Canadian Dollar Exchange To Euro – “Monthly low close may be needed to build market strength” – Scotiabank. Image © Adobe Stock The Canadian dollar remained the top currency in recent trading, but technical chart studies suggest it may have the potential to recoup gains against the pound sterling and the euro in the coming days and weeks. The Canadian dollar was the best-performing currency in the G10 for the week and month on Thursday, after rallying against several majors in recent days amid a broad rally in stock markets. Loonie gains and sterling weakness kept GBP/CAD pegged near the 1.61 range while prompting short- and medium-term indicators to warn of a continuation of the multi-month retreat from September lows. . “Key support remains strong at 1.6105/10 and the base of the bearish channel is currently at 1.5990, which should give GBP some support,” says Shaun Osborne, head of FX strategy at Scotiabank. “A monthly low close may be needed for further support,” he adds in Monday’s analysis of the Canadian dollar charts. Above: Pound to Canadian Dollar exchange rate on daily intervals and selected moving averages. Click the image for a closer look. The bearish connotations of the short-term trend indicators are supported by a possible “longer high cycle/cycle” pattern now adorning the appearance of volatility on the monthly average charts. Sterling initially rose against the Canadian dollar in trading on Monday and Tuesday, but its rally was hampered mid-week when rising UK prices surprised all the market’s lower expectations, leaving GBP/CAD little changed the week until Thursday. Soft UK inflation data was followed by a broad miss in strong exchange rates, suggesting the market interpreted this as meaning the Bank of England (BoE) will not raise Bank Rate as much. Sterling is just one of several currencies at risk of further losses against the Canadian dollar, however, with European currencies being one. “Weakness below the 1.4240 base could lead to a slippery cross in the 1.3880 area (a possible measured low move, with a double top pattern),” says Osborne referring to EUR/CAD. Above: The Euro to Canadian Dollar is shown on daily intervals with selected moving averages. Click the image for a closer look. To speed up your international payment time, you can consider setting up a free FX alert here. “Trend momentum is leaning towards EUR-negative; intraday and daily DMI trends are skewed. Long-term trading trend is also bearish on the cross, which probably means that a peak / big reversal is happening during the months of January / February.” Resistance is 1.4450 and (big) 1.4650,” he adds. The single European currency rose along with sterling after appearing to benefit on Tuesday from Eurostat data showing employment growth in the Eurozone at the end of last year , when the labor force grew by an adjusted 0.3% in the third quarter and core growth .. better than the expected 0.4% in the previous quarter. But while the euro was firmer than sterling, possibly due to hawkish comments by European Central Bank (ECB) policymakers, a strong Canadian dollar kept EUR/CAD pegged near the 2023 low for most of the week. “At our last meeting on February 2 we decided to raise key ECB interest rates by 50 basis points and we expect to raise them further. Due to the high pressure on monetary expansion we want to raise interest rates by another 50 basis points at the next meeting in March and we will review the next course of our monetary policies,” ECB President Christine Lagarde told the European Parliament on Wednesday. “Keeping the interest rate at a manageable level will reduce inflation over time by reducing demand and also prevent the risk of further changes in inflation. The way of the meeting,” he added.
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Canadian Dollar Exchange To Euro
The Canadian dollar was significantly boosted by a better-than-expected set of economic growth metrics. However, resources will be constrained by the report’s information which showed that domestic demand is still within the scope of agreement.
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Commerzbank analyst Michael Pfister predicts the Canadian dollar will appreciate against the US dollar, sterling and the euro in the coming months.
GBP/CAD is supported by a constructive technical situation and we doubt that Canada’s GDP release for China will affect the pair’s upside.
The Canadian dollar fell sharply after January Canadian inflation numbers missed expectations and fueled concerns about a Bank of Canada rate cut in early April.
One of Wall Street’s biggest banks raised its forecast for the British pound, saying it could benefit from its new status as “Europe’s USD”.
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The Canadian dollar will appreciate against the euro, pound and US dollar in 2024, according to the Royal Bank of Canada’s latest economic survey. Exchange Rate Forecasts 2020-2021: CIBC Forecasts for Pound Sterling, Euro, Yen, Swiss Franc, US Dollar and Canadian Dollar Posted by Tim Clayton in Exchange Rate Forecasts, Institutional Currency Forecasts, – February 25, 2020 1:33 pm
In its latest monthly report, CIBC remains bullish on the Canadian dollar and a soft economy that could lead to a Bank of Canada rate cut in April. While he remains cautious on the UK’s outlook, the pound sterling to Canadian dollar exchange rate is expected to rise three years later in 2020 with the US dollar also losing ground. US account shortage affects US dollar Risk appetite has dominated the market in recent days with heightened volatility across asset classes. As the number of global cases rose, demand for protective gear increased amid fears of severe damage to the national economy. A sharp drop in Chinese demand will have a negative impact on growth conditions in Japan and the Eurozone where there may be an impact on Swiss exports. In this situation, there will be hope that the US economy will outperform other major economies. CIBC registrations. “In the financial markets, in the recent period of uncertainty, we have seen investors chasing only the US dollar, as opposed to other majors that are traditionally safe havens, such as the yen or the Swiss franc.” The bank still expects the dollar to weaken over the medium term, but that weakening has been delayed by the coronavirus and continued weakness in Europe. “Until the coronavirus scare ends in the coming months, the US currency should regain that strength.” The main reason for the expected depreciation of the dollar is the current account balance which is likely related to investors’ fears about the budget deficit. Financial markets are often dominated by yield assets with investors pushing money into yield-producing assets. Circumstances, however, are also important, and current account deficits tend to weaken the economy if cash inflows are constrained. The valuation factor will therefore be important, as the US dollar is likely to be seen as too expensive to attract international investment. The US will have a current account deficit of more than 2% of GDP by 2020 and the EU’s surplus will reach 4%. Image: Foreign Exchange Accounts Over time, the low current account balance of the United States compared to other countries, such as Europe and Japan, will favor these currencies and therefore see the dollar weaken.” CIBC’s drop in Canadian dollar forecast is much lower for the Canadian dollar than the consensus forecast, although the bank expects the Canadian dollar to be flat in the near term. “If the coronavirus scare subsides and sentiment improves, oil prices should pick up again and the loonie may be pulled to move. Therefore, the C$ should end the first quarter a bit stronger than the current one and to see the USDCAD hover around 1.32. Going forward, however, CIBC refuses to expect labor market strength to weaken and GDP growth to moderate. According to CIBC, “it would be reason enough to see the Bank of Canada to cut rates by 25 bps in April Interest rate markets don’t price in the Bank of Canada’s pace of action and so any rate cut tends to weaken the currency A rate cut in line with the forecast is the key factor in CIBC expecting the Canadian currency to be low and the bank expects USDCAD to reach 1.34 by the end of Q2 CIBC expects further weakness in the second half of 2020 with USD/CAD estimated at 1.36 at the end of 2020. This is weak. 1.30 by the end of this year. Since CIBC also expects the US dollar to fall sharply, this means a sharp fall.
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