Loonie (CAD) Slumps to Seven-Week Low Against USD

2024-10-09
Summary:

The dollar moved sideways Wednesday, easing pressure on other currencies after last week's rally, while the loonie lingered near a seven-week low.

EBC Forex Snapshot, 9 Oct 2024


The dollar drifted sideways on Wednesday, giving some relief to other major currencies after a sharp rally to a seven-week high last week. Loonie languished around a seven-week low.


Investors now have about an 85% chance of a 25-bp reduction priced in at the next meeting, as well as a slim probability the Fed will leave rates unchanged, the CME FedWatch tool showed.

USDCAD

Oil is one of Canada's major exports, which declined in August, contributing to a widening in the trade deficit to C$1.1 billion. Analysts had forecast a C$500 million deficit.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 7 Oct) HSBC (as of 8 Oct)

support resistance support resistance
EUR/USD 1.0951 1.1214 1.0878 1.1141
GBP/USD 1.2923 1.3266 1.2948 1.3326
USD/CHF 0.8375 0.8749 0.8421 0.8639
AUD/USD 0.6757 0.6950 0.6681 0.6888
USD/CAD 1.3420 1.3792 1.3474 1.3703
USD/JPY 139.50 149.00 142.70 151.40

The green numbers in the table indicate that the data has increased compared with the previous time; the red numbers indicate that the data has decreased compared with the previous time; and the black numbers indicate that the data has remained unchanged.


Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

The Dollar Gained Further in Asian Trading Monday

The Dollar Gained Further in Asian Trading Monday

The dollar held gains and rose slightly in Asia Monday as Japan's holiday cut liquidity, focusing attention on China's disappointing stimulus.

2024-10-14
Euro Stabilizes After Rebounding from 2-Month Low

Euro Stabilizes After Rebounding from 2-Month Low

The US dollar dipped from a two-month high but is set for a second consecutive weekly gain as weak labor market signals support faster Fed rate cuts.

2024-10-11
Australian Dollar Rebounds from Mid-September Lows

Australian Dollar Rebounds from Mid-September Lows

The US hovered near a two-month high on Thursday as markets grew confident in the Fed's patient monetary policy ahead of a key inflation report.

2024-10-10
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EBC Financial Group is a co-brand shared by a group of entities including:
EBC Financial Group (SVG) LLC is authorized by the St.Vincent and the Grenadines Financial Services Authority(SVGFSA),and the company registration number is 353 LLC 2020. with registered address at Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines.
Other Relevant Entities
EBC Financial Group (UK) Limited is authorised and regulated by the Financial Conduct Authority. Reference Number: 927552. Website: www.ebcfin.co.uk
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Business Address: The Leadenhall Building, 122 Leadenhall Street, London, United Kingdom, EC3V 4AB. Email Address : [email protected]. Telephone : +44 20 3376 9662
Disclaimer: EBC Financial Group explicitly does not participate in any cryptocurrency activities or offer Crypto Contracts for Difference (CFDs). Our financial services solely pertain to traditional instruments. Clients are advised that any references to crypto-related services using the EBC name are inaccurate and unauthorized. Any reference to past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice.
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