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
27 Dec 2023

USD/CAD Price Analysis: Declines towards 1.3100

  • USD/CAD looks set for further breakdown as the US Dollar weakens further.
  • The underlying inflation in the US economy is clearly in a downtrend.
  • Momentum oscillators indicate more downside ahead.

The USD/CAD pair trades back and forth in a narrow range near the round-level support of 1.3200 in the early New York session. The Loonie asset struggles for a direction amid decline in volume due to shortened week.

S&P500 futures added nominal gains in the European session, portraying higher risk-appetite of the market participants. The US Dollar Index (DXY) has printed a fresh five-month low near 101.30 as investors are expecting that the Federal Reserve (Fed) would continue the rate-unwinding program from March.

A sharp decline in the underlying inflation data released on Friday indicates that price pressures are clearly in a downtrend.

The oil price recovers strongly after Russian Deputy PM Alexander Novak said their companies are sticking to their obligations on supply cuts. It is worth noting that Canada is the leading exporter of oil to the United States and higher oil prices support the Canadian Dollar.

USD/CAD has been falling since the first day of November and is expected to decline further towards June 27 low, which is around 1.3117. Downward-sloping 20-day Exponential Moving Average (EMA) indicates that the near-term trend is bearish.

The Relative Strength Index (RSI) (14) hovers in the bearish range of 20.00-40.00, which indicates downside momentum is intact.

Going forward, a breakdown below intraday low of 1.3180 would expose the asset to July 25 low near 1.3150, followed by July 13 low around 1.3193.

In an alternate scenario, a recovery move above April 14 low around 1.3300 would drive the asset towards December 21 high at 1.3370. A breach of the latter would push the Loonie asset towards May 16 low at 1.3404.

USD/CAD daily chart

 

Dec 27, 2023

United States Redbook Index (YoY) rose from previous 3.6% to 4.1% in December 22

United States Redbook Index (YoY) rose from previous 3.6% to 4.1% in December 22
Read more Previous
Dec 27, 2023

US: Growth to decelerate significantly in the first half of 2024 – NBF

With the year drawing to a close, economists at the National Bank of Canada take stock of the economic situation and offer their predictions for the coming months.
Read more Next