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9 Feb 2016

USD/CAD finds support near 1.3850

The Canadian dollar keeps its buoyant tone today, with USD/CAD bouncing off the mid-1.3800s.

USD/CAD attention to oil

The erratic mood surrounding crude oil prices is echoing in today’s performance of the Canadian dollar, taking the pair to trade in a choppy fashion between 1.3850 and 1.3950 ahead of the opening bell in Wall St.

On the US data front, NFIB’s Business Optimism index has come in below estimates ahead of Wholesale Inventories and the weekly report on crude oil stockpiles by the API.

USD/CAD significant levels

As of writing the pair is down 0.29% at 1.3895 with the next support at 1.3635 (low Feb.4) ahead of 1.3581 (100-day sma) and finally 1.3170 (200-day sma). On the upside, a surpass of 1.4103 (high Feb.3) would expose 1.4130 (20-day sma) and then 1.4327 (high Jan.26).

Feb 9, 2016

FX: Measuring the stresses - Rabobank

Jane Foley, Research Analyst at Rabobank, suggests that 24 hrs ago the commodity currencies were among the best performers on a 1 day view but today, the CAD is still holding its ground but it is mainly the safe haven currencies including the JPY and the CHF which have been at the top of the board in reflection of the wave of fear that hit global banking stocks hard in yesterday’s session.

European stocks drop, DAX slides 1.2%

The stock markets across Europe erased early gains and fell into losses as bank shares and mining stocks dropped.