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
Trading news
Back
30 Oct 2019

USD/CAD advances to two-week highs near 1.3200 on oil selloff, BoC commentary

  • WTI fell below $55 after EIA's crude oil stock report. 
  • Bank of Canada left the policy rate unchanged at 1.75% as expected.
  • US Dollar Index stays flat on the day near 97.70.

The USD/CAD pair gained traction during the American trading hours and rose to its highest level in two weeks at 1.3185. As of writing, the pair was up 0.72% on a daily basis at 1.3180.

As expected, the Bank of Canada (BoC) on Wednesday announced that it kept its policy rate unchanged at 1.75%. Commenting on the policy outlook in a press conference, BoC Governor Poloz noted that heightened uncertainty about future trade policies were impacting business investment in a negative way and added that an accommodative policy was not needed at this time to address the downside risks.

Oil falls on larger-than-expected build in US stocks

Meanwhile, the weekly report published by the Energy Information Administration (EIA) revealed that crude oil stocks in the US increased by 5.7 million barrels in the week ending October 25th and weighed on crude oil prices. With the barrel of West Texas Intermediate (WTI) erasing more than 1% and slumping below $55 after the data, the commodity-related Loonie weakened against its rivals and allowed the pair to continue to push higher.

On the other hand, today's data from the US revealed that the real Gross Domestic Product (GDP) in the third quarter, expanded 1.9% according to the Bureau of Economic Analysis' first estimate. Although this reading came in better than the market expectation of 1.6%, the Greenback stayed relatively quiet as investors remain focused on the Federal Reserve's policy announcements.

FOMC Preview: What 11 major banks are expecting from October meeting?

Previewing the event, "We expect the Fed to cut for a third consecutive time at next week’s FOMC meeting. When re-assessing the three reasons the FOMC gave in July and September for cutting rates – i) signs of deceleration in economic activity, ii) prudency from a risk-management perspective and iii) the inflation outlook – we think a rate cut is warranted,” said Nordea analysts in a recently published report.

Technical levels to watch for

 

Oct 30, 2019

EUR/USD technical analysis: Euro hovers near daily highs and 100-DMA ahead of Fed’s interest rate decision

On the daily chart, the Euro is trading in a bear trend below the 100 and 200-day simple moving averages (DMAs). Investors are likely waiting for the Fed Inter
Read more Previous
Oct 30, 2019

Cancellation of the APEC summit in Chile is not a big obstacle for China and the US to sign a trade deal - GT

The Global Times has tweeted that the cancellation of the APEC summit in Chile is not a big obstacle for China and the US to sign a trade deal as long
Read more Next