USD/CAD Daily Fundamental Forecast – February 14, 2018

The pair has been consolidating for the past 2 days but that is likely to change today with some major data being released from the US
Colin First
USDCAD Wednesday

The USDCAD pair has been trading in a quiet manner over the last 24 hours as the pair seems to be waiting for something fundamental to come in or change. Since the beginning of the week, there has not been much of fundamental or economic news and this has been used by the dollar bears to push it lower across most of the currencies. We have seen it happen in this pair as well but not to the extent seen in the other pairs.

USDCAD Likely to be Volatile

This is due to the fact that the CAD itself seems to be in trouble due to weak oil prices and also due to the weak employment data from Canada which came in last week. This has put paid to the hopes of traders that the BOC would be hiking the rates another time pretty soon and this has placed the CAD on the backfoot. This is the reason why we are seeing the pair trading above the 1.2550 region as of this writing despite some serious dollar weakness that has been seen across the board.

USDCAD Hourly

The dollar is likely to get back into focus during the course of the day and for the rest of the week as there is a slew of data that is scheduled to be released over the next couple of days. This includes the PPI data, the inflation data and the retail sales data as well. All this is likely to have a major and direct impact on the dollar price and this is likely to push the dollar in either direction. We believe that this direction would be higher.

Looking ahead to the rest of the day, we do not have any major news from Canada but we have the inflation and retail sales data from the US and the traders would be watching this data very closely to see if the trend of strong data from the US, that we have been seeing over the last couple of months, is going to continue or not. If it does, then we should see the dollar gain back its strength and this should move the pair higher as well.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US