* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Tuesday, August 26, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    ‘The Roses’ review: Olivia Colman, Benedict Cumberbatch sparkle in dark comedy – Yakima Herald-Republic

    The Roses’ Review: Olivia Colman and Benedict Cumberbatch Shine in Dark Comedy Delight

    ‘When Calls the Heart’ Fans All Want the Same Thing After Seeing the Show’s Latest Update – yahoo.com

    When Calls the Heart’ Fans Rally Together in Excitement Over Exciting New Update!

    Quotes of the Week: Peacemaker, Project Runway, Countdown and More – yahoo.com

    This Week’s Most Memorable Quotes from Peacemaker, Project Runway, Countdown, and More!

    Drake Appears in Teaser for Bobbi Althoff’s New Podcast ‘Not This Again’ – yahoo.com

    Drake Drops a Surprise Cameo in Bobbi Althoff’s Thrilling New Podcast Teaser ‘Not This Again

    From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

    From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

    How to watch ‘F1: The Movie’ on Prime Video – About Amazon

    Experience the Thrill: How to Stream ‘F1: The Movie’ on Prime Video

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    The Role of AI and Technology in Shaping the Future of Interactive Entertainment – Technology Org

    How AI and Technology Are Transforming the Future of Interactive Entertainment

    Ten upcoming sports stadiums where technology takes to the field – Dezeen

    10 Futuristic Sports Stadiums Revolutionizing the Game with Cutting-Edge Technology

    Figure Technology Solutions, Inc. Files Registration Statement for Proposed Initial Public Offering – Business Wire

    Figure Technology Solutions, Inc. Unveils Exciting Plans for Its Upcoming Initial Public Offering

    UNLV Responds to Workforce Need with Microcredential in Nuclear Technology – University of Nevada, Las Vegas | UNLV

    UNLV Unveils Cutting-Edge Microcredential Program to Fuel Growth in Nuclear Technology

    Why Technology Will Never Take Over Completely – Patheos

    Why Technology Will Never Completely Control Our Lives

    Alcorn State awarded grant to boost STEM with VR technology – WJTV

    Alcorn State Secures Grant to Transform STEM Education Through Cutting-Edge VR Technology

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    ‘The Roses’ review: Olivia Colman, Benedict Cumberbatch sparkle in dark comedy – Yakima Herald-Republic

    The Roses’ Review: Olivia Colman and Benedict Cumberbatch Shine in Dark Comedy Delight

    ‘When Calls the Heart’ Fans All Want the Same Thing After Seeing the Show’s Latest Update – yahoo.com

    When Calls the Heart’ Fans Rally Together in Excitement Over Exciting New Update!

    Quotes of the Week: Peacemaker, Project Runway, Countdown and More – yahoo.com

    This Week’s Most Memorable Quotes from Peacemaker, Project Runway, Countdown, and More!

    Drake Appears in Teaser for Bobbi Althoff’s New Podcast ‘Not This Again’ – yahoo.com

    Drake Drops a Surprise Cameo in Bobbi Althoff’s Thrilling New Podcast Teaser ‘Not This Again

    From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

    From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

    How to watch ‘F1: The Movie’ on Prime Video – About Amazon

    Experience the Thrill: How to Stream ‘F1: The Movie’ on Prime Video

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    The Role of AI and Technology in Shaping the Future of Interactive Entertainment – Technology Org

    How AI and Technology Are Transforming the Future of Interactive Entertainment

    Ten upcoming sports stadiums where technology takes to the field – Dezeen

    10 Futuristic Sports Stadiums Revolutionizing the Game with Cutting-Edge Technology

    Figure Technology Solutions, Inc. Files Registration Statement for Proposed Initial Public Offering – Business Wire

    Figure Technology Solutions, Inc. Unveils Exciting Plans for Its Upcoming Initial Public Offering

    UNLV Responds to Workforce Need with Microcredential in Nuclear Technology – University of Nevada, Las Vegas | UNLV

    UNLV Unveils Cutting-Edge Microcredential Program to Fuel Growth in Nuclear Technology

    Why Technology Will Never Take Over Completely – Patheos

    Why Technology Will Never Completely Control Our Lives

    Alcorn State awarded grant to boost STEM with VR technology – WJTV

    Alcorn State Secures Grant to Transform STEM Education Through Cutting-Edge VR Technology

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

Canadian Dollar reverses losses after Nonfarm Payrolls undershoots expectations

July 7, 2023
in Business
Canadian Dollar reverses losses after Nonfarm Payrolls undershoots expectations
Share on FacebookShare on Twitter

Canadian Dollar claws back losses suffered overnight after underwhelming NFP data bursts Thursday’s optimism.  

