Canadian Dollar at Cheapest in 18 Months; Buy It Now Ahead of 2019 Rebound

Canadian Dollar News and Forecast CAD

The Canadian dollar fell sharply following Wednesday’s meeting of the Bank of Canada, at which the Bank appeared to imply that interest rates would rise at a slower pace than previously expected. The loonie will, though, see a great deal of support in 2019, experts have said.

Last update: 5 Dec, 2018

Petro-Currencies Struggle Amid Oil Market Plunge

Undoubtedly, the speed at which the oil market has reversed has shocked foreign exchange traders as much as it has those in the commodities space. Currencies from economies that depend on oil exports can only do so much amid what is now an energy market rout. With Tuesday bringing a twelfth consecutive day of losses for oil, the Canadian dollar, Norwegian krone, Malaysian ringgit and Mexican peso all fell to multi-month lows.

Last update: 8 Dec, 2018

Dollar and Yen Soar on Flight to Safety; Turkey Leads Turmoil in EM FX

The US dollar and Japanese yen soared on Friday as traders fled risk-sensitive currencies. Turmoil in emerging market FX is being led by the Turkish lira, which fell 15 percent in twelve hours after President Trump doubled tariffs on Turkish steel and aluminium imports.

Last update: 5 Dec, 2018

Canadian Dollar Recoils as BoC Strikes Cautious Tone

Sterling The Pound (GBP) remains under pressure this morning as markets look to Theresa May to break the current impasse in Brexit negotiations. This pressure was intensified even further yesterday evening as the EU’s chief Brexit negotiator, Michel Barnier said that the UK must finalise an exit agreement by the end of the week or […]

Last update: 5 Dec, 2018

Venezuela Ditches the Dollar, Begins Pricing Oil in Yuan

In retaliation to US sanctions, in its latest weekly report Venezuela’s oil ministry has published prices for the country’s petroleum products in Chinese yuan, rather than US dollars. One barrel of Venezuelan oil will now cost buyers CNY 306.26 – equivalent to USD 46.76. Venezuela has the largest proven oil reserves in the world, at 300 […]

Last update: 5 Dec, 2018

Loonie Flying High on Rate Talk and Oil

USDCAD broke below the psychologically important 1.3000 level again during the Asia session. The decline stalled above major support in the 1.2965 and is currently flirting with 1.3000 again. The Asia session kicked off with a host of economic data reports from Japan, including CPI, Employment, and Industrial Production.  M Inflation was unchanged at 0.4%, […]

Last update: 5 Dec, 2018

Bubble, Bubble Oil and Trouble

Oil spills are messy and this latest bout of WTI price declines is no different. The 5.3 percent fall in WTI prices between Monday and Tuesday, talk of a “bear” market and rampant scepticism that Opec production cuts can offset rising production elsewhere are behind the move. Tuesday’s, end of day, API Weekly Crude stocks […]

Last update: 5 Dec, 2018

Oil Feels Chill From Global Warming

President Trump bailed out of the Paris Accord and traders bailed out of oil positions.  West Texas Intermediate (WTI) dropped over 2 percent since yesterday’s close on fears that the lack of environmental controls means it is open season for oil drilling in the US. More US oil means a bigger global oil glut.  WTI […]

Last update: 5 Dec, 2018

Loonie Ignores Oil Price Drop

Oil prices retreated overnight, giving back all of yesterday’s gains and then some. Rising Libyan crude production (800,000 b/d) and rising US shale production combined with high crude inventories have oil bears in the oil patch.  WTI oil prices tested May uptrend line support at $48.70, when New York opened. The decline in WTI did […]

Last update: 5 Dec, 2018

Commodity Based Currencies Bolstered by Uptick in Oil Prices

 Sterling After a brief rally against the majority of its peers yesterday morning the Pound (GBP) tumbled by the afternoon over new Brexit concerns. Sterling’s weakness was prompted by a report from BlueBay Asset Management who told traders that they should bet against the Pound as they predict turbulent Brexit negotiations will cause it to […]

Last update: 5 Dec, 2018

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