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
Test

Important information

By using this website, you confirm you are not a resident of the European Union, the United States of America, the United Kingdom, Iran, Myanmar, North Korea, Norway, Iceland, Switzerland, Liechtenstein, and the Philippines or accessing it from these jurisdictions. We assume no liability for the consequences of non-compliance with local laws.

Trading news
Back
15 Mar 2021

USD/CAD clings to modest recovery gains, remains below 1.2500 mark

  • A pickup in the USD demand assisted USD/CAD to stage a modest bounce from multi-year lows.
  • Bullish oil prices, Friday’s stellar Canadian jobs report underpinned the loonie and capped gains.

The USD/CAD pair traded with a mild positive bias through the early European session, albeit lacked any follow-through and remained below the key 1.2500 psychological mark.

The pair staged a modest bounce following an early dip to the lowest level since February 2018, around the 1.2455 region and was supported by the emergence of some fresh US dollar buying. Investors have been betting on a relatively faster US economic recovery from the pandemic, which was seen as a key factor that benefitted the USD.

The optimistic US economic outlook was further bolstered by the passage of a massive $1.9 trillion stimulus package, which fueled speculations for an uptick in US inflation. This, in turn, raised doubts that the Fed would retain ultra-low interest rates for a longer period and pushed the US bond yields to over one-year tops.

Elevated Treasury bond yields extended some additional support to the greenback and assisted the USD/CAD pair to gain some traction on the first day of a new trading week. However, a combination of factors continued underpinning the Canadian dollar and kept a lid on any meaningful upside for the major, at least for the time being.

An extension of output cuts from major producers and improving global fuel demand outlook remained supportive of the prevalent bullish sentiment surrounding oil prices. Apart from this, Friday's blockbuster Canadian employment details extended some support to the commodity-linked loonie and capped gains for the USD/CAD pair.

There isn't any major market-moving data due for release from Canada on Monday and the US economic docket features the only release of the Empire State Manufacturing Index. This makes it prudent to wait for some strong follow-through buying before confirming that the USD/CAD pair has bottomed out in the near-term and positioning for any strong recovery.

Technical levels to watch

 

Mar 15, 2021

USD/JPY still looks to 109.85 near-term – UOB

UOB Group’s FX Strategists noted USD/JPY could still attempt a move to the 109.85 level in the next weeks. Key Quotes 24-hour view: “We expected USD t
Read more Previous
Mar 15, 2021

Gold Price Analysis: Path of least resistance for XAU/USD remains to the downside

Gold failed to capitalize on a modest Asian session uptick to the $1735 region. As FXStreet’s Haresh Meghani notes, XAU/USD remains vulnerable to slid
Read more Next