USD/CAD-Commentary

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November 20, 2025

USD flows: USD slightly softer after mixed employment report
Paying Article

November 20, 2025 1:43 PM UTC

Employment report mixed despite stronger than expected rise in payrolls. Mild USD negative reaction seems unlikely to persist

November 17, 2025

CHF, JPY, CAD flows: CHF awaits GDP, CAD firm ahead of CPI
Paying Article

November 17, 2025 7:50 AM UTC

EUR/CHF back above 0.92 ahead of GDP data. CAD firm on general risk bid.

November 07, 2025

CAD flows: CAD rises on strong Canadian employment report
Paying Article

November 7, 2025 1:52 PM UTC

USD/CAD back below 1.41 with CAD yields higher after strong employment report. Risks now balanced and dependent on US data

October 29, 2025

CAD flows: CAD gains as BoC produces a hawkish cut
Paying Article

October 29, 2025 2:08 PM UTC

USD/CAD a little lower, but scope for declines quite modest

October 28, 2025

AUD, CAD, NOK flows: Commodity currencies higher
Paying Article

October 28, 2025 3:02 PM UTC

Commodity currencies all higher in North America morning trading

October 24, 2025

USD/CAD flows: Elbows Up
Paying Article

October 24, 2025 5:20 AM UTC

Trump said he was terminating trade negotiations with Canada
Citing false Reagan advertisement

October 21, 2025

CAD flows: CAD firmer as CPI comes in on the strong side of consensus
Paying Article

October 21, 2025 12:49 PM UTC

Canadian CPI firmer, October rate cut less certain

October 20, 2025

USD, JPY flows: Steady to mild risk positive tone
Paying Article

October 20, 2025 6:45 AM UTC

Mildly more risk positive picture, but uncertainty remains. Likely Takaichi PM appointment offset by some BoJ hawkishness

October 17, 2025

USD, JPY, CHF flows: USD lower versus safe havens on risk negative trade
Paying Article

October 17, 2025 7:01 AM UTC

US banking concerns trigger USD declines, especially against safe havens. JPY has scope for further gains.

October 16, 2025

GBP, USD flows: Little impact from UK GDP, USD steady
Paying Article

October 16, 2025 6:56 AM UTC

GBP marginally softer after August GDP comes in as expected. USD stable

October 14, 2025

USD flows: Little impact from NFIB, but...
Paying Article

October 14, 2025 12:49 PM UTC

NFIB survey weaker, but price index higher

October 10, 2025

CAD flows: CAD firmer as employment rises more than expected
Paying Article

October 10, 2025 12:41 PM UTC

USD/CAD drops below 1.40 as employment rises much more than expected in Septmber, but trend remains weak

September 29, 2025

USD, GBP flows: USD edging lower on shutdown concerns, GBP firmer
Paying Article

September 29, 2025 6:31 AM UTC

USD softer as government shutdown looms. GBP edging up

September 26, 2025

USD, CHF, CAD flows: USD edging lower, CHF vulnerable, CAD to benefit
Paying Article

September 26, 2025 1:10 PM UTC

New Trump tariffs may impact EUR and CHF. CAD firmer after GDP

September 17, 2025

CAD flows: CAD slightly softer after expected 25bp rate cut
Paying Article

September 17, 2025 2:00 PM UTC

USD/CAD edging higher after BoC cut rates 25bps as expected. Few clues on future policy thus far, but USD/CAD risks to the upside

September 16, 2025

USD, CAD flows: USD slightly firmer, CAD little changed after data
Paying Article

September 16, 2025 12:54 PM UTC

US retail sales on the strong side, halting the USD's slide. Canadian CPI in line on the core

September 05, 2025

USD, CAD, JPY flows: US employment weak, Canadian weaker
Paying Article

September 5, 2025 12:52 PM UTC

USD lower after weaker employment data, Canadian data much weaker still 

August 29, 2025

USD, CAD flows: USD steady but CAD under pressure
Paying Article

August 29, 2025 1:06 PM UTC

US trade data USD negative, but little impact thus far. CAD suffers from weaker GDP

August 19, 2025

CAD flows: USD/CAD higher after CPI, but upside scope modest
Paying Article

August 19, 2025 12:49 PM UTC

Canadian July CPI only very margnally softer than expected so USD/CAD gains shouldn't go far

August 08, 2025

USD, CAD flows: CAD lower on drop in employment
Paying Article

August 8, 2025 12:56 PM UTC

July employment drops 40.8k but underlying trend still mildly positive

USD, CAD flows: CAD in focus as employment report approaches
Paying Article

August 8, 2025 6:51 AM UTC

CAD remains resilient but USD/CAD upside risks persist

August 01, 2025

USD flows: USD hit by downward revisions to employment
Paying Article

August 1, 2025 1:14 PM UTC

Big downward revisions to May and June employment data undermine labour market perceptions and weaken the USD

USD, CAD, CHF, JPY flows: CAD, CHF hit by tariffs, JPY still weak
Paying Article

August 1, 2025 7:12 AM UTC

CAD and CHF marginally weaker after higher tariff announcement, JPY still weak but verbal intervention has started

USD/CAD flows: No TACO
Paying Article

August 1, 2025 1:49 AM UTC

Trump hit Canada with 35% tariff, 39% for Switzerland

July 30, 2025

CAD flows: CAD steady after BoC
Paying Article

July 30, 2025 2:30 PM UTC

USD/CAD not much changed with BoC cautious

EUR, USD, JPY, CAD flows: Better Eurozone data may provide some EUR support
Paying Article

