April 27, 2017
Headline trading in full force over the past 24 hours, as USDCAD remained at the mercy of the Trump Administrations policies.
April 25, 2017
It is clear that the phrase “no use crying over spilled milk” has not made it south of the border.
April 24, 2017
Lively weekend in currency news, with the first round of the French election happening yesterday.
April 20, 2017
Yesterday USDCAD kept chugging along, ending the New York session around 1.3485.
April 19, 2017
Did anyone catch the number of the GBP train yesterday? After announcing a surprise press conference yesterday, Theresa May caught the market off guard by announcing she would not be resigning as PM.
April 03, 2017
The USD is mixed against crosses to start the week this morning, gaining ground against AUD/NZD.
March 31, 2017
It looked like USDCAD might finally take a run at the post FOMC low of 1.3265 for a while yesterday.
March 29, 2017
USD has been on its back foot since the beginning of March but it regained its footing yesterday.
March 28, 2017
After seeing some interesting moves overnight yesterday, price action fizzled into the North America session. USDCAD tested support again at 1.3320 before taking another run at resistance as oil prices sold off to start the North American session.
March 24, 2017
Yesterday the theme was anticipation, as the market sat around on pins and needles and waited for Congress to vote on the Trumpcare bill.
March 23, 2017
Yesterday the markets were in risk-off mode, with concerns about the ability of Republican leaders to successfully push the ACHA health care bill through the House.
March 22, 2017
Canadian retail sales surprised to the upside coming in at 2.2% for January vs expectation of 1.5%.
March 21, 2017
After a while you run out of descriptions for watching grass grow, so we will not spend much time recapping what happened (spoiler alert: not much) yesterday.
March 20, 2017
Another sleepy start to the trading week so far as participants return to the desks from the weekend without much to report.
March 14, 2017
The week in currency markets started out with an uneventful session yesterday, as participants watched tight ranges play out in thrilling fashion.
March 13, 2017
The calm before the storm certainly would be a good description of the currency markets this morning.
March 09, 2017
After starting the week slow, USDCAD embarked on a steady grind higher yesterday.
March 07, 2017
Tight ranges were the theme yesterday, with USDCAD content to wander around in a 40-point range for most of the North American session.
March 06, 2017
Last week ended with a lineup of Federal Reserve speakers, the last communications ahead of the blackout period before the March rate decision next week.
March 06, 2017
Unemployment is low, inflation ticking up, and confidence high in the US. Here in Canada, well let’s just admit it, we are deeper and more nuanced.
March 03, 2017
If you were looking for an overused cliché to describe the events of yesterday but can’t quite put your finger on a good one, may I suggest “The trend is your friend”?
March 02, 2017
US dollar continues to surge with March rate hike back on the table.
March 01, 2017
On a day where the focus was supposed to be on Trump’s State of the Union address to Congress, the US Fed stole the show.
February 28, 2017
We kick started the week in currency markets with a groggy yawn on Monday, as participants were reluctant to have big positions ahead of risk events later this week.
February 27, 2017
Friday brought us the most action we have seen in USDCAD in a number of sessions, as a strong headline inflation number saw CAD strengthen against the USD.
February 23, 2017
Fed minutes were slightly dovish with no hints of a March hike yesterday.
February 22, 2017
For those watching USDCAD who managed to stay awake through yesterday’s session.
February 21, 2017
Hopefully everyone enjoyed the long weekend.
February 17, 2017
After briefly breaking below 1.3020 in USDCAD on Thursday morning, USDCAD found strong buyers as the support band ahead of the figure held strong.
February 16, 2017
After strong retail sales and CPI prints yesterday, you may be surprised to learn we walked in this morning almost 100 points lower in USDCAD from the highs of yesterday.
February 15, 2017
Testimony from Janet Yellen turned out to be anything but uneventful yesterday. She stressed that the Fed does not need to wait until fiscal policy kicks in to hike rates, and that a March rate hike has not been ruled out.
February 14, 2017
The week kicked off with a quiet session yesterday, as a lack of data meant participants were once again focusing on the headlines.
February 13, 2017
Over the weekend President Trump hosted Prime Minister Abe from Japan and today he meets with Prime Minister Trudeau.
February 10, 2017
Yesterday looked to be a fairly uneventful session, with USDCAD grinding lower.
February 10, 2017
Literally the only story in town this week has been the newly released employment report.
February 09, 2017
This week seems to be moving at a pace just slightly faster than Trump’s cabinet confirmations.
February 08, 2017
The markets are jumping this way and that without any real conviction.
February 07, 2017
Yesterday proved to be fairly uneventful, with risk-off sentiment permeating the market.
February 06, 2017
A slow start to the week, with participants nursing their Super Bowl hangovers.
February 03, 2017
This morning US employment numbers are the big story, with Nonfarm Payrolls gaining 227k compared to expectations of 180k.
