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.
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.
Octa trading broker
Open trading account
Back

USD/CAD’s rebound from 1.3485 loses steam above 1.3600

  • USD/CAD's recovery stalls below 1.3610.
  • The Canadian dollar pares losses on the back of a mild rebound in oil prices.
  • The lower US Treasury bonds are weighing on demand for the USD.

The US Dollar is treading water in the vicinity of 1.3600 on Thursday, following a solid recovery on Wednesday. The pair’s run-up from 1.3485 was capped at 1.3610 and has remained wavering on both sides of the 1.3600 level for most of the day.

The Canadian Dollar ticks up with oil prices trimming losses

The CAD is trimming losses, following its weakest daily performance in the last two weeks amid a moderate recovery in oil prices and the sluggish US Dollar’s performance in a choppy trading session.

Oil prices have appreciated about $1,5 during the European trading session, with the US benchmark West Texas Intermediate crude, picking up to $78.40 from session lows at $76.80, which might have offered some support to the commodity-linked CAD.

On the macroeconomic front, US initial Jobless Claims increased by 9.000 amounting to 225,000 in the week of December 24, with the 4-week moving average declining by 250 to 221,000 from the previous week, according to data released by the US Department of Labor.

These figures have failed to cheer a sluggish   US Dollar, which has tracked the slight decline in US Treasury bond yields. The US Dollar Index has confirmed its decline below the 104.00 level, reaching fresh intra-day lows at 103.66 so far.

The yield of the benchmark US 10-year bond is trading at 3.867% at the moment of writing, 1.5 basis points lower on the day after having opened the session 2.4% down. Investor’s concerns about a potential recession in the first quarter of 2023 and a likely slowdown on the Fed’s tightening cycle are weighing on US Dollar demand

Furthermore, news reports about the soaring COVID-19 cases in China and the escalating tensions in Ukraine after Kremlin’s refusal to accept Zelenski’s peace deal proposal have crushed the optimism witnessed earlier this week after China scrapped its restrictions for inbound travelers.

Technical levels to watch

 

 

Gold Price Forecast: XAU/USD target range for 2023 set at $1,900 to $2,000 – Wells Fargo

While the commodity bull super-cycle has us positive on Commodities generally, strategists at Wells Fargo are neutral on the Precious Metals sector, w
Read more Previous

The main tailwind for USD is fading fast – HSBC

USD strength has been a very consistent story over the past two years. However, economists at HSBC note that the main tailwind for the Dollar is quick
Read more Next