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Canadian Dollar looking for a comeback, seeing moderate lift for Monday

October 16, 2023
in Business
Canadian Dollar looking for a comeback, seeing moderate lift for Monday
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Canadian Dollar edging higher as risk appetite takes a chance once more.
Canada CPI inflation data due Tuesday for eager CAD traders.
Crude Oil easing back for Monday, limiting CAD support.

The Canadian Dollar (CAD) is catching some relief after Friday’s risk-off bids sent the Loonie sharply lower against the US Dollar (USD), and recovery is the name of the game ahead of Tuesday’s Canadian Consumer Price Index (CPI) inflation reading due on Tuesday.

Canadian data isn’t the only action on the economic calendar tomorrow, with US Retail Sales figures due during the American trading session. Markets are anticipating that Canadian CPI will hold flat, and a beat for the datapoint could see inflation expectations increase even further than consumers are already expecting, based on the Bank of Canada’s (BoC) latest Business Outlook Survey. Such a result would also be supportive of CAD.

Daily Digest Market Movers: Canadian Dollar sees Monday gains as new week kicks off

Canadian CPI to square up against US Retail Sales Tuesday, investors on the lookout.
US Retail Sales seen declining to 0.3% from 0.6%.
Canadian CPI inflation forecast to hold steady at 4% for the year into September.
BoC’s Outlook Survey sees the majority of Canadian consumers expecting further rate hikes in the next twelve months.
Majority of Canadian businesses report negative impacts from monetary policy, and most expect further pain down the road.
55% of Canadians consumers and businesses anticipate a recession sometime next year.
Crude Oil is seeing a minor stepback on the charts for Monday, limiting Loonie upside.
Canada Retail Sales to close out the trading week, slated for Friday.
BoC Survey: Consumers think interest rates will go up over next 12 months

Technical Analysis: Canadian Dollar looking to climb further, sends USD/CAD into 1.3615

The Canadian Dollar (CAD) is seeing a lift as the broad market recovers some risk appetite on Monday, taking the USD/CAD back towards the 1.3600 handle.

The USD/CAD pair opened Monday with bids near 1.3660, easing back towards 1.3600 with the pair currently testing the waters just below 1.3620.

The pair remains down around 1.2% from October’s peak of 1.3785, and the last major swing low on the daily candlesticks is tangled up in the 200-day Simple Moving Average near 1.3450.

Canadian Dollar price today

The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the Japanese Yen.

 
USD
EUR
GBP
CAD
AUD
JPY
NZD
CHF

USD
 
-0.27%
-0.44%
-0.22%
-0.50%
0.01%
-0.38%
-0.24%

EUR
0.28%
 
-0.16%
0.06%
-0.21%
0.29%
-0.09%
0.01%

GBP
0.44%
0.17%
 
0.20%
-0.06%
0.44%
0.07%
0.20%

CAD
0.23%
-0.05%
-0.17%
 
-0.26%
0.24%
-0.14%
0.00%

AUD
0.50%
0.23%
0.06%
0.27%
 
0.50%
0.13%
0.25%

JPY
0.00%
-0.25%
-0.44%
-0.25%
-0.50%
 
-0.38%
-0.25%

NZD
0.37%
0.09%
-0.07%
0.15%
-0.13%
0.38%
 
0.09%

CHF
0.24%
-0.03%
-0.20%
0.01%
-0.24%
0.26%
-0.13%
 

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).

Inflation FAQs

Inflation measures the rise in the price of a representative basket of goods and services. Headline inflation is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core inflation excludes more volatile elements such as food and fuel which can fluctuate because of geopolitical and seasonal factors. Core inflation is the figure economists focus on and is the level targeted by central banks, which are mandated to keep inflation at a manageable level, usually around 2%.

The Consumer Price Index (CPI) measures the change in prices of a basket of goods and services over a period of time. It is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core CPI is the figure targeted by central banks as it excludes volatile food and fuel inputs. When Core CPI rises above 2% it usually results in higher interest rates and vice versa when it falls below 2%. Since higher interest rates are positive for a currency, higher inflation usually results in a stronger currency. The opposite is true when inflation falls.

Although it may seem counter-intuitive, high inflation in a country pushes up the value of its currency and vice versa for lower inflation. This is because the central bank will normally raise interest rates to combat the higher inflation, which attract more global capital inflows from investors looking for a lucrative place to park their money.

Formerly, Gold was the asset investors turned to in times of high inflation because it preserved its value, and whilst investors will often still buy Gold for its safe-haven properties in times of extreme market turmoil, this is not the case most of the time. This is because when inflation is high, central banks will put up interest rates to combat it.
Higher interest rates are negative for Gold because they increase the opportunity-cost of holding Gold vis-a-vis an interest-bearing asset or placing the money in a cash deposit account. On the flipside, lower inflation tends to be positive for Gold as it brings interest rates down, making the bright metal a more viable investment alternative.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management.
Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Copyright for syndicated content belongs to the linked Source : FXStreet – https://www.fxstreet.com/news/canadian-dollar-looking-for-a-comeback-seeing-moderate-lift-for-monday-202310161627

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