MarketPulse | Sep 21, 2018 08:24AM ET
The Canadian dollar is trading sideways in the Friday session, after posting strong gains in the Thursday session. Currently, USD/CAD is trading at 1.2924, up 0.13% on the day. On the release front, Canada releases key consumer data. CPI is expected to post a rare decline, with an estimate of -0.1%. Retail Sales is forecast to rebound and record a gain of 0.6%. There are no major releases out of the U.S.
The U.S dollar is broadly lower this week, and the Canadian dollar has jumped on the bandwagon, posting gains of close to 1%. On Thursday the pair dropped to 1.2884, its lowest level since June 11. However, the Canadian currency’s gains have been pared due to pressure on oil prices. If this continues, the Canadian dollar could surrender some of its recent gains.
The US-China trade war is heating up, with the two economic giants exchanging tariffs this week. On Monday, U.S President Trump announced 10% tariffs on some $200 billion worth of Chinese goods. China quickly responded, slapping 10% tariffs on $60 billion in US exports. These tit-for-tit tariffs have become a familiar script, only this time investors haven’t panicked and snapped up U.S dollars. Investors are somewhat relieved that the tariffs are just 10%, and China is taking measures to reduce the effect of the tariffs on its economy, including increasing stimulus and infrastructure spending. Global growth remains strong, despite the tariff spat. However, China has also threatened to cancel upcoming trade talks with the U.S, in protest of the recent U.S tariff
USD/CAD Fundamentals
Friday (September 21)
*All release times are DST
*Key events are in bold
USD/CAD for Friday, September 21, 2018
USD/CAD, September 21 at 7:50 DST
Open: 1.2905 High: 1.2919 Low: 1.2898 Close: 1.2924
USD/CAD Technicals
S3 | S2 | S1 | R1 | R2 | R3 |
1.2515 | 1.2666 | 1.2830 | 1.2970 | 1.3067 | 1.3160 |
USD/CAD showed little movement in the Asian session and posted small gains in European trade
Further levels in both directions:
Original Post
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.