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.

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
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
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
More View more
Real Time News
  • Mid-Week Market Check Up- $USD, $EURUSD, $USDCAD, #Gold, #Silver, $SPX & #Bitcoin and More! (Webinar Archive)- https://t.co/YA8stRdhgx
  • Fed's Evans: - 2021 should deliver a strong economic rebound - Fiscal support will be very helpful - There is still quite a gap in employment - Headline unemployment rate masks lots of people still on sidelines #Fed $USD
  • EU says UK is in "clear departure" from "constructive approach" - BBG.
  • EU says UK is violating its obligations under N.I. protocol. $EUR $GBP
  • The US Dollar remains strong but is trading lower than yesterday's multi-week highs. The $DXY tested the 91.00 level today ahead of the ISM Services print but traded lower after the print noted a slowing of activity in February. $USD https://t.co/o4l1Ir70lK
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.01%, while traders in Germany 30 are at opposite extremes with 65.87%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/32ozAOnK2x
  • Heads Up:🇺🇸 Fed Evans Speech due at 18:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-03
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 3.20% Gold: -1.26% Silver: -1.68% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/pZdvB2KyPb
  • Gold trading near the bottom of a would-be long-term bull-flag while Silver price trading on March trend-line, so far holding well. Get your market update from @PaulRobinsonFX here:https://t.co/6KsevTAw1D https://t.co/T3h7eH6MLr
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.17% 🇬🇧GBP: 0.07% 🇪🇺EUR: -0.17% 🇯🇵JPY: -0.24% 🇳🇿NZD: -0.38% 🇨🇭CHF: -0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/BAV1mHNKmw
USD/CAD Erratic Price Action After Bank of Canada Emergency Rate Cut

USD/CAD Erratic Price Action After Bank of Canada Emergency Rate Cut

Nick Cawley, Strategist

USD/CAD Price, News and Analysis:

  • USD/CAD swings after BoC cuts rates by 50 basis points.
  • Central Bank buying government bonds and commercial paper.
Building Confidence in Trading
Building Confidence in Trading
Recommended by Nick Cawley
Let The Experts Help You Make a Game Plan
Get My Guide

Bank of Canada Lowers Overnight Target Rate to 0.25% From 0.75%

The Bank of Canada cut 50 basis points off its overnight rate today, leaving the rate at its effective lower bound of 0.25%, due to debilitating effects of the coronavirus and the sharp decline in the price of oil. The BoC also announced two new programs, buying commercial paper and government securities in the secondary market, with purchases set at a minimum of CAD5 billion a week across the yield curve.

Bank of Canada Emergency Rate Cut

In a statement later, BoC governor Stephen Poloz said that the new bond buying programs will be kept going ‘until it’s clear the economic recovery is well underway’ and added that the central bank stands ready to ‘take further action as required to support the Canadian economy and its financial system to keep inflation on target’.

USD/CAD moved lower on the announcement before picking back up in choppy trade.

For all market moving data and events please the DailyFX calendar

USD/CAD Five Minute Price Chart (March 27, 2020)

USD/CAD Erratic Price Action After Bank of Canada Emergency Rate Cut
USD/CAD MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 9% -7% 2%
Weekly -4% 43% 9%
Learn how to use Sentiment in your trading strategy
Get My Guide

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on USD/CAD – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

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

DISCLOSURES