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 holds above mid-1.2500s, inching back to 1-1/2 week tops

   •  CAD weighed down by NAFTA concerns. 
   •  Sharp USD rebound remains supportive. 

The USD/CAD pair traded with a mild positive bias for the fourth straight day and might now be headed back towards over one-week tops touched in the previous session.

Despite the China report-led broad-based US Dollar sell-off, the pair on Wednesday rallied hard and surged nearly 160-pips from session lows. A combination of factors, including dismal Canadian building permits data and the NAFTA setback, weighed heavily on the Canadian Dollar and prompted a sharp short-covering rally. 

The pair continued gaining some positive traction on Thursday and was being supported by a goodish USD rebound, which go an additional boost after a Chinese government source clarified that media reports could be based on wrong information. 

Meanwhile, a subdued action in oil markets, with WTI crude oil consolidating near multi-year tops, also did little to lend any support to the commodity-linked currency - Loonie and stall the pair's uptick through the early European session on Thursday.

It, however, remains to be seen if bulls are able to maintain their dominant position or the pair struggles to break through 100-day SMA barrier amid firm expectations for a BOC interest rate hike move next Wednesday.

On the economic data front, the Canadian New Housing Price Index (NHPI), along with the US PPI print and the usual weekly jobless claims are due for release later during the NA session and would be looked upon for some short-term trading impetus.

Technical levels to watch

Immediate strong resistance remains near the 1.2590 region (100-DMA), above which the pair seem all set to extend the recovery move towards its next major hurdle near the 1.2670 region.

On the flip side, the 1.2535-30 region, closely followed by the key 1.2500 psychological mark now seems to act as immediate support, which if broken might turn the pair vulnerable to head back towards retesting the 1.2400 handle.
 

Slovakia Industrial Output (YoY): 6.2% (November) vs 5.4%

Slovakia Industrial Output (YoY): 6.2% (November) vs 5.4%
Read more Previous

OPEC may talk oil prices down if Brent rises above $70 - Goldman Sachs

According to Goldman Sachs, OPEC may try and talk down oil prices if Brent rises above $70 levels. The investment bank believes the cartel does not w
Read more Next