- December 28, 2018
- Posted by: Trading
- Category: Currency Forecast
has gained ground in the Thursday session. Currently, the pair is trading at 1.3623, up 0.37% on the day. On the release front, the U.S. releases , which is expected to rise to 217,000. We’ll also get a look at , which is forecast to climb to 135.7 points. On Friday, the U.S. publishes and . There are no Canadian releases this week, so U.S. indicators will have a magnified effect on the direction of USD/CAD.
The Canadian dollar has dropped to its lowest level since May 2017, as the currency continues to head south. USD/CAD jumped 1.62 percent last week and has climbed 2.3 percent in December. With global equity markets falling to their lowest level since 2008, high trader apprehension has made the Canadian dollar less attractive, as investors stick with safe-haven assets. A quiet Christmas week could halt the steep slide, but further headwinds await the Canadian dollar in January unless risk appetite improves.
Thursday (December 27)
- 8:30 US Unemployment Claims. Estimate 217K
- 9:00 US HPI. Estimate 0.3%
- 10:00 US CB Consumer Confidence. Estimate 133.7
Friday (December 28)
- 9:45 US Chicago PMI. Estimate 61.4
- 10:00 US Pending Home Sales. Estimate 0.9%
*All release times are EST
*Key events are in bold
USD/CAD for Thursday, December 27, 2018
USD/CAD for Dec. 26-28, 2018.
USD/CAD, December 27 at 9:15 EST
Open: 1.3574 High: 1.3633 Low: 1.3566 Close: 1.3626
USD/CAD edged higher in the Asian session. The pair posted slight gains in the European session but then retracted. USD/CAD has ticked higher in North American trade
- 1.3552 is providing support.
- 1.3696 is the next resistance line
- Current range: 1.3552 to 1.3696
Further levels in both directions:
- Below:1.3552, 1.3461, 1.3383 and 1.3292
- Above: 1.3696, 1.3793 and 1.4001
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