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Posts tagged: Canadian

Canadian Dollar Looks to Hold to Yesterday’s Gains

By , July 22, 2014 8:30 am

A fan of 100-dollar notesCanadian dollar is hoping to hold on to some of yesterday’s gains, and with thin trading and concerns about the geopolitical situation, that’s a possibility.

Yesterday, the loonie closed higher against most of its major counterparts, thanks in large part to the fact that this week is a thin one for data, and thanks to geopolitical tensions that have many looking for non-European investments right now. Concerns that the situation in Ukraine will lead to greater sanctions on Russia are worrying some because the impact of industry-wide sanctions could bleed over into the eurozone economy.

The Canadian dollar also got some help yesterday from higher commodities. Today, though, oil and gold are heading a little lower, and so won’t be much help to the loonie. For now, the loonie is managing to hold on to tenuous gains, but it may not last. Many expect Statistics Canada to release a favorable retail sales report tomorrow, but any indication that things aren’t going as well as expected could send the Canadian dollar lower.

At 13:18 GMT USD/CAD is a little bit lower, dropping to 1.0735 from the open at 1.0739. EUR/CAD is struggling a bit more, falling to 1.4477 from the open at 1.4523. GBP/CAD is only a little lower, dropping to 1.8329 from the open at 1.8338.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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Canadian Dollar Ends Week on Positive Note

By , July 18, 2014 8:07 pm

A fan of 100-dollar notesThe Canadian dollar ended the trading week on a positive note with help of supportive macroeconomic releases from Canada, which showed that the economy performs rather well and may weather monetary tightening from the nation’s central bank.

Canada’s Consumer Price Index rose 2.4 percent in June from a year ago, the fastest rate of growth in more than two years. Month-on-month, consumer prices grew 0.3 percent on a seasonally adjusted basis. Wholesale sales climbed 2.2 percent in May, year-over-year, the rate of increase being far above the predicted 0.7 percent and the April’s 1.4 percent.

The Bank of Canada conducted a policy meeting this week, leaving its main interest rate at 1 percent. In the accompanying statement, BoC Governor Stephen Poloz voiced an opinion that the pickup of inflation was caused by temporary factors:

This pickup in measured inflation is attributable to the temporary effects of higher energy prices, exchange rate pass-through and other sector-specific shocks. It is not coming from any change in domestic economic fundamentals.

USD/CAD dropped from 1.0756 to close at 1.0736, reaching the minimum of 1.0708 intraday. EUR/CAD fell from 1.4552 to 1.4479 before it settled at 1.4520. CAD/JPY climbed from 94.01 to 94.39, while its daily high was at 94.85.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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Canadian Dollar Makes Up Some Lost Ground

By , July 14, 2014 7:17 am

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Canadian dollar is making up some lost ground today, gaining against the US dollar. After disappointing data at the end of last week, the loonie headed lower, but today the Canadian currency is making something of a turnaround. Many Forex traders are looking forward to the interest rate announcement expected from the Bank of Canada on Wednesday. (…)Read the rest of Canadian Dollar Makes Up Some Lost Ground […]

The post Canadian Dollar Makes Up Some Lost Ground appeared first on Forex News.

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Canadian Employment Provides Nasty Surprise, CAD Sinks

By , July 11, 2014 8:32 am

A fan of 100-dollar notesCanadian employment demonstrated strong growth in May and economists were expecting June to follow suit, showing continuous improvement of the labor market. Yet today’s report provided a nasty surprise to those Forex market participants who were hoping to buy the loonie as employment data was not good at all, driving the currency down sharply.

Employment shrank by 9,400 in June after rising as much as 25,800 in May, meaning that analysts were completely wrong with their predictions of robust growth at about 20,700. What is more, the unemployment rate unexpectedly ticked up by 0.1 percentage point to 7.1 percent.

Admittedly, the report was not completely bad as the main driver for the drop was the fall of part-time employment, while the number of full-time works actually increased. Yet this did not help the Canadian currency at all, which is heading to a weekly loss now. It is important to remember that the Bank of Canada holds a monetary policy meeting next week, and the poor employment data will likely affect plans of Canadian policy makers.

USD/CAD jumped from 1.0648 to 1.0703, and EUR/CAD rallied from 1.4491 to 1.4563 as of 13:55 GMT today. CAD/JPY plunged from 95.15 to 94.64.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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Canadian Dollar Sinks Despite News Being Not That Bad

By , July 7, 2014 10:54 pm

All the Canadian dollar bills denominationsThe Canadian dollar sank today even though the Forex traders’ sentiment towards the currency improved somewhat and not all economic reports from Canada were bad. The currency extended its drop for the second trading session.

The Purchasing Managers’ Index of Richard Ivey School of Business dropped from 48.2 in May to 46.9 in June while analysts have promised an increase to 51.3. As for good news, building permits jumped 13.8 percent in May. The increase was far bigger than predicted 3.1 percent and April’s 2.2 percent.

According to the Commitment of Traders Report, leveraged funds still have far more short positions than long ones on the Canadian currency, but the number of longs was rising, while the number of shorts was falling.

The loonie jumped after the release of US non-farm payrolls but failed to maintain rally and fell by the end of the Friday’s trading session. The weakness persisted at the start of the current trading week.