February 03, 2017
Another quiet week on the rates front. Gov. Poloz spent some time in Canada’s greatest province to address the business school at the University of Alberta.
February 02, 2017
Yesterday it was the US Fed’s turn in the Central Bank shuffle, and they managed to underwhelm the market.
February 01, 2017
All eyes focus on the FOMC rate decision today at noon.
January 31, 2017
The week started off fairly uneventful yesterday, as participants jockeyed for position ahead of the big three Central Bank announcements that began with the Bank of Japan.
January 30, 2017
Friday represented a slow grind higher in USDCAD, as the market seemed determined to end the week above the 100 week moving average that now sits right around 1.3100.
January 26, 2017
The Canadian dollar enjoyed gains yesterday, as broad USD weakness remained.
January 25, 2017
The Canadian dollar enjoyed gains yesterday, as broad USD weakness was compounded by Trump signing an executive order to approve the Keystone XL Pipeline.
January 24, 2017
USD selling was the name of the game yesterday, as Steve Mnuchin’s comments about a stronger dollar being a headwind to a stronger US economy ignited selling.
January 23, 2017
Friday was the big day, as Donald Trump was officially inaugurated as the 45th President of the United States.
January 20, 2017
Context is everything isn’t it? Gov. Poloz did indeed say that an interest rate cut “remains on the table” at the press conference following the MPR this week.
January 20, 2017
Donald Trump becomes the 45th President of the United State today.
January 19, 2017
Central Banks continue to be the flavour of the week, with the Bank of Canada leaving rates unchanged as expected yesterday.
January 18, 2017
USD sold off against most currency yesterday with Trump saying USD is too strong in an interview.
January 17, 2017
After a quiet North American session yesterday due to MLK Day in the United States, the overnight session certainly brought more action.
January 12, 2017
Yesterday The Donald staged his first press conference in months, with many hoping he would lose the theatrics and focus on fiscal policy specifics as well as other policies under his regime such as repealing Obamacare.
January 11, 2017
Fasten your seatbelts, everyone, as today is the first press conference for The Donald as President Elect.
January 10, 2017
A fairly quiet session to kick off the week yesterday, as broad USD weakness remained the key theme on Monday.
January 09, 2017
Friday was certainly an interesting session, with Canadian employment numbers surprising the market to the upside.
January 05, 2017
Just like the Bruce Springsteen song, USDCAD was Born to Run stops yesterday.
January 04, 2017
Despite a nosedive in WTI yesterday, CAD managed to hold its ground as the New York USDCAD close printed at 1.3427.
January 03, 2017
2017 has started a little slow, with Japan and New Zealand closed overnight liquidity was quite thin again.
December 30, 2016
George Santayana is credited with saying, “Those who do not learn history are doomed to repeat it.”
December 23, 2016
For those of you that have the misfortune of being in the office today, I have decided to further punish you by issuing an FX commentary.
December 22, 2016
It's been a quiet week for data and volatility, with yields in a fairly tight range.
December 21, 2016
Why are we leading with the news that the Swedish Central Bank, the Riksbank, extended their QE and left rates unchanged? Because that is about the most exciting thing that happened overnight.
December 20, 2016
Not much to talk about as most currencies are trading close to yesterday’s close with the exception of the yen.
December 19, 2016
The trend was your friend on Friday, with USD buying continuing to be the dominant trade.
December 16, 2016
The BOC released its Financial System Review this week. It highlighted the “elevated” risks of “national household financial stress, combined with house price correction."
December 15, 2016
The Fed finally delivers with a 25bp that was expected universally.
December 13, 2016
All markets are trading range bound as traders wait for the FOMC decision tomorrow.
December 09, 2016
Yesterday saw USDCAD chop around in a 50-pt range for most of the session, eventually breaking below 1.3200.
December 08, 2016
Yesterday saw CAD dollar strengthen against the US, as a fairly uneventful decision by the Bank of Canada had the market take the path of least resistance and send USDCAD lower.
December 07, 2016
Yesterday saw USDCAD test higher early, hitting 1.3311 before fading to close the session near where it started.
December 06, 2016
Yesterday saw CAD strengthen again, setting a new recent low of 1.3236 as oil enjoyed gains early in the session.
December 05, 2016
Last week ended with employment numbers in the US and Canada.
November 30, 2016
Yesterday was the calm before the storm in USDCAD, with participants content to trade in a range ahead of the OPEC announcement this morning.
November 29, 2016
Yesterday we saw general USD weakness in the market, as USDJPY broke through 112.
November 25, 2016
With the US celebrating Thanksgiving yesterday, the markets that were open were confined to very tight ranges.
November 23, 2016
After spending most of the overnight session in a 30 point range, USDCAD is testing higher this morning.
November 22, 2016
USDCAD continues to test lower, breaking through 1.3400 again overnight as markets get more accustomed to a potential production cut from OPEC.
November 21, 2016
CAD has started the week off on a positive note.
