USD/CAD Daily Price Forecast – US Bulls May Override CAD Bulls Amid Higher Count of Positive-Expected US Reports Uplifting Loonie

This time, the CAD Retails numbers are expected to report positive data to the prior negative numbers. Loonie continued to remain subdued within the range of 1.3282/1.3402 levels since April 1.
Nikhil Khandelwal
Pile of colorful Canadian money

The loonie pair maintained yesterday’s uptrend breaking the strong resistance line near 1.3372 levels. The upward movement observed in the USD/CAD was due to a severe pullback in the crude prices. And, the commodity-linked loonie pair rose as it follows an inverse relationship with the oil rates.

Last day, the EIA had reported a decline in the US Oil inventories which brought down the crude prices. Today, the Crude Oil WTI Futures tumbled 0.68 percent from the day’s high of $63.88 per barrel. In the meanwhile, the OPEC-led supply, US sanctions on Iran & Venezuela continue to pressurize crude prices.

US-Sino trade war will approach complete settlements sooner within this month, elevating the global investor sentiment. Demand-side for crude remains higher from China, keeping up the crude tempo.

Key USD/CAD Events:

12:30 GMT

Canada Events:

  • The Statistics Canada will issue the February MoM Retail Sales and Retail Sales excluding Autos. The analyst expects a positive MoM Retail figure while the sales ex-auto to come at 0.2 percent.

US Events:

The US census bureau will publish the following data for March:

  • Retail Sales Control Group (High Volatile): The analysts expect positive 0.4 percent over the previous figure of negative 0.2 percent.
  • Retail Sales excluding Autos & MoM Retail Sales: The street experts stay bullish over the index.

The US Department of Labor will broadcast the following reports:

  • Initial Jobless Claims: The consensus estimates a hike in the claims to come around 205 thousand than the previous 196 thousand.
  • Continuing Jobless Claims: The analysts expect an increase in the number to reach near 1.720 Million.

The Federal Reserve Bank of Philadelphia will release the Fed Manufacturing Survey for April.

The analyst expects a 31.7 percent decrease in the previous 13.7 points.

13:45 GMT

The Markit Economics will broadcast the following April Purchasing Managers Indexes (PMI):

  • Manufacturing PMI: The consensus estimates the numbers to increase with 0.4 points.
  • Services PMI: The Market expects a downtrend in the Services index to reach near 55.0 points.
  • Composite PMI: The previous data was 54.6 points.

14:30 GMT

The EIA will release the Natural Gas Storage Change since 12 April with prior change as 25 Billion.

Technical Analysis

USDCAD 60 Min 18 April 2019

The USD/CAD was taking rounds near the upper region of the Bollinger Bands (BB) showing some bullish trends. Nevertheless, on the upside, the pair had tried hard to breach the strong 1.3402 resistance thrice this month. On the lower side, the pair remained cushioned near the support line of 1.3282 levels. The significant 100-days and 200-days SMA remained at a higher level than the loonie revealing strong uptrend.

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
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.
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.