Sticky Registration Sticky Customer Support

Daily Currency Update

Get access to our expert daily market analysis and discover and track your currency pair using our exchange rate tools. EUR, GBP, USD & CAD Forecast.

Volatility And Uncertainty Continues To Drive The USD Higher

USD - US Dollar

The theme of global monetary tightening and slowing growth continued to resonate loudly across markets. The Fed’s tightening cycle is largely priced in, but we do not see the divergence between market expectations and central bank communication that we witness in the case of other major central banks. With the Federal Reserve having largely endorsed the market’s hawkish pricing, any risk related to a material dovish re-pricing seems quite remote for the dollar. The balance of risks for the greenback remains skewed to the upside in this unstable risk environment. Further dollar gains look more likely in the short term. Data-wise, some focus will be on wholesale inventories and housing data today in the US.

CAD - Canadian Dollar

The CAD has now broken above 1.28 overnight as the USD continues to rally. Crude oil prices are softer on the session and continue to chop around the $100 point. The major drag on the CAD’s performance remains elevated volatility. It will be hard for the CAD to reflect tighter BoC policy and still relatively firm commodity prices while risk appetite remains fragile but we continue to feel that the scope for CAD losses remains limited from a fundamental point of view. Observe the USD/CAD trends.

EUR - Euro

EUR/USD traded around the 1.0636 support (2020 lows) overnight, and a decisive break below such a level would place the next key support at 1.0500. The euro’s inability to rally on hawkish comments by European Central Bank members means lingering vulnerability to an external environment negatively affected by an ever-concerning situation in Ukraine and generalized USD strength. The euro could find some support tomorrow as inflation numbers from eurozone countries start to come in, but the chances of 1.0500 being tested by the end of the week have increased.  

GBP - British Pound

The pound has remained on a slippery slope, as the FX market continues to unwind long GBP positions related to the economic resilience of the UK and aggressive tightening by the Bank of England. Still, money markets continue to show six hikes fully priced in by the end of the year.  We think markets may be positioning a bit too much on the bearish side of the GBP ahead of next week’s BoE meeting. GBP/USD, however, could remain vulnerable as the dollar retains some momentum. The 1.2500 support could prove a rather strong one, but further deterioration of the external environment could see that level being heavily tested before the end of the week.

Currency Chart

Get access to our market experts and sign up to receive the latest updates on any currency with our real-time exchange rate reports.

Sign up to receive the latest market news from our experts.

Daily Currency Updates
Daily Market Analysis
Get daily intelligence and currency reports directly to your inbox.
Weekly FX Technical Analysis
Weekly Technical Analysis
Get our weekly technical analysis providing valuable insights.
Monthly Currency Outlook
Monthly Currency Outlook
Receive our monthly currency report and help improve your forecasts.

By entering your email address you agree to the MTFX Terms Of Use and MTFX Privacy Policy and agree and agree to receive sales and marketing communications. Unsubscribe at anytime.


Individuals and businesses who need to send money in foreign currency internationally can use MTFX’s services. The beneficiary of the transfer must have a bank account for the funds to be paid into. Personal clients usually use our services to transfer money between their own accounts in two different countries. Business clients usually use our services to transfer funds to suppliers, fund international operations, or repatriate overseas earnings.
MTFX offers currency exchange rates that are 2-5% better than those offered by the banks. Personal clients usually save hundreds of dollars per transfer and for larger transfers, the savings can run into the thousands. We also offer excellent customer service, dedicated currency specialists, and a 24/7 online platform with best-in-class technology that allows you to complete transfers from any device virtually anywhere in the world. Business customers save with better currency exchange rates and proven solutions geared towards managing and mitigating foreign exchange risk. Our solutions include forward contracts, market orders, rate alert services, and much more - all backed by great technology and great people.
Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. MTFX maintains bank accounts in all major currencies with highly-rated banks. Our banking infrastructure ensures that you can transfer funds to us quickly and securely.
Our global network of banking partners allows us to get funds to virtually anywhere in the world quickly and efficiently. Most wire transfers from MTFX will be received by your beneficiary within 24-48 hours. MTFX also offers same-day transfers that are almost instantaneous, as well as low-cost in-country payment services for your less urgent transfers. For further information please speak to one of our currency specialists.