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.

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
More View more
Real Time News
  • 🇳🇱 Consumer Confidence (SEP) Actual: -5 Previous: -6 https://www.dailyfx.com/economic-calendar#2021-09-22
  • A rough start to the week with the cryptocurrency market a sea of red with losses on either side of -10% a common sight.Get your market update from @nickcawley1 here:https://t.co/AUfuM9t7yw https://t.co/lU6HS7fHwr
  • RT @FxWestwater: Gold, Copper Forecast: XAU Eyes FOMC, Evergrande News Sends Copper Flying Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2021/09/22/Gold-Copper-Forecast-XAU-Eyes-FOMC-Evergrande-News-Sends-Copper-Flying.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/x2sC…
  • Heads Up:🇳🇱 Consumer Confidence (SEP) due at 04:30 GMT (15min) Previous: -6 https://www.dailyfx.com/economic-calendar#2021-09-22
  • PBoC liquidity injection + reports that Evergrande will make its next onshore bond payment ($35.88-million on 23 Sept) is bolstering risk appetite here. Yet, there is still no word on the $83.53-million offshore bond payment also due Thursday. Over to you now, Jpow & Co. https://t.co/3an0K2d5T1
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9FlspUVZz https://t.co/ewdevfzq9I
  • Bank of Japan: - Outlook highly uncertain amid Covid - Asset purchase outline unchanged - Cuts assessment of production - exports, production impacted by supply side constraints - BBG
  • Heads Up:🇯🇵 BoJ Interest Rate Decision due at 03:00 GMT (15min) Previous: -0.1% https://www.dailyfx.com/economic-calendar#2021-09-22
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePT7Yu8 https://t.co/Gl4naStqw1
  • Hello there traders! @FxWestwater and I collaborated to bring you a breaking news story on China's #Evergrande coupon payment $AUDUSD $NZDUSD #AUD #NZD Check out the full story here - https://www.dailyfx.com/forex/market_alert/2021/09/22/AUDUSD-NZDUSD-Soar-on-Evergrande-Debt-Deal-PBOC-Liquidity-Injections.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/nZeZUyctsX
Canadian Dollar Latest: USD/CAD Dips Briefly on BoC, USD Dictating Play

Canadian Dollar Latest: USD/CAD Dips Briefly on BoC, USD Dictating Play

Justin McQueen, Strategist

CAD Analysis & News

  • BoC Maintain Forward Guidance
  • USD/CAD Sees Brief Dip. USD Dictating FX

As expected the BoC maintained the overnight rate at 0.25%, alongside the current pace of QE purchases. A reminder that with no MPR, press conference from Governor Macklem or forecasts. It was unlikely that the BoC would alter any monetary policy tools at today’s meeting. Therefore, the main focus for today’s meeting had been on the Bank’s forward guidance, particularly after the recent soft GDP report, however, the BoC continue to expect economic slack to be absorbed in the second half of 2022. In reaction to this, USD/CAD blipped lower to 1.2643 before quickly retracing back to pre-announced levels.

The BoC noted that ongoing supply bottlenecks could weigh on the recovey and in turn stated that decisions regarding future adjustments to the pace of QE purchases will depend on the strength and durability of the recovery. For now, however, the USD remains the key driver across the FX space, including the Canadian Dollar. While oil prices signal CAD to go higher, 5yr CA/US spreads have recently moved in favour of the greenback and thus provide a headwind for the Loonie.

USD/CAD (Inv) & Brent Crude Futures

Canadian Dollar Latest: USD/CAD Dips Briefly on BoC, USD Dictating Play

Source: Refinitiv

USD/CAD (Inv) & 5yr Spread

Canadian Dollar Latest: USD/CAD Dips Briefly on BoC, USD Dictating Play

Source: Refinitiv

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

DISCLOSURES