Home -
Brokers -
Main body -

WikiFX Express

Exness
EC Markets
TMGM
XM
FXTM
FOREX.com
AvaTrade
IC Markets Global
FXCM
ACCM

Canadian Dollar Update – Canadian dollar dives

KnightsbridgeFX | 2023-10-24 18:39

Abstract: The Canadian dollar was sideswiped by surging US Treasury yields yesterday, and it continued to feel the effects overnight. USDCAD soared from 1.3618 to close at 1.3717 yesterday, then extended the gains to 1.3741 just before NY opened today.

32esdasdd.jpg

USD/CAD Open: 1.3729-33, Overnight Range: 1.3709-1.3741, Previous Close: 1.3717

WTI Oil open at $85.72 and gold open at $1,950.99. US markets are lower today.

For today, USD resistance is at 1.3730. Support is at 1.3709.

The Canadian dollar was sideswiped by surging US Treasury yields yesterday, and it continued to feel the effects overnight. USDCAD soared from 1.3618 to close at 1.3717 yesterday, then extended the gains to 1.3741 just before NY opened today.

West Texas oil has traded in a $84.87-$88.24/barrel range since Tuesday. Prices are underpinned by concerns that the Israeli-Hamas war may draw in other Arab nations, which could risk a major disruption in crude supplies. On the other hand, Middle East tensions, the ongoing Russia-Ukraine war, and rising US interest rates pose a serious risk to global crude demand.

On Wednesday, a group of Federal Reserve officials shared their insights regarding inflation and interest rates. Michelle Bowman‘s statements conveyed apprehension about the persistence of high inflation and a steadfast commitment to restoring it to the 2% target, indicating a more hawkish sentiment. Conversely, Christopher Waller adopted a neutral position, emphasizing that it’s premature to ascertain whether further policy rate adjustments are necessary and advocating for a cautious approach of waiting and observing before taking decisive actions. Meanwhile, New York Federal Reserve President John Williams recognized the progress made in curbing inflation but underscored the need for continued restraint in interest rates over the foreseeable future. These remarks helped propel the US 10-year Treasury yield to 4.97%, and the widening Canada/US interest rate differential (in favor of the US) added fuel to the USDCAD rally.

It may be a similar story today. Fed policymakers Austan Goolsbee, Philip Jefferson, Patrick Harker, and Raphael Bostic are all offering their insights on the outlook of Fed monetary policy. However, the attention will be fixed on the New York Economics Club, where Fed Chair Jerome Powell will speak about the economy at noon.

EURUSD is adrift in a 1.0527-1.0550 range, with traders awaiting Powells speech and the ECB monetary policy meeting next week.

GBPUSD traded with a bearish bias in a 1.2090-1.2149 range due to broad US dollar strength and the risk of higher rates.

USDJPY remains firm within a 149.66-149.93 range despite surging US 10-year Treasury yields, as traders are reluctant to test the Bank of Japans resolve.

AUDUSD fell from 0.6341 to 0.6296 due to US dollar strength and a mixed Australian employment report, which showed the country gained only 6,700 jobs. However, negative sentiment was tempered by news that the unemployment rate dropped to 3.6% from 3.7%.

img_v2_ff2b99dc-3016-43b7-b9d9-35658d24d40g.png
Broker

Related broker

No Regulation
KnightsbridgeFX
Company name:Knightsbridge Foreign Exchange
Score
1.57
Website:https://www.knightsbridgefx.com/
5-10 years | Suspicious Regulatory License | High potential risk |
Score
1.57

Read more

Never Heard of Dynasty Trade? Here's Why You Should Be Worried

Have you heard this name before? No , it’s time you do because staying unaware could cost you. This platform is currently active in the forex trading and has been linked to several suspicious activities. Even if you’ve never dealt with it directly, there’s a chance it could reach out to you through ads, calls, messages, or social media. That’s why it’s important to know the red flags in advance.

