Sticky Registration Sticky Customer Support

Weekly Currency Update

Get access to our expert weekly market analysis and discover and track your currency pair using our exchange rate tools.

Will the CAD rally on this week’s inflation data?

Will the CAD rally on this week’s inflation data?

US dollar: Weekly Trading Range (93.50 – 95.00)

DXY 94.00
Week ahead bias
Mildly Bullish
Weekly range
93.50 – 94.50
1 month target
  • The recent broad-based dollar rally seems to have stalled and the market is searching for a new trigger to have the USD climb. There doesn’t seem much in the way of data or trigger points this week suggesting further range trading. In terms of the local calendar, the data is second tier (US industrial production, housing data) and a few Fed speakers. We will also see the release of the Fed’s Beige Book ahead of the 3 November FOMC meeting.
  • Broader FX trends, including for the dollar, may be set by events in emerging markets. The week starts with China releasing 3Q GDP data, where consensus expects a slowdown to 5% YoY from 7.9% YoY. The week will also see some big rate meetings in the likes of Hungary, Turkey and Russia. Global risk appetite is likely to drive FX this coming week.

Canadian Dollar: Weekly Trading Range (1.2260 – 1.2500)

USD/CAD 1.2360
Week ahead bias
Weekly range
1.2260 – 1.2500
1 month target
  • CAD’s rally continued this past week, with USD/CAD breaking below 1.24. This week’s focus will be on Canada’s CPI numbers for September. A headline rate around 4.0% should allow markets to reinforce their view around the prospect of the Bank of Canada ending QE by year-end. Any above consensus read will fuel speculation that the Bank will start tightening earlier in 2H22 and add fuel to the already strong CAD.
  • One topic that will certainly have market participants talking is the Bank of Canada mandate, which is due for renewal at the end of this year. The topic of inