USD/CAD: Canadian Dollar Dips | CA

The Canadian dollar has posted gains on Thursday, continuing the upward movement that marked the Wednesday session. Currently, is trading at 1.3060, up 0.31% on the day. In economic news, the U.S. released . In the U.S., there a host of key indicators. orders and orders are expected to improve in August, with forecasts of 0.4% and 1.9% percent, respectively. Final GDP is expected to post a strong gain of 4.2% and unemployment claims are forecast to climb to 209,000. There are no data releases in Canada. On Friday, Canada releases monthly and inflation indicators. The U.S. releases and .

As widely expected, the Federal Reserve pressed that rate trigger for the third time this year, raising the benchmark rate by a quarter-point, to a range of 2 percent to 2.25 percent. The Fed intends to continue gradually raising rates, with another rate hike expected in December and three hikes in 2019. What was of more interest to investors was the rate statement, in which the Fed removed the word ‘accommodative’ in the statement, which means that the Fed now considers monetary policy to be neutral. Fed Chair Jerome Powell, in a bid to keep markets calm, stated in a follow-up press conference that removing accommodative language in the statement did not reflect a change in policy. Still, the markets were upbeat after the Fed meeting and the U.S. dollar has responded with gains against the Canadian dollar on Thursday.

USD/CAD Fundamentals

Thursday (September 27)

  • 8:30 US Core Durable Goods Orders. Estimate 0.4%
  • 8:30 US Final GDP. Estimate 4.2%
  • 8:30 US Durable Goods Orders. Estimate 1.9%
  • 8:30 US Final GDP Price Index. Estimate 3.0%
  • 8:30 US Goods Trade Balance. Estimate -70.6B
  • 8:30 US Preliminary Wholesale Inventories. Estimate 0.3%
  • 8:30 US Unemployment Claims. Estimate 208K
  • 9:30 ECB President Draghi Speaks
  • 10:00 US Pending Home Sales. Estimate -0.2%
  • 10:30 US Storage. Estimate 64B
  • 16:30 US Fed Chair Powell Speaks
  • 17:45 BoC Governor Poloz Speaks

Friday (September 28)

  • 8:30 Canadian GDP. Estimate 0.1%
  • 8:30 Canadian RMPI. Estimate 0.8%
  • 8:30 US Personal Spending. Estimate 0.3%
  • 10:00 US Revised UoM Consumer Sentiment. Estimate 100.5

*All release times are DST

*Key events are in bold

USD/CAD for Thursday, September 27, 2018

USD/CAD for Sept. 26-28, 2018.

USD/CAD for Sept. 26-28, 2018.

USD/CAD, September 27 at 8:05 DST

Open: 1.3020 High: 1.3065 Low: 1.3015 Close: 1.3060

USD/CAD Technical

S3 S2 S1 R1 R2 R3
1.2733 12831 1.2970 1.3067 1.3160 1.3292

USD/CAD has posted slight gains in the Asian and European sessions

  • 1.2970 is a support level
  • 1.3067 is under pressure in resistance
  • Current range: 1.2970 to 1.3067

Further levels in both directions:

  • Below: 1.2970, 1.2831 and 1.2733
  • Above: 1.3067, 1.3160, 1.3292 and 1.3436

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

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