The Canadian dollar continues marching forward, taking advantage of whatever it can. UDS/CAD is getting comfortable under 1.31 with the low so far standing at 1.3076. The initial boost to the C$ came from the Bank of Canada, initially from Wilkins, which switched its stance to hawkish. A stronger economy gave rise to optimism. USD/CAD fell sharply below support at 1.3380 and never looked back. Some unconvincing Canadian inflation figures weighed but this did change the overall trend. Other figures such as retail sales and jobs data continue supporting the Canadian dollar. The most recent fall is driven by two factors: Stable oil prices: after WTI Crude Oil bounced off support at $42.03, it bounced to around $44 and is staying there. The Canadian dollar enjoys momentum and was able to take advantage. US dollar weakness: Some Fed officials began expressing more doubts about inflation. This is different from Yellen’s brushing off of these falls. A drop in pending home sales, the 3rd decline in a row, is the latest blow for the greenback. USD/CAD lower levels Support awaits the pair at the March low 1.3050, and the pair is getting close. Further support is at the round level of 1.30, which is a big psychological barrier. Further below, we find 1.2980, a low seen in February. It is followed by strong support but only at 1.2830. Here is the Dollar/CAD daily chart that shows the downtrend. Bank of Canada Stephen Poloz will be speaking at the Sintra Forum, alongside his predecessor Mark Carney, the current Governor of the BOE. Crude Oil Inventories are released soon. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next EUR/USD: Draghi, Low Volatility, & Calm Market Behind ‘Outsized’ Yohay Elam 6 years The Canadian dollar continues marching forward, taking advantage of whatever it can. UDS/CAD is getting comfortable under 1.31 with the low so far standing at 1.3076. The initial boost to the C$ came from the Bank of Canada, initially from Wilkins, which switched its stance to hawkish. A stronger economy gave rise to optimism. USD/CAD fell sharply below support at 1.3380 and never looked back. Some unconvincing Canadian inflation figures weighed but this did change the overall trend. Other figures such as retail sales and jobs data continue supporting the Canadian dollar. The most recent fall is driven by two… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