CAD finds a friend in rising Crude Oil prices and after data shows a fall in stockpiles. 

USD/CAD trend is now bullish both on shorter and longer time frames after decisive breach of key 1.3270 lower highs.  

Canadian Dollar (CAD) reverses its overnight losses against the US Dollar (USD), after US Nonfarm Payrolls data misses expectations whilst Canadian employment data mostly beats forecasts. The CAD is further supported by Oil – Canada’s premier export – which finds traction on falling US stockpiles. 

USD/CAD is trading in the 1.32s on Friday during the US session.  

Canadian Dollar news and market movers 

The Canadian Dollar recovers versus the US Dollar on the back of lower-than-expected US Nonfarm Payrolls’ data, showing 209K vacancies were filled in June versus the 225K expected. The Unemployment Rate, meanwhile, came out at 3.6% as expected. 

The NFP data bursts the ballon of optimism that expanded on Thursday after ADP employment change data hit the ball out of the park, substantially beating expectations – ADP is often seen as an early indicator of NFP, even though the evidence of a correlation is tenuous. 

The more modest increase in US employment suggests less inflationary pressure and a slightly less hawkish approach from the US Federal Reserve (Fed). Not-as-high interest rates is less bullish for USD as it suggests less capital inflows. 

Canadian employment data, released at the same as US NFPs, showed an overall positive result despite some mixed figures, with a much higher-than-expected Net Change in Employment for June of 60K versus the 20K forecast, but an unexpected increase in the Unemployment Rate to 5.4% when 5.3% had been forecast. Still, the data was probably viewed as posiitve overall and helped CAD.  

CAD is further supported by higher Oil prices, Canada’s chief export, on the back of data which shows increased demand from summer vacation-driving in the US, according to data from the Energy Information Administration, released Thursday.

The EIA figures show Crude stockpiles falling by 1.508 million barrels continuing the trend of last week’s 9.603M decline. 

CAD came under further pressure on Thursday after data showed the Canadian International Merchandise Trade fell to -3.4B vs. 1.5B expected in May, and Imports outweighed Exports when they had been forecast to come out almost equal. 

Canadian Dollar Technical Analysis: Short-term trend turns bullish, but will it hold?

USD/CAD is in a long-term uptrend on the weekly chart, which began after price rose following the 2021 lows. Since October 2022, the exchange rate has been in a sideways consolidation within the uptrend. Given the old saying that ‘the trend is your friend’, however, the probabilities overall an eventual continuation higher, favoring longs over shorts.

USD/CAD appears to have completed a large measured move price pattern that began forming at the March 2023 highs. This pattern resembles a 3-wave zig-zag, much like an ABC correction in which the first and third waves are of a similar length (labeled waves A and C on the chart below). 

The pair’s measured move looks like it has completed given waves A and C are of a similar length. This suggests price probably bottomed at the June 27 lows and is now at the start of a new cycle higher. 

US Dollar vs Canadian Dollar: Weekly Chart

A confluence of support situated under the June lows in the upper 1.3000s, that is made up of several longer moving averages and a major trendline, provides a backstop to further losses. Only a decisive break below 1.3050 would indicate this thick band of weighty support has been definitively broken, bringing the uptrend into doubt. 

US Dollar vs Canadian Dollar: Daily Chart

The daily chart above shows how the move up from the June 27 lows extended to just short of 1.3400. A cursory look at the Relative Strength Index (RSI) indicator shows the move is supported by strong momentum, further enhancing its bullishness. 

The price has broken decisively above the 1.3270 key lower high, confirming a short-term bull trend is now underway. However price was rejected at the 1.3400 crossroads where the 50-day Simple Moving Average (SMA) is currently located. 

It will take a decisive break above the 50-day SMA to keep the uptrend momentum going. If the pullback currently underway closes below the 1.3270 key level, it will bring the short-term uptrend into doubt and potentially signal more downside to come. 

Canadian Dollar FAQs

The key factors driving the Canadian Dollar (CAD) are the level of interest rates set by the Bank of Canada (BoC), the price of Oil, Canada’s largest export, the health of its economy, inflation and the Trade Balance, which is the difference between the value of Canada’s exports versus its imports. Other factors include market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – with risk-on being CAD-positive. As its largest trading partner, the health of the US economy is also a key factor influencing the Canadian Dollar.

