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The Canadian Dollar retreated overnight, along with the rest of the majors due to a perceived easing of tension between North Korea and the United States.  Only the Australian dollar managed to show a gain compared to Tuesday’s close and that gain was modest. USDCAD is consolidating in a 1.2450-1.2550 range.  Traders are torn between expectations of further Bank of

The Canadian Dollar is rising, supported by broad US dollar weakness,  USDCAD rallied yesterday afternoon and finished the day looking like it would extend the gains in overseas markets. That view was blown out of the sky, literally, when North Korea launched another missile.  This missile passed over Northern Japan and splashed into the Pacific Ocean.  It spooked traders and

The Canadian dollar broke above the 85 cent level against the US dollar on Friday, and hasn’t looked back. The Canadian dollar strength is because of broad US dollar weakness which was exacerbated on Friday.   FX markets had hoped that Fed Chair Janet Yellen would use her speech at the Jackson Hole Symposium, to provide some clarity on the outlook

The Canadian dollar has caught a bid.  It is in demand, despite President Trump’s comment that he thinks the deal needs to be terminated.  It is in demand despite broad (but limited) US dollar demand against the major currencies in overnight trading. It is in demand because of the Bank of Canada’s hawkish monetary policy stance.  The Bank of Canada

President Donald Trump undermined the Canadian dollar in overnight trading.  At a rally in Wyoming, the President repeated his disdain for the North American Free Trade Agreement, suggesting that the United States could not make a new deal without terminating the old agreement first. USDCAD rose to 1.2596, in part because of the Trump comments, fully reversing yesterday’s USDCAD losses

The Canadian dollar not only failed to extend gains overnight, but it also reversed direction and gave up ground as positions were adjusted ahead of this morning’s release of Retail Sales by Statistics Canada.  The forecast is for June Retail Sales to rise 0.3%, down from the 0.6% recorded in May.  Retails Sales, excluding autos, is expected to be flat.

The Canadian dollar is on the dark side of the moon, meaning it was barely visible in overnight FX markets.  The total of the eclipse of the sun that will occur today did not have anything to do with FX markets except to provide reading material for bored traders. The Canadian dollar managed to hang on to almost all of

  The Canadian dollar went for a wild ride following the Tuesday afternoon release of the Federal Open Market Committee (FOMC) minutes. It wasn’t alone.  It was part of a broad US dollar sell-off that occurred in a thin “dog days of summer” trading environment. It wasn’t pretty.  USDCAD plummeted to 1.2590 from 1.2710, crushing support in the process. The

The Canadian dollar enjoyed another quiet overnight session.  The Canadian dollar had been under pressure at the open in Asia due to broad US dollar strength after the better than expected Retail Sales report and a steep drop in oil prices. At the end of Tuesday’s New York session, the  American Petroleum Institute announced that US crude inventories declined by

The Canadian dollar is flirting with disaster just like Molly Hatchet sang in 1979.  Speculative traders long CAD/Short US dollar positions, well not at record levels, are still stretched.  West Texas Intermediate oil prices have slid 3.7 percent since yesterday.  US and North Korea tensions have abated, helped by Kim Jong-un’s deferral of the missile strike on Guam plan.  New