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U.S. Dollar/Canadian Dollar (^USDCAD)

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U.S. Dollar/Canadian Dollar Futures Market News and Commentary

Dollar Rallies on a Strong US Payroll Report

The dollar index (DXY00) Friday rose by +0.51% and posted a 7-week high. The dollar has rallied every day this week as stronger-than-expected US economic news reduced the chances for a 50 bp Fed rate cut at next month’s FOMC meeting.  Friday’s US Sep payroll report added to recent hawkish news as nonfarm payrolls and average hourly earnings rose more than expected, hawkish factors for Fed policy.  According to the swaps market, the chances of a 50 bp rate cut by the Fed at the November 6-7 FOMC meeting fell to 0% Friday from 35% Thursday.  The dollar also has support on increased safe-haven demand from the escalation of hostilities in the Middle East.   

US Sep nonfarm payrolls rose +254,000, showing a stronger labor market than expectations of +150,000 and the largest increase in 6 months.  The Sep unemployment rate unexpectedly fell -0.1 to 4.1%, showing a stronger labor market than expectations of no change at 4.2%.

US Sep average hourly earnings rose +0.4% m/m and +4... Read more

Commitment of Traders Positions as of Oct 1, 2024

View Chart Details
Commercials - Long / Short
95,981 (+2,662)
156,149 (+3,084)
Non-Commercials - Long / Short
95,154 (+4,260)
25,151 (-154)
Dealers / Intermediary - Long / Short
19,765 (+11,864)
108,359 (-6,198)
Asset / Manager - Long / Short
103,674 (-4,732)
37,876 (+9,295)
Leveraged Funds - Long / Short
59,545 (+79)
15,073 (-1,828)
Other Reportables - Long / Short
3,781 (-230)
15,622 (+1,720)

Price Performance

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Period Period Low Period High Performance
1-Month
1.34198 +1.19%
on 09/25/24
1.36474 -0.49%
on 09/19/24
+0.00748 (+0.55%)
since 09/04/24
3-Month
1.34198 +1.19%
on 09/25/24
1.39462 -2.63%
on 08/05/24
-0.00335 (-0.25%)
since 07/04/24
52-Week
1.31775 +3.05%
on 12/27/23
1.39462 -2.63%
on 08/05/24
-0.01645 (-1.20%)
since 10/04/23

Most Recent Stories

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Traders Brace For A Volatile Month

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Elliott Waves: GBPJPY At Resistance Area

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Traders Brace for Impact: PMI Data and Fed Speeches to Steer Markets After Fed's Bold Rate Cut

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 56% Sell with a Weakening short term outlook on maintaining the current direction.

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Key Turning Points

3rd Resistance Point 1.36451
2nd Resistance Point 1.36181
1st Resistance Point 1.35990
Last Price 1.35799
1st Support Level 1.35529
2nd Support Level 1.35259
3rd Support Level 1.35068

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52-Week High 1.39462
Fibonacci 61.8% 1.36526
Last Price 1.35799
Fibonacci 50% 1.35618
Fibonacci 38.2% 1.34711
52-Week Low 1.31775

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