USD/CAD

The Canadian Dollar continues to weaken against a strengthening US Dollar in early 2024, driven largely by resilient USD demand and mixed global economic signals. Scotiabank highlights that broad USD strength—not Canadian fundamentals—is the main factor pressuring CAD, as commodity price volatility and cautious central bank stances keep markets on edge. Traders should watch US economic data and oil prices for clues on the CAD outlook moving forward.

Gold prices are under pressure as investors accelerate profit-taking ahead of the crucial US Non-Farm Payrolls report. Market participants await the data that could impact Federal Reserve policy, while a stronger US dollar and rising Treasury yields add to downside risks. Geopolitical tensions continue to support gold amid broader uncertainties.

Gold prices dip as investors take profits ahead of the key U.S. Non-Farm Payrolls report. Rising Treasury yields, a strong dollar, and cautious Fed signals weigh on the metal, capping gains near the $2,050 resistance level. Market eyes February Fed meeting for clues on rate policy.

USD/CAD pushes past 1.3850, driven by ongoing concerns about weaker Canadian oil demand amid global energy shifts and sluggish activity from key markets. Meanwhile, a resilient US labor market and hawkish Fed outlook support the dollar, highlighting diverging central bank paths and commodity pressures weighing on the loonie.

USD/CAD extends gains past 1.3850 amid ongoing concerns over Canadian oil demand and softer energy prices. Weaker Canadian economic signals, combined with robust US labor data and cautious Bank of Canada outlook, continue to support US dollar strength against the loonie. Market focus remains on oil market developments and divergent monetary policy expectations.

USD/CAD extends its rally, approaching the crucial 50% Fibonacci retracement level near 1.374. Supported by a strong US economy and weaker oil prices, momentum indicators signal further upside potential. A break above resistance could open the door to testing 1.3766 and beyond, while support near 1.3720 remains key for bulls. #Forex #USDCAD #TechnicalAnalysis

US economic data continues to dominate FX markets as traders parse mixed signals on labor and inflation. Strong jobs growth supports the dollar, but wage pressures keep Fed rate cuts in question. Attention shifts to this week’s CPI and Fed remarks for clarity on policy direction. #Forex #USDeconomy #FedPolicy

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Canadian Dollar Outlook: USD/CAD remains neutral after softer-than-expected U.S. ADP employment data signals cooling labor market. With Bank of Canada’s dovish rate cuts and key Canadian and U.S. jobs reports ahead, the pair is range-bound as traders await clearer direction.

USD/CAD breaks above key resistance at 1.3250, confirming bullish momentum driven by strong U.S. economic data, hawkish Fed signals, weaker oil prices, and a recovering USD index. Eyes on next resistance at 1.3320 for further upside potential. #Forex #USDCAD