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Foreign Exchange Market News (Canadian Dollar and US Dollar)
Staying up to date on the foreign exchange market ensures you can react quickly to market movements. Our market analysts review forces impacting currencies and summarize their comprehensive research in succinct information reports. Sample our Daily Market Commentary below.
Sample Daily Market Canadian Dollar Commentary
FX Morning Update September 9, 2011
USD/CAD Open: 0.9920-22 Overnight Range: 0.9869-0.9922
The Canadian dollar lost some ground overnight and fell further vs. the USD after today’s below expectation Canadian employment report. Overnight, Chinese inflation was less than expected. NY futures are pointing lower. Oil is lower at $87.93 and gold is at $1,830.
The short term Canadian dollar technicals remain negative targeting parity. The USD/CAD has had trouble breaking through the 0.9950 to parity level, even after today’s disappointing jobs data. For today, USD resistance is at 0.9930, 0.9950, 0.9975, and 1.0009. Support is at 0.9850, 0.9797, 0.9747, and 0.9700.
Obama’s speech yesterday evening was bigger than expected ($440bn) but the markets shrugged off the speech quickly, worried if he will get any support in congress. Canada shed jobs for the first time in 5 months and Canada lost 5.5k jobs (+22K f) and unemployment rate increased to 7.3%. The weakness in the US and globally has started to impact Canada causing many to fear that things will get worse before they get better. The US is sneezing and many are worried the global economies will catch a cold. This weekend, G7 finance ministers will be meeting, which could cause some uncertainty, and many traders could take risk positions off the table. Currency turmoil could be discussed as the Swiss and Japan try to protect their currency from appreciating. There is not much of a catalyst on the agenda for risk-on today as sentiment appears negative. Look for the USD/CAD to have a negative bias today until the markets can find some positive event to latch on to.
Today’s Range: 0.9875 – 0.9975
Canadian Dollar
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