The Bank of Canada (BoC) has a significant influence on the Canadian Dollar by setting the level of interest rates that banks can lend to one another. This influences the level of interest rates for everyone. The main goal of the BoC is to maintain inflation at 1-3% by adjusting interest rates up or down. Relatively higher interest rates tend to be positive for the CAD. The Bank of Canada can also use quantitative easing and tightening to influence credit conditions, with the former CAD-negative and the latter CAD-positive.

The price of Oil is a key factor impacting the value of the Canadian Dollar. Petroleum is Canada’s biggest export, so Oil price tends to have an immediate impact on the CAD value. Generally, if Oil price rises CAD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Oil falls. Higher Oil prices also tend to result in a greater likelihood of a positive Trade Balance, which is also supportive of the CAD.

While inflation had always traditionally been thought of as a negative factor for a currency since it lowers the value of money, the opposite has actually been the case in modern times with the relaxation of cross-border capital controls. Higher inflation tends to lead central banks to put up interest rates which attracts more capital inflows from global investors seeking a lucrative place to keep their money. This increases demand for the local currency, which in Canada’s case is the Canadian Dollar.

Macroeconomic data releases gauge the health of the economy and can have an impact on the Canadian Dollar. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the CAD. A strong economy is good for the Canadian Dollar. Not only does it attract more foreign investment but it may encourage the Bank of Canada to put up interest rates, leading to a stronger currency. If economic data is weak, however, the CAD is likely to fall.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : FXStreet – https://www.fxstreet.com/news/canadian-dollar-recoups-overnight-losses-from-rising-oil-prices-202307071230

Tags: businessCanadianDollar
Previous Post

Russia Central Bank Reserves $: $582.4B vs previous $586.9B

Next Post

NZD/USD rises back above 0.6200 on a weaker US Dollar

Bishop Kearney girls’ hockey team partners with UR Medicine for science-based training – 13wham.com

Bishop Kearney Girls’ Hockey Team Teams Up with UR Medicine for Cutting-Edge Science-Based Training

August 26, 2025
STEM camps offered at National Museum of Nuclear Science and History – KRQE

Discover Thrilling STEM Camps Now Open at the National Museum of Nuclear Science and History!

August 26, 2025
7 things people do when they care too much about what others think – VegOut

7 Signs You’re Caring Too Much About What Others Think

August 26, 2025
The Role of AI and Technology in Shaping the Future of Interactive Entertainment – Technology Org

How AI and Technology Are Transforming the Future of Interactive Entertainment

August 26, 2025
First look: ‘Whistle Blowers’ doc focuses on the crisis facing youth sports officials – NBC 5 Dallas-Fort Worth

Inside the Crisis Facing Youth Sports Officials: An Eye-Opening Look at ‘Whistle Blowers

August 26, 2025
South Carolina city selected to host 2027 Diamond Youth Baseball World Series – WRDW

South Carolina City Selected to Host the Exciting 2027 Diamond Youth Baseball World Series

August 25, 2025

Brazil’s low-voltage consumers could save 16% on power bills – Valor International

August 25, 2025
‘The Roses’ review: Olivia Colman, Benedict Cumberbatch sparkle in dark comedy – Yakima Herald-Republic

The Roses’ Review: Olivia Colman and Benedict Cumberbatch Shine in Dark Comedy Delight

August 25, 2025
Georgia lawmakers plan for federal cuts to already ‘underfunded’ public health services – Grice Connect

Georgia Lawmakers Prepare to Fight Federal Cuts Threatening Public Health Services

August 25, 2025
Poverty and Policy, Not Politics, Drive Crime in American Cities | Opinion – Newsweek

How Poverty and Policy Drive Crime in American Cities-Beyond Politics

August 25, 2025

Categories

Archives

August 2025
MTWTFSS
 123
45678910
11121314151617
18192021222324
25262728293031
« Jul    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (789)
  • Economy (809)
  • Entertainment (21,689)
  • General (16,672)
  • Health (9,850)
  • Lifestyle (823)
  • News (22,149)
  • People (811)
  • Politics (818)
  • Science (16,020)
  • Sports (21,309)
  • Technology (15,791)
  • World (791)

Recent News

Bishop Kearney girls’ hockey team partners with UR Medicine for science-based training – 13wham.com

Bishop Kearney Girls’ Hockey Team Teams Up with UR Medicine for Cutting-Edge Science-Based Training

August 26, 2025
STEM camps offered at National Museum of Nuclear Science and History – KRQE

Discover Thrilling STEM Camps Now Open at the National Museum of Nuclear Science and History!

August 26, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version