USD/CAD jumped from 1.0646 to 1.0681, and EUR/CAD advanced from 1.4470 to 1.4532 as of 21:40 GMT today. CAD/JPY tumbled from 95.81 to 95.36.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

Earlier News About the Canadian Dollar:

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Canadian Employment Data Leaves CAD Directionless

By , June 6, 2014 6:35 pm

All the Canadian dollar bills denominationsThe Canadian dollar ended the session without strong moves in either direction as today’s employment report sent confusing signals to the market, giving no edge either to bulls or to bears.

Canadian employment grew by 25,800 jobs in May after falling by 28,900 in the preceding month. This reading was in line with expectations of most market participants. The unemployment rate ticked up by 0.1 percentage point to 7.0 percent. And this was a surprise as specialists predicted it to stay unchanged.

After digging into details of the report, analysts pointed out that it was rather negative despite showing growth of employment. The growth was led by part-time jobs, while the number of full-time positions dropped actually. Coupled with signs of slowing economic growth such data leaves the Canadian currency in a very vulnerable position.

USD/CAD ticked up from 1.0924 to 1.0929. EUR/CAD slipped from 1.4922 to 1.4911. CAD/JPY was up from 93.71 to 93.79 after dropping to the daily minimum of 93.42.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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Canadian Dollar Firm, Withstanding Negative Fundamentals

By , June 6, 2014 2:16 am

Canadian 100-dollar billsThe Canadian dollar was firm today despite yesterday’s negative data. An employment report will be released in Canada today and it is expected to be supportive to the nation’s currency.

Building permits demonstrated an increase of 1.1 percent in April which was far below the expected rate of growth of 4.1 percent. The seasonally adjusted Ivey Purchasing Managers’ Index tumbled from 54.1 in April to 48.2 in May, frustrating analysts who have expected an increase to 56.3. Canadian employment data will be released today, and it is expected to show growth by 24,500 after the drop by 28,900 in April.

USD/CAD fell from 1.0924 to 1.0913 and EUR/CAD dropped from 1.4922 to 1.4882 as of 8:59 GMT today.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

Forex News

Canadian Dollar Drops as Economic Data Disappoints

By , May 30, 2014 12:28 pm

Canadian 20-dollar billsThe Canadian dollar edged today as economic data from Canada, including a very important report about economic growth, was rather poor, meaning that it is unlikely for the Bank of Canada to tighten its monetary policy in the near future.

Canada’s gross domestic product expanded 0.1 percent in March, in line with expectations, slowing from February’s growth of 0.2 percent. GDP grew 0.3 percent in the first quarter of 2014 after rising 0.7 percent in the fourth quarter of 2013. This was the smallest increase since the fourth quarter of 2012.

The Industrial Product Price Index declined 0.2 percent in April, while analysts predicted an increase at 0.4 percent — the same rate as in the previous month. The Raw Materials Price Index increased 0.1 percent, yet the increase was significantly below the forecast of 1.2 percent.

USD/CAD wad up from 1.0836 to 1.0852 as of 17:04 GMT today. EUR/CAD climbed from 1.4738 to 1.4803. CAD/JPY dipped from 93.90 to 93.48 before trading at 93.75.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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Canadian Dollar Ignores Negative Domestic Data

By , May 22, 2014 11:14 am

All the Canadian dollar bills denominationsCanadian retail sales demonstrated disappointing results, while the outlook for inflation data is rather poor. Is the Canadian dollar bothered by this? Not at all. On the contrary, the currency posted solid gains today.

Canadian retail sales dipped by 0.1 percent in March following gains in January and February, while traders have counted on 0.2 percent increase. Core retail sales rose only marginally by 0.1 percent compared to the forecast growth of 0.5 percent. What is more, analysts predict that tomorrow’s inflation report will show a slowdown from 0.6 percent in March to 0.3 percent in April.

All in all, domestic fundamentals look detrimental for the Canadian currency so why did it rally today? The most obvious reason for such behavior is the favorable report from China that was supporting commodity currencies.

USD/CAD dropped from 1.0911 to 1.0894, and EUR/CAD slid from 1.4932 to 1.4871 as of 16:47 GMT today. CAD/JPY rallied from 92.87 to 93.38.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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Canadian Dollar Continues to Struggle in Forex Trading

By , May 20, 2014 7:34 am

A fan of 100-dollar notesThe Canadian dollar continues to struggle in forex trading today, falling against its major counterparts as commodities struggle, and as traders consider recent disappointments in economic data.

Loonie is having a hard time against other currencies today, falling almost across the board against its major counterparts. Canadian dollar is lower following last week’s disappointing jobs data, and now there is concern about about the release of March wholesale sales data from Statistics Canada, since there is a loss of 0.04 percent.

Also weighing on the Canadian dollar is the fact that commodities are struggling today. Gold is lower, and that has an impact, but the real difficulty comes from lower oil prices. Oil is a major part of Canada’s economy, and oil prices are paramount in supporting the loonie. With oil prices struggling, it’s little surprise that the Canadian dollar is struggling as well.

There is also a general feeling of risk aversion, with lower stocks and concerns about Ukraine, that is impacting the Canadian dollar. There just isn’t much going for the loonie right now, and so the currency is struggling.

At 12:49 GMT USD/CAD is moving higher, gaining to 1.0905 from the open at 1.0875. EUR/CAD is also higher, moving up to 1.4942 from the open at 1.4908. GBP/CAD is gaining ground, heading up to 1.8357 from the open at 1.8285.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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