July 30, 2025 6:56 AM UTC

Stornger French GDP and German retail sales help stabilise EUR

July 11, 2025

CAD, EUR flows: CAD benefits from better employment data
Paying Article

July 11, 2025 1:36 PM UTC

GBP weakens as May shows another drop in GDP. Trend is weakening although latest 3m/3m number is flattered by upward revision to March

GBP, EUR, CAD flows: GBP softer after weak May GDP
Paying Article

July 11, 2025 6:39 AM UTC

GBP weakens as May shows another drop in GDP. Trend is weakening although latest 3m/3m number is flattered by upward revision to March

USD/CAD flows: Trump hit Canada with 35% tariff
Paying Article

July 11, 2025 2:08 AM UTC

Trump hit Canada with 35% tariff, excluding USMCA goods

June 30, 2025

USD/CAD flows: Canada rescinds Digital Services Tax
Paying Article

June 30, 2025 4:42 AM UTC

Canada rescinds Digital Services Tax to advance broader trade negotiations with the US

June 06, 2025

USD, CAD flows: USD gains on employment report, CAD stronger still
Paying Article

June 6, 2025 12:49 PM UTC

USD gains on employment data look unreliable given downward revisions. CAD to sustain marginal rise. 

June 03, 2025

USD, JPY, AUD flows: USD firmer overnight, JPY dips on Ueda, AUD soft
Paying Article

June 3, 2025 6:39 AM UTC

USD firmer in Asia with commodity currencies weaker. JPY dips on Ueda but net impact modest. Rangy trading to persist

June 02, 2025

USD flows: USD softer after ISM
Paying Article

June 2, 2025 2:25 PM UTC

ISM slightly on the soft side but USD weakness reflects the market's tendency rather than the data

USD flows: USD softer on tariff concerns
Paying Article

June 2, 2025 6:44 AM UTC

USD softer as Trump threatens product tariff increases

May 30, 2025

USD, CAD flows: USD softer, CAD firmer after data
Paying Article

May 30, 2025 12:52 PM UTC

USD softer in early US trade but little affected by US data. CAD firmer on stronger GDP

May 20, 2025

CAD flows: CAD firmer on stronger CPI
Paying Article

May 20, 2025 12:42 PM UTC

USD/CAD lower as core CPI measures scome in well above consensus

May 12, 2025

USD, JPY, EUR, AUD, CAD flows: Risk positive tone persists on hopes of US/China trade deal
Paying Article

May 12, 2025 6:59 AM UTC

Reports of progress in US/China trade talks trigger more risk positive moves in equities and FX. 

May 09, 2025

CAD flows: CAD little changed after employment report
Paying Article

May 9, 2025 12:53 PM UTC

USD/CAD little changed but risks to the upside as employment trend weakens

May 01, 2025

USD, JPY flows: USD stronger, JPY weaker on BoJ, Microsoft
Paying Article

May 1, 2025 6:41 AM UTC

The USD is generally stronger helped by positive Microsoft earnings, and the JPY has suffered from the BoJ cut to growth forecasts. But we still favour the JPY medium term

April 29, 2025

SEK, CAD flows: SEK unmoved by softer GDP, CAD little changed on election
Paying Article

April 29, 2025 6:42 AM UTC

EUR/SEK little changed but has some upside scope after softer GDP. CAD can extend weakness on crosses after election result.

USD/CAD flows: Early polls suggest Carney Wins
Paying Article

April 29, 2025 2:40 AM UTC

Early polls are suggesting Carney will win the Canadian election with majority

April 24, 2025

NOK, SEK, CAD, JPY flows: Potential for corrections
Paying Article

April 24, 2025 6:46 AM UTC

FX moves driven by the tariff driven risk sell off can correct in less volatile markets

April 17, 2025

AUD flows: AUD slips after employment data
Paying Article

April 17, 2025 6:43 AM UTC

Australian employment data disappoints, AUD retreats from key resistance area 

April 16, 2025

CAD flows: CAD slightly firmer after BoC leaves rates unchanged
Paying Article

April 16, 2025 2:00 PM UTC

CAD hgiehr after BoC leaves rates unchanged 

USD,CAD flows: USD little changed on retail sales, CAD awaits BoC decision
Paying Article

April 16, 2025 12:58 PM UTC

US retail sales strong on the month but modest on the quarter and in line with consensus. CAD may rally on BoC if rates left unchanged

April 15, 2025

CAD flows: CAD softer after weaker CPI
Paying Article

April 15, 2025 1:05 PM UTC

Weaker Canadian CPI has led the market to price in a greater chance of BoC easing tomorrow, triggering some CAD weakness

April 09, 2025

USD flows: Another partial climbdown from Trump, uncertainty persists
Paying Article

April 9, 2025 6:12 PM UTC

Stocks have surged on the latest Trump announcement, a 90-day pause on tariffs with the reciprocal rate lowered to an across the board 10%, coupled with a fresh escalation with China, moving to 125% from 104%.  It appears China’s retaliation has given Trump an excuse to partially back down elsewh

April 02, 2025

USD flows: Mixed tariff bag, some relief for Canada and Mexico, Japan and EU hit
Paying Article

April 2, 2025 9:30 PM UTC

The Trump tariff announcement is a mixed bag, with some relief for Canada and Mexico but aggressive action on Japan and the EU, as well as several developing nations.  The net impact is probably not much off expectations for the US economy, which will face somewhat higher inflation and somewhat slo

March 18, 2025

CAD flows: CAD fails to gain significantly on strong CPI
Paying Article

March 18, 2025 12:57 PM UTC

USD/CAD findng progress sub-1.43 difficult

March 13, 2025

USD flows: USD firmer despite softer PPI
Paying Article

March 13, 2025 1:29 PM UTC

USD moves higher as equities and yields rise after softer PPI