Original 2025-07-25 19:50

Want to Deposit in the EVM Prime Platform? Stop Before You Lose It ALL

Contemplating forex investments in the EVM Prime platform? Think again! We empathize with those who have been bearing losses after losses with EVM Prime. We don't want you to be its next victim. Read this story that has investor complaints about EVM Prime.

Original 2025-07-25 19:43

WEEKLY SCAM BROKERS LIST IS OUT! Check it now

If you missed this week's fraud brokers list and are finding it difficult to track them one by one — don’t worry! We’ve brought together all the scam brokers you need to avoid, all in one place. Check this list now to stay alert and protect yourself from fraudulent brokers.

Original 2025-07-25 18:42

Catch the Latest Update on BotBro & Lavish Chaudhary

BotBro, an AI-based trading platform, became popular in India in 2024—but for negative reasons. Its founder, Lavish Chaudhary, who gained a huge following by promoting it heavily on social media. Since then, he has become well-known, but for many controversies. Let’s know the latest update about Botbro & Lavish Chaudhary.

Original 2025-07-25 18:28

WikiFX Express

Exness
EC Markets
TMGM
XM
FXTM
FOREX.com
AvaTrade
IC Markets Global
FXCM
ACCM

WikiFX Broker

FXTM

FXTM

Regulated
Exness

Exness

Regulated
DBG Markets

DBG Markets

Regulated
XM

XM

Regulated
AvaTrade

AvaTrade

Regulated
FXCM

FXCM

Regulated
FXTM

FXTM

Regulated
Exness

Exness

Regulated
DBG Markets

DBG Markets

Regulated
XM

XM

Regulated
AvaTrade

AvaTrade

Regulated
FXCM

FXCM

Regulated

WikiFX Broker

FXTM

FXTM

Regulated
Exness

Exness

Regulated
DBG Markets

DBG Markets

Regulated
XM

XM

Regulated
AvaTrade

AvaTrade

Regulated
FXCM

FXCM

Regulated
FXTM

FXTM

Regulated
Exness

Exness

Regulated
DBG Markets

DBG Markets

Regulated
XM

XM

Regulated
AvaTrade

AvaTrade

Regulated
FXCM

FXCM

Regulated

Latest News

Is Your Forex Strategy Failing? Here’s When to Change

WikiFX
2025-07-25 15:34

FSMA Warns That Some Firms Operate as Pyramid Schemes

WikiFX
2025-07-25 16:21

Apex Trader Funding is an Unregulated Firm | You Must Know the Risks

WikiFX
2025-07-25 16:53

Sigma-One Capital Scam? Investors Say They Can’t Withdraw Funds

WikiFX
2025-07-25 18:12

Federal Reserve likely to hold interest rates steady despite pressure from Trump. Here's what that means for your money

WikiFX
2025-07-25 11:30

WEEKLY SCAM BROKERS LIST IS OUT! Check it now

WikiFX
2025-07-25 18:42

Intel drops 9% as chipmaker's foundry business axes projects, struggles to find customers

WikiFX
2025-07-25 17:02

Palantir joins list of 20 most valuable U.S. companies, with stock more than doubling in 2025

WikiFX
2025-07-25 19:31

Textiles to whisky: U.K.–India 'historic' deal is set to boost bilateral trade by over $34 billion a year

WikiFX
2025-07-25 14:46

Thailand-Cambodia border clashes: Cambodia's economy has more to lose, analysts say

WikiFX
2025-07-25 08:19

Rate Calc

USD
CNY
Current Rate: 0

Amount

USD

Available

CNY
Calculate

You may also like

BelightFx

BelightFx

Ace Forex

Ace Forex

CBF

CBF

SHARPS PIXLEY

SHARPS PIXLEY

Teyler

Teyler

Pi Capital Market

Pi Capital Market

NexGen

NexGen

Anto Global

Anto Global

Neoomatic

Neoomatic

Online Crypto Trading Platform

Online Crypto Trading Platform