• Trade Now

Forex Daily News: CAD Gaining

Written by UFXBank Research Team
Rate this item
(0 votes)

USD Dollar (USD) – The Dollar traded mixed versus the major currencies as better than expected economic data pushed investors to favor higher yielding currencies, but the dollar regained by the end of the day’s Forex trading. The Trade Balance came out -42.8B, better than the expected -47.2B, and the Initial Jobless Claims came out 451k better than the expected 470K. The Stock Markets in the U.S. closed positive, with the Dow Jones and NASDAQ rising by 0.27% and 0.33% respectively. Crude Oil jumped to $76 but soon after, fell and closed below $75 a barrel. Gold (XAU) fell by -1% and closed at $1243.40 an ounce. No major economic data is expected today.

EURO (EUR) – The Euro jumped to test the resistance level at 1.2770 areas after positive data on U.S. Jobless Claims came out better than expected. This eased concerns for the economic recovery, but could not hold gains and fell back below the 1.27 zone. The German CPI came out unchanged at 0%, as expected. The French NFP came out 0.1%, worse than the expected 0.2%. Breaking below the support level of 1.2670 turns the momentum to negative for the pair. Overall, EUR/USD traded with a low of 1.2663 and with a high of 1.2765. Today, the French Industrial Production is expected at 0.8% vs. -1.7% previously.

EUR/USD – Last: 1.2665







British Pound (GBP) – The Pound trimmed the previous day's gains and weakened against the dollar after it failed to breach the resistance area of 1.5480. The Trade Balance came out at -8.7B, worse than the expected -7.5B. The Interest Rate Decision came out unchanged at 0.5%, as expected. Holding above the support level of 1.5380 keeps the momentum positive for the pair. Overall, GBP/USD traded with a low of 1.5374 and with a high of 1.5476. Today, the PPI Input is expected at 0.2% vs. -1% previously.

GBP/USD - Last: 1.5407







Japanese Yen (JPY) – The USD/JPY pair was trading in a narrow range capped under the 84 level with a little favor to the dollar. The GDP came out unchanged at 0.4%, as expected. Breaching above the 84 level might turn the momentum to positive for the pair. Overall, USD/JPY traded with a low of 83.48 and with a high of 84.11. No economic data is expected today.

USD/JPY-Last: 84.09








Canadian dollar (CAD) – Canada's Dollar gained versus the U.S Dollar for a second day. It traded near the critical level of 1.0340. The Housing Starts came out at 183K, worse than the expected 185K. The Trade Balance came out at -2.7B, worse than the expected -0.8B. Holding below the 1.0340 resistance area might extend the gains for the pair, otherwise a rebound could be seen. Overall, USD/CAD traded with a low of 1.03 and with a high of 1.0393. Today, The Employment Change is expected at 23.9K vs. -9.3K previously. The Unemployment Rate is expected to remain unchanged at 8%.

USD/CAD - Last: 1.0337








Add comment

Currency converter


Which is the Best Forex Broker you have traded with?

Interview with Matthew Sheppard

Senior Forex Advisor at XForex

1. What is your name and position?

Hello, my name is Matthew Sheppard and I am a senior forex advisor at XForex.

2. What is your experience and professional background?

In the last 6 years I had filled several positions in financial institutions such as a stock broker, a foreign exchange desk manager, a financial consultant and in my recent role I serve as a senior Forex advisor for XForex which is an online forex company.

3. What type of clients you deal with?

We deal with clients on all levels from the beginning stages to the more advanced trading levels.

4. Does most of your business activity come from the online or offline world?

Because of our high presence on the web, most of our business comes from the online world.

5. Why should a trader pick XForex from all forex brokers?

Aside from all the benefits that XForex offer like commission-free trading, 24/7 online support, high leverage (200:1), XForex offers educational and learning trading experience that you won’t find anywhere else..

Our team of experts and financial trainers provide personal assistance and guide clients to financial success. We provide daily analysis and market reviews to our clients giving them a better understanding of the market and helping them trade profitably.

6. From your experience, what advice would you give a person who wants to enter the forex world?

My advice to the beginning trader entering the Forex world is as follows:
  • Learn the market and understand what you’re getting into.
  • Research and find the broker that suits your needs and wants. Look for a good offering but more importantly customer service, don’t go for the low rates offer without being certain they have a good customer service department. From my extensive experience in the Forex world your key to success will be your client-broker relationship. I can honestly say that at XForex they put an emphasis on servicing clients, which is so important.
  • Invest smartly and calculate your risks.
  • Always know when to get out of a trade.

Broker of the Month

5_small_logoUFXBank provide up-to-date charts and news feeds, coupled with an easily navigated trading platform. UFXBank traders can access the biggest market in the world 24 hours a day with ease.

By keeping their platform, site and deposit process simple, safe and secure, UFXBank have become the web’s premier online forex trader.