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. See our updated Privacy Policy here.



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
Please try again
Oil - US Crude
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
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • Canadian Dollar snapped a three-week losing streak after USD/CAD stalled at key technical resistance. Get your CAD weekly forecast from @MBForex here:
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here:
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here:
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here:
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here:
USD/CAD Price Outlook: Canadian Dollar Hinges on BoC Decision

USD/CAD Price Outlook: Canadian Dollar Hinges on BoC Decision

Rich Dvorak, Analyst


  • The Canadian Dollar faces high-impact event risk with the BoC rate decision due
  • USD/CAD price action could pivot lower if the Bank of Canada tapers QE further
  • Language on the output gap, rate hike guidance might also weigh on the Loonie
  • Bookmark our Real Time News page to see breaking market news and analysis

The Canadian Dollar traded mixed against key FX peers during Tuesday’s session. Loonie strength was seen relative to the Euro with EUR/CAD shedding 33-pips on the day. This likely tracked the rise in crude oil prices. Canadian Dollar weakness versus the US Dollar offset this, however, as USD/CAD price action ripped 61-pips higher in the wake of red-hot inflation data.

Looking ahead to Wednesday’s trading session, we could get better clarity in the monetary policy update expected from the Bank of Canada for where the Loonie might move next. High-impact event risk posed by the upcoming BoC rate decision due 14 July at 14:00 GMT is reflected by still elevated implied volatility readings for USD/CAD.


USDCAD Price Chart Canadian Dollar Forecast

Chart by @RichDvorakFX created using TradingView

As previously noted in my weekly Canadian Dollar forecast, the upcoming Bank of Canada rate decision will be towards the top of my radar this week with the BoC poised to further taper its asset purchase program. Slowing QE by more than $1-billion from the current pace of $3-billion could see a bullish reaction by the Canadian Dollar. So too could bringing forward expectations for the liftoff of interest rates.

As things stand, markets are currently pricing in four 0.25% rate hikes from the Bank of Canada over the next two years with the first expected before the end of 2022. On the other hand, tapering its asset purchase program by less than $1-billion might disappoint BoC hawks and Canadian Dollar bulls. Cautious outlook from the Bank of Canada, perhaps justified by economic activity undershooting projections provided in April, could similarly spark broad-based Canadian Dollar selling pressure.

Keep Reading – Canadian Dollar Forecast: USD/CAD Breakout Eyes Pivotal Resistance

-- Written by Rich Dvorak, Analyst for

Connect with @RichDvorakFX on Twitter for real-time market insight

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