, which at some point soon could mean another surge. Get your $GBPUSD technical analysis from @PaulRobinsonFX here: https://t.co/LJ42YhDe3X https://t.co/5hGwhGBpLB
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia from @DavidCottleFX here: https://t.co/E2hqoRdO7q https://t.co/urMnUCq4fn
  • RT @markets: White-hot pot stocks have flamed out in spectacular fashion https://t.co/3GsVsRyZaZ
  • What is the best time to trade #forex? Find out: https://t.co/M9R46r5ewa #tradingstyle https://t.co/gJ1QDrox67
  • #Gold prices may be given a tailwind from the FOMC minutes and escalating trade war risks if they fuel demand for anti-fiat assets amid expectations of additional Fed easing. Get your $XAUUSD market update from @ZabelinDimitri here: https://t.co/OJ7WUY9W7E $gld https://t.co/kBp3opzptm
  • Why should you set trading goals? How can it help regardless of what your #tradingstyle is? Find out: https://t.co/AYdD7ODlv1 https://t.co/G0ftVurNNN
  • Manning the penalty box today...i hope there aren't too many visitors https://t.co/1y81Li7laL
  • Do you think your #tradingstyle is of a #FOMO trader? Find out how you can turn that to #JOMO? Find out: https://t.co/79Q4pYdVEd https://t.co/S82AOd5AeP
CAD Rate Forecast Higher After Hitting 2019 Peak, USDTRY Soars - US Market Open

CAD Rate Forecast Higher After Hitting 2019 Peak, USDTRY Soars - US Market Open

2019-07-12 13:30:00
Justin McQueen, Analyst
Share:

MARKET DEVELOPMENT – CAD Rate Forecast Higher After Hitting YTD Peak

DailyFX 2019 FX Trading Forecasts

CAD: Canadian Dollar continued to its grind higher against the greenback, hitting a fresh 2019 high. With the Fed preparing the markets for monetary policy easing, compared to the Bank of Canada holding fire on the side-lines, 2yr rate differentials between the pair have narrowed to its tightest since Q1 2018, in favour of CAD, while oil prices have pushed higher. Consequently, with these factors in play risks remain tilted to the upside for further gains in the Loonie vs the USD.

CHF / JPY: If you want another reminder of that the global economy is slowing, look no further than the latest GDP report from Singapore, which showed a surprise contraction of 3.4% against expectations of +0.1%, while the annualised rate dropped to lowest level since 2009 at 0.1%. Consequently, safe haven currencies have benefitted and most notably the Swiss Franc, which has broken below 1.1100. However, beware of SNB intervention if losses in the cross extends.

TRY: Geopolitical risks are once again on the rise with the threat of potential sanctions increasing as Turkey announces that the first major cargo of its Russian missile defence systems has been delivered. Given that it is likely to warrant a response from the US, the Turkish Lira has been on the back-foot with the currency spiking lower after reports stated that the US will address the situation at 16:15 London time. USDTRY weekly highs situated at 5.79.

CAD Rate Forecast Higher After Hitting 2019 Peak, USDTRY Soars - US Market Open

Source: DailyFX, Thomson Reuters

IG Client Sentiment

CAD Rate Forecast Higher After Hitting 2019 Peak, USDTRY Soars - US Market Open

How to use IG Client Sentiment to Improve Your Trading

WHAT’S DRIVING MARKETS TODAY

  1. Most Volatile Currencies Next Week - GBP/USD, NZD/USD” by Justin McQueen, Market Analyst
  2. Gold Price Outlook Bullish, Silver Prices Could Soar on ETF Surge” by Justin McQueen, Market Analyst
  3. DAX Price Analysis: Facing Key Support Levels” byMahmoud Alkudsi , Market Analyst
  4. Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES

News & Analysis at your fingertips.