USD/CAD Live News

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Jan. 28, 2021

The Canadian Dollar hit 1.2881, highest rate in 5 weeks and a half.

Live - Updated 1 minutes ago.

After starting the day at 1.2804, USD/CAD rallied to 1.2881, hitting its highest point in 5 weeks and a half, It later lost 22 pips and is now trading at 1.2859

The Canadian Dollar green move took place amid mixed market indicators – United States Crude Oil Inventories fell short of the 430,000 projections, at -9.91 million and continued its downward trajectory from the previous figure of 4.35 million.

At the same time, United States Interest Rate matches projections with new data release of 0.25. indicator value is unchanged and is the same as previous data of 0.25. United States Core Durable Goods Orders published yesterday at 1:30 PM came out at 0.2, falling short of the 0.9 projections and continuing its decline from the previous 1.2 figure.

In terms of trend indicators, we can see that at 1.2832, Canadian Dollar made an initial breakout above the 50 day Simple Moving Average, an indication of a positive trend. The CCI indicator is above 100. When the CCI (Commodity Channel Index) is at this level, it means the price is above the average price as measured by the indicator, indicating a possible start of a new uptrend. Asset volatility analysis shows that the Canadian Dollar has just crossed the upper Bollinger band at 1.2835, indicating further gains might be next. In contrast, Canadian dollar could be slowing down soon because it is getting closer and is now only 48 pips from the resistance line at 1.2908, yet crossing it might suggest further gains are ahead.

Overall, looking at the technical analysis landscape, it seems the Canadian Dollar is likely to continue pointing upward in the short term.

A look at other markets shows behavior that usually indicates a green move for the Canadian Dollar, as USD/MXN is trading at 20.3493 after gaining 0.45%.

At the same time, USD/ZAR dropped 0.19% (28 pips) to 15.2147.

Other assets are showing mixed performance, as USD/SGD up 58 pips, making its largest single-day gain since September 2020. The New-Zealand Dollar is eyeing the 0.7044 support line.

The market is looking forward to Canada's GDP is expected tomorrow at 1:30 PM. Canada Building Permits are projected to decline to -5 while the previous data was 12.9, Data will be released today at 1:30 PM. Canada RMPI (MoM) (Dec) will be released tomorrow at 1:30 PM. United States Pending Home Sales is projected to outperform the last figure at -0.1, while it previously stood at -2.6, data will be released tomorrow at 3:00 PM.

Canadian Dollar social media highlights:

Jan. 27, 2021

The Canadian Dollar made its largest single-day jump (107 pips) since October 2020

(22:09) GMT

USD/CAD trading at 1.28 after it made its largest daily jump (107 pips) since October 2020

The Canadian Dollar green move comes while some more encouraging signs are out as United States Consumer Confidence beats expectations of 89 with new data release of 89.3. This is also a step forward from the previous data of 87.1.

On the other hand, United States Crude Oil Inventories fell short of the 430,000 projections, at -9.91 million and continued its downward trajectory from the previous figure of 4.35 million.

At the same time, United States Core Durable Goods Orders published today at 1:30 PM came out at 0.2, falling short of the 0.9 projections and continuing its decline from the previous 1.2 figure.

Visual analysis of the Canadian Dollar's price graph shows that although the Canadian Dollar is green today and was as high as 1.2823, it seems to be slowing down slightly and moving away from the 1.2908 resistance line, and is now 106 pips below it. Asset volatility analysis shows that the upper Bollinger band is at 1.2818, This is a slight indication of a slowdown. However, at 1.2736, Canadian Dollar made an initial breakout above the 21 day Simple Moving Average, an indication of a positive trend.

Overall, looking at the technical analysis landscape, it seems a reverse of course in the short term might be next for the Canadian dollar.

A look at other markets shows behavior that usually indicates a green move for the Canadian Dollar, as USD/MXN made some headway from 19.9913 to 20.2545 (1.32%, 263 pips). USD/ZAR went up from 15.0454 to 15.2548 (1.39% 209 pips).

Other assets are showing mixed performance as the New-Zealand Dollar made its largest single-day drop (76 pips) since September 2020. Oil failed to bounce off the $52 support line, next support level is at $47.62.

The market is looking forward to Tomorrow at 1:30 PM, data for Canada Building Permits will be released, with an expected decline to -5 from the preceding figure of 12.9. Tomorrow at 1:30 PM, data for United States GDP will be released, with an expected decline to four from the preceding figure of 33.4. United States New Home Sales is projected to outperform last figure with 865,000, while it previously stood at 841,000, data will be released tomorrow at 3:00 PM. United States Initial Jobless Claims are projected to outperform last figure at 875,000, while it previously stood at 900,000, Data will be released tomorrow at 1:30 PM.

Canadian Dollar social media highlights:

Jan. 26, 2021

Canadian Dollar slips to 1.269 after starting the day at 1.274 (down 0.39%)

(22:09) GMT

On the flip, side, data for United States Consumer Confidence released today at 3:00 PM came out at 89.3, beating projections of 89 and showing improvement over the preceding figure of 87.1.

Meanwhile, United States API Weekly Crude Oil Stock fell short of the 603,000 projections, at -5.27 million and continued its downward trajectory from the previous figure of 2.56 million. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Nov) comes out at 9.1, above the estimate of 8.6. This is also a step forward from the previous data of eight.

Taking a wider perspective, performance of these other symbols usually suggests a setback for the Canadian Dollar, as USD/ZAR lost 167 pips from the start of the session, trading at 15.0427 levels. USD/MXN lost 132 pips from the start of the session, trading at 19.9689 levels.

The Canadian Dollar resistance level is at 1.2908. The lower Bollinger band at 1.2622, indicating a positive correction might be next. Overall, looking at the technical analysis landscape, it seems the Canadian Dollar might reverse course and start pointing upward in the short term.

The market will keep its eye on the following upcoming macroeconomics indicators: Tomorrow at 3:30 PM, data for United States Crude Oil Inventories will be released, with an expected decline to 603,000 from the preceding figure of 4.35 million. The United States Interest Rate figure is projected at 0.25 while it previously stood at 0.25, data will be released tomorrow at 7:00 PM. The United States FOMC Statement is scheduled to come out tomorrow at 7:00 PM.

Jan. 25, 2021

Canadian Dollar hovers around 1.2739

(22:09) GMT

Other markets showed mixed performance, as USD/MXN is trading at 20.1012 after gaining 0.78%. USD/ZAR is green with a 0.71% gain (107 pips), to 15.2171 levels.

The Canadian dollar is getting closer and is now only 41 pips from the support line at 1.27. Dipping below it might indicate further losses are ahead. The upper Bollinger band is at 1.2843 and the lower is 1.2618. Overall, looking at the technical analysis landscape, it seems the Canadian Dollar might be pointing upward in the short term.

Data to be released later might clear up some of the fog for the Canadian Dollar as United States Consumer Confidence is projected to outperform the last figure with 89, while it previously stood at 88.6, figure will be published tomorrow at 3:00 PM. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Nov) projected to outperform last figure with 8.1 while it previously stood at 7.9, data will be released tomorrow at 2:00 PM. The United States API Weekly Crude Oil Stock is scheduled to come out tomorrow at 9:30 PM.