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19 Mar 2018

USD/CAD eases from 9-month tops, still positive above 1.31 handle

   •  Strong USD demand/US bond yields supportive of the up-move.
   •  Weaker oil prices did little to support commodity-linked Loonie.
   •  Focus remains on the highly anticipated FOMC decision. 

The Canadian Dollar continued losing ground against its American counterpart, with the USD/CAD pair rising to near 9-month tops on Monday.

The pair built on last week's bullish break above the key 1.30 psychological mark and continued gaining some positive traction at the start of a new trading week. 

A follow-through US Dollar buying interest, further supported by a goodish pickup in the US Treasury bond yields was seen as one of the key factors behind the pair's up-move beyond the 1.3100 handle. 

Adding to this, a softer tone around crude oil prices was seen weighing on the commodity-linked currency - Loonie and further collaborated to the pair's momentum to its highest level since late June.

Bulls now seemed taking some breather, with the pair retreating around 15-pips from session tops as focus shifts to this week's key event risk - the highly anticipated FOMC meeting. Apart from a 25bps rate hike, already priced in the market, the accompanying economic projections/"dot plot" would drive the greenback in the near-term and eventually provide some fresh directional impetus. 

Technical levels to watch

Any subsequent retracement is likely to find support near the 1.3060-50 region, below which the profit-taking slide could further get extended towards the 1.30 handle en-route mid-1.2900s. On the upside, 1.3155-60 area is likely to act as an immediate resistance, which if cleared should pave the way for an extension of the pair's bullish trajectory towards reclaiming the 1.3200 handle.
 

Mar 19, 2018

EUR/USD keeps the sideline theme unchanged so far – Commerzbank

Axel Rudolph, Senior Analyst at Commerzbank, sees the pair extending its rangebound pattern for the time being. Key Quotes “EUR/USD continues to be
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Mar 19, 2018

Eurozone: Growth is robust but it’s no longer a surprise - BNPP

Analysts at BNP Paribas explain that most activity and sentiment indicators of Eurozone continue to be above the long-term average, which is a reflect
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