November 17, 2016
CAD was dragged around by Crude yesterday, as a bearish EIA inventory report caused initial USD strength and CAD weakness was quickly forgotten about.
November 16, 2016
After experiencing a bit of trend exhaustion, CAD strengthened against the USD.
November 15, 2016
After taking another run at 1.3600 early Monday morning, CAD slowly strengthened.
November 10, 2016
In quite the reversal from overnight lows, equity markets, crude and most other risky assets managed to rebound.
November 09, 2016
Wow. If you were complaining about a lack of volatility in the markets, be careful what you wish for!
November 08, 2016
Well the big day for our friends south of the border is finally here.
November 07, 2016
A reasonably quiet end to the week on Friday, as USDCAD was content to churn in a 30-point range for most of the day. The exception was a misguided OPEC headline stating that Saudi Arabia was going to raise production significantly, causing WTI to tumble
October 31, 2016
USDCAD tested higher for most of the session on Friday, breaking through resistance at 1.3400 a couple of times.
October 28, 2016
USDCAD tested higher for most of the session yesterday, briefly running stops above 1.3400 before closing back under as US FI yields continue to increase.
October 24, 2016
After the flurry of Central Bank activity last week, the market takes a breather this week.
October 21, 2016
Quite the price action in EURUSD yesterday, after the ECB decision came out.
October 19, 2016
CAD has strengthened overnight, as oil continues to creep higher.
September 12, 2016
The Canadian dollar remains on the weak side.
September 06, 2016
Market getting back into things after Labor Day long weekend.
August 29, 2016
Janet Yellen signalled a hawkish stance on Friday.
August 23, 2016
Volatility continues to be at its low as markets wait on the sideline.
August 15, 2016
Summer trading has kicked in as most currencies are trading close to Friday’s close.
June 28, 2016
Yesterday, post-Brexit risk off sentiment is still lingering as capital runs to safe haven assets.
June 23, 2016
The day that everybody is waiting for is finally here. The Brits are hitting the polls today to determine if the UK is going to stay in the EU.
June 20, 2016
Risk rallies after the latest UK referendum polls on the weekend show “remain” camp in the lead after “leave” camp in the lead last week.
June 13, 2016
Risk-off this morning with three more EU Referendum polls released over the weekend, one showing a 10pt lead for the leave camp with mixed results for the other two.
June 01, 2016
Yesterday, we saw nervous traders selling oil ahead of the OPEC meeting tomorrow.
May 30, 2016
As expected, the week is starting off quietly with both the US and UK off for holiday.
May 25, 2016
The focus of the day is the Bank of Canada announcement and it was widely expected to remain unchanged at 0.5%.
May 11, 2016
Oil price took a tumble yesterday as WTI fell from an overnight high of 45.94 in Asia to the low 44 range at the open.
May 09, 2016
The RBA slashed inflation forecasts overnight while leaving GDP and unemployment projections unchanged.
May 02, 2016
The market is off to a quiet start with UK and China both closed for holidays.
April 25, 2016
The week is starting off slowly as the market is in waiting mode for a couple of important central bank decisions this week.
April 21, 2016
It’s a day of central bank decisions today. The Riksbank kept policy rates unchanged at -0.5% and extended QE by 45bn.
April 05, 2016
Yesterday I felt some astonishment that CAD had managed to remain resilient in the face of weakening crude prices and hawkish comments from Fed Dove Rosengren.
March 31, 2016
It’s been quite the week and we still have US non-farms jobs data to contend with tomorrow.
March 30, 2016
Well, it’s been a somewhat baffling few weeks as a central bank watcher.
March 21, 2016
I must confess CAD has given me some angst and heartburn of late.
March 16, 2016
Somewhat predictably, market participants have spent the last two days paring USD shorts.
March 14, 2016
Well, I am back after a week away and see CAD has continued to grind into the lower end of what I see the medium term range will be for the next few months.
March 09, 2016
WTI fell $2.30/bbl yesterday amid weak Chinese trade data sparking concern again over the world’s economy.
March 08, 2016
Yesterday, the bulls took over as risk sentiment continued its joyous mood in the past week. Iron ore prices had the biggest one-day rise on record and Brent crude traded over $40/bbl. CAD got supported in the risk-on environment.
March 04, 2016
CAD has been able to maintain its gains this week, twice rejecting a move above 1.3490, each time recovering back to 1.3415/20 where it was this morning when us jobs data came out.
March 01, 2016
It’s been an eventual session as the market has caught somewhat wrong footed by the extent of the CAD rally. This morning Stats Can released December and Q4 GDP data.
February 26, 2016
Well, this week has taught me not to make bold statements about market direction when coming back from vacation.
February 24, 2016
Well, took a few days off and see CAD continues to range trade, reacting to various crude headlines.
February 22, 2016
Brexit, the topic that everybody is talking about over the weekend. UK has set a date to vote on whether to stay...