Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Test

Important information

By using this website, you confirm you are not a resident of the European Union, the United States of America, the United Kingdom, Iran, Myanmar, North Korea, Norway, Iceland, Switzerland, Liechtenstein, and the Philippines or accessing it from these jurisdictions. We assume no liability for the consequences of non-compliance with local laws.

Trading news
Back
28 Nov 2022

USD/CAD stays firmer around 1.3400 as oil price declines, focus on US/Canada employment data

  • USD/CAD picks up bids to extend Friday’s recovery.
  • Comments from Iraqi Official, concerns over Russian oil price cap weigh on the WTI.
  • Covid woes challenge market sentiment and favor bulls even as hopes of Fed’s easy rate tease sellers.
  • Risk catalysts, monthly job numbers from US, Canada will be crucial for the pair traders.

USD/CAD bulls attack the 1.3400 threshold while extending Friday’s corrective bounce during Monday’s Asian session. In doing so, the Loonie pair cheers the market’s risk-off mood, as well as softer prices of WTI crude oil, Canada’s main export item.

WTI crude oil remains pressured around $76.30, down for the third consecutive day, as bears cheer the market’s risk-off mood, as well as price-negative headlines from Iraqi official and relating to the Russian oil price cap.

“The OPEC+ meeting in December will take into account the condition and balance of the market,” Iraq's state news agency quoted Saadoun Mohsen, a senior official at the country's state oil marketer (SOMO), as saying on Saturday. Elsewhere, the talks among the members of the Group of Seven Nations (G7) and the European Union (EU) continue to drag on the Russian oil price cap. As per the latest updates, the $65 per barrel is the sticking point as discussions are likely to resume on Monday.

That said, the prospect of the Fed’s slower pace of interest rate hikes weighed on the US Dollar the previous week.

It’s worth noting that the People’s Bank of China’s (PBOC) cutting of the Reserve Requirement Ratio (RRR) by 25 basis points (bps) effective from December 5 joins the Covid woes to also propel the USD/CAD prices.

China reported an all-time high of COVID-19 daily cases with nearly 40,000 new infections on Saturday. The dragon nation has been using the stringent policy to limit the virus spread but the outcome hasn’t been a positive one so far. On the contrary, a deadly fire in a building was allegedly linked to the virus-linked lockdown measures and resulted in mass protests in Beijing and Shanghai.

Amid these plays, the US Dollar Index (DXY) stays defensive around 106.30 while the US stock futures and US Treasury yields pare recent losses.

Moving on, the second-tier US data relating to employment may entertain the USD/CAD traders but major attention should be given to the aforementioned risk catalysts and the November month’s job report for the US and Canada.

Technical analysis

A two-week-old symmetrical triangle restricts short-term USD/CAD moves between 1.3430 and 1.3340.

 

Nov 28, 2022

UK PM Sunak: Britain needs to stand up to competitors 'not with grand rhetoric but with robust pragmatism'

British Prime Minister Rishi Sunak plans to promise on Monday to maintain or increase military aid to Ukraine next year, and to confront international
Read more Previous
Nov 28, 2022

AUD/JPY displays a gap down near 93.50 as China’s anti-Covid locking protests escalate

The AUD/JPY pair has recorded a gap-down opening around 93.50 as Covid-19 concerns in China have escalated the risk-off theme for trading partners of
Read more Next