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    Canadian Dollar, Crude Oil, Dow Jones Gain with Financial Stocks

    Abstract:The Canadian Dollar gained with crude oil prices as financial stocks lead the Dow Jones higher. Ahead, Asia Pacific equities may rise which could bode well for the Australian Dollar.

      Canadian Dollar, USD/CAD, Crude Oil, Dow Jones, Financial Stocks – Asia Pacific Market Open

    •   The Canadian Dollar gained with crude oil prices as Dow Jones climbed

    •   Financial stocks rose, mortgage giants extended foreclosure suspensions

    •   Asia Pacific stocks may rise, boosting the Australian Dollar as Yen falls

      Canadian Dollar, Crude Oil, Dow Jones Gain as Financials Lead Stocks Higher

      The growth-linked Canadian Dollar – which can at times be sensitive to crude oil prices – cautiously rose Thursday as sentiment recovered during the North American trading session. WTI crude oil closed at its highest since early April as the Dow Jones and S&P 500 wrapped up +1.62% and +1.15% at the end of the session. This followed earlier declines in equivalent futures contracts during Asia Pacific hours.

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      Financials lead the way in stocks. Reports crossed the wires that Fannie Mae and Freddie Mac - two mortgage giants - extended suspensions on foreclosures and evictions until June 20. These measures were taken as the coronavirus outbreak and subsequent lockdown laws dented economic health. Mark Calabria – the Federal Housing Finance Agency Director – said that “no one should be forced from their home” during the crisis.

      Sentiment then improved later in the session as Connecticut corrected jobless claims down to 29,846 from 298,680. Nationwide jobless claims still surged over 2.9 million last week. That was higher than the 2.5 million consensus. Meanwhile House Speaker Nancy Pelosi left the door open for negotiations to pass a virus bill. This is as the White House threatened to veto the bill Democratic policymakers proposed this week.

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      Fridays Asia Pacific Trading Session

      With that in mind, we may see Asia Pacific equities follow the optimistic lead from Wall Street as the week wraps up. That may extend some of the slight gains from the sentiment-linked Australian Dollar over the past 24 hours. This may also bode ill for the anti-risk Japanese Yen. AUD/USD may also be closely watching incoming Chinese industrial production and retail sales data. These will offer further insight into the health of the worlds second-largest economy.

      Canadian Dollar Technical Analysis

      Despite recent gains in the Canadian Dollar, USD/CAD remains in a persistent consolidative mode. Prices have been ranging between 1.3852 and 1.4265 since late March. The direction of the breakout may pave the way for the pairs next trend given technical confirmation. The break under rising support from late February – pink line below - has struggled to achieve confirmation.

      USD/CADBULLISH

      Data provided by

      of clients are net long. of clients are net short.

    Change in Longs Shorts OI
    Daily -9% 17% 6%
    Weekly -4% 38% 19%

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    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    United States Dollar
    Available
    -- United States Dollar
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