USD/CAD

The CAD/JPY trend has turned negative following this week’s big rally in the yen, while the USD/CAD will be in focus with the release of key US data in the coming days.

Bears were busy last week as they piled into shorts against EUR/USD and the Dow Jones, and also reached a record level of net-short exposure to the Canadian dollar. And this was beneficial for USD bulls.

Today, we will have the ADP private payrolls data and the latest ISM services PMI, and the Bank of Canada's rate decision, all coming ahead of the official US jobs report on Friday. These macroeconomic events could set the dollar’s trend for the coming days , putting the USD/CAD forecast under the spotlight.

It will be a busy week for the greenback with lots of top-tier data releases to come, starting with the ISM manufacturing PMI on Monday. Among major currency pairs, the likes of the USD/CAD will be quite volatile with the Bank of Canada also expected to make a rate announcement in mid-week.

June has historically been the 3rd-best month of the year for EUR/USD and AUD/USD - will we see strength this year?

USD/CAD bulls are likely to emerge to defend the 1.3605 level, potentially leading to a bullish breakout from the descending channel and opening the door for a move back toward 1.3800.

USD/CAD outlook: Despite softer Canadian CPI data, could the pair drop anyway? While Fed officials maintain a hawkish rhetoric amid sticky inflation signs, weakening data suggests US policy could be loosened sooner. Meanwhile, the USD/CAD remains inside a short-term bearish channel even if a key bull trend has been supported for now.

The pullback from April's high has seen USD/CAD find support around 1.36 but, with CAD traders remaining heavily net short, USD/CAD needs to rally to justify their bearish exposure.

The US dollar is steady after Friday’s drop. We have BOC rate decision, Powell testimony and NFP jobs report among the macro highlights for this week.

Looking through the economic calendar reveals a jam-packed list of potential market-moving events for USD/CAD.

USD/JPY and USD/CAD could see noteworthy moves this month if history is any guide - read on to see the full data!

The USD/CAD will be among the busier of major currency pairs in what will likely be relatively quieter week, at least in so far as macro data is concerned. Given the closure of US markets for Presidents' Day and the majority of major data releases already published in preceding weeks, the week ahead will present few noteworthy macroeconomic highlights, aside from a select few.

USD/CAD continues to hold a range inside of a range, but CAD/JPY is bristling at resistance after having set a fresh 16-year high last week.

Without top-tier economic data scheduled, I suspect market conditions likely favour technical analysis over the foreseeable future whilst a pullback on USD plays out.

NFP, Powell and FOMC all paint a bullish US dollar story. This week's data highlights are ISM services PMI and monthly jobs report from Canada. The USD/CAD technical analysis point to bullish break above 1.35 handle.

We’re seeing quite a mixture of signals across forex majors, which implies the US dollar could perform well against some currencies but not all. AUD/USD and USD/CAD look vulnerable to USD strengthen, whereas EUR/USD has some key support level propping it up.

WTI Crude Oil is rallying as the IEA revised its 2024 oil demand growth forecast up to 1.24M bpd amidst ongoing tensions in the Middle East.