This past week has be dominated by major market volatility, headlining with the Swiss National Central Bank unexpectedly removing the EURCHF cap of 1.2000 causing major market uproar and setting forex history with record lows for the pair descending to under parity. Meanwhile the USD increasing to 12-year high against the EUR, as markets expecting the ECB to inject fresh monetary easing this upcoming this week, China also set to release GDP, as Bank of Canada and the Bank of Japan will hold schedule monetary policy meetings. These significant events are shaping up to only just the begin of more volatility. As the news of the Swiss National Bank shock the EURCHF trading pair sending the pair under parity a record low, a number of large Forex brokerage firms where not spared in this casualty including USA largest forex currency brokerage, FXCM which needed 300 million cash bail out to keep the company a float courteous of Leucadio [...]
The Loonie unable to find any support last week as the USDCAD pair attempted to breach the 1.1900 level a few times greatest momentums since 2009 May. Up this week with barely any economic releases for Canada starting with the Bank of Canada Business Outlook Survey and late week with Canadian Existing Home Sales. As oil prices stay slump not helping the Canadian economically and the latest job reports shedding 4.3K positions in December reporting a consecutive decline, combined with softer Building Permits the US economy outperforms the Canadian by posting payroll growth of 252K last and the unemployment rate dropping to 5.6%. Adding insult to injury, investors are abandoning the Canadian economy as it continues to struggle becoming a past fashion trend not as hot as it was three seasons ago, commodity market tanking all around the beginning of this new year notable oil crashing, hurting investors pockets. We could see further [...]
The US dollar is trading stronger against other major currencies counterpart as we have further declines in crude oil prices causing equity markets to push lower and supporting the USD. Early morning crude oil fell to a low of $48.46 a barrel, lowest levels since 2009. With mounting pressures of oil supply and Saudi Arabia slashing its monthly crude oil prices for Europeans region customers and US refiners. The Sterling Pound and USD also trading softer as more negative data release came in for the economy, the British Services PMI shrank more than market forecasted during December, the GBP has been quite softer for a few weeks and will likely to continue the same trend for the time being. The EURUSD still under pressures since the start of the year, as the weaker bias continues the ECB will announce a massive stimulus programs combined with the Greek election, even as Germany’s Markiet Service PMI did come in above market forecast was not enough [...]
Morning everybody, as we beginning our first post of 2015 embarking on a new year and back from lower liquidity into the full swing of business, during Friday the USD gained over 1% against the CAD after reports of RBC manufacturing PMI declining to a 3 month low to 53.9 for December from 55.3 prior. The USDCAD pair has traded as high as 1.1845 at one point to a low of 1.1767 this morning with no releases for Canada, the pair is expecting lower support at 1.1680, and a break here will have next support levels at 1.1550 resistance seen at 1.1892, and a clear break here could have us flirting close to the 1.2000 levels. Keep in mind USD buyers – buy on any dips caused by weaker US data. Another rough start for the EUR starting the 2015 over taken by the USD and breaching below lows seen from 2012, we could get a break for 2010’s lows. The motion set off from reports of softer German CPI data opening room from the ECB for another round QE. The next [...]
This weekend has been a very choppy week for the USDCAD, the CAD has been bearing the worst against other major currencies. The US fundamental remaining intact with strength supporting the higher trading range for the USD, as yesterday’s Jobless claim under expectations at 289K vs. 295 forecasted, the FOMC undertone will move towards a more hawkish stances. Oil taking up center stage lately having make up at like 17% of Canadian exports, have greatly affected the CA dollar, the USDCAD trading pair with a firm lower support at 1.1436 and upper resistance the recent high of 1.1669. We could likely experiences corrective pull back, on weaker US fundamentally and the market closures next week with Christmas and New Year just around the corner. Canadian ending this last full week of trading with the Canadian CPI figures, market forecasting a slight retractions to 2.2% vs previous reading at 2.4% YoY, however holding above 2% target of 8 [...]
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