Trading news

Forex - USD/CAD trims gains ahead of FOMC decision

The U.S. dollar trimmed gains against its Canadian counterpart on Wednesday, despite upbeat U.S. employment data, as investors remained cautious ahead of the Federal Reserve’s upcoming policy decision and as higher oil prices supported the Canadian currency.

USD/CAD pulled away from 1.3094, the session high, to hit 1.3071 during early U.S. trade, still up 0.32%.
The pair was likely to find support at 1.2967, Tuesday’s low and a four-month trough and resistance at 1.3125, Tuesday’s high.
Payroll processing firm ADP said non-farm private employment rose by 246,000 last month, easily surpassing forecasts for an increase of 165,000. The economy created 153,000 jobs in December.

The greenback had tumbled on Tuesday, after Donald Trump’s top trade adviser accused Germany of currency exploitation, saying it is using a “grossly undervalued” euro to exploit the U.S. and its trading partners.

In separate remarks, President Trump criticized Japan and China, saying they devalued their currencies to the disadvantage of the U.S.

The remarks indicated that the dollar exchange rate could have a prominent role to play in Trump's 'America First' agenda.
Meanwhile, the commodity-related Canadian dollar was supported by rising oil prices on Wednesday, ahead of the weekly report on U.S. stockpiles.

The loonie was higher against the euro, with EUR/CAD down 0.11% at 1.4052.

AG Markets Review

Wednesday, 01 Feb, 2017 / 4:56

Note: Company News is a promotional service of the Directory and the content isn't created by Finance Magnates.

Source : https://www.ag-markets.com/news/

Trading news

 

Increased risk appetite weakens the U.S. Dollar, boosts stocks

The economic figures published yesterday in the U.S. are another factor [...]

Posted on Friday, 16 Apr, 2021 / 11:21 under

Yields plunge, defy logic, after blowout data, but dollar steadies

  US economy firing on all cylinders as data keeps getting [...]

Posted on Friday, 16 Apr, 2021 / 9:42 under

ING believes EUR/USD will break 1.20, and you?

What is moving the markets these days? What are the main drivers of currency [...]

Posted on Thursday, 15 Apr, 2021 / 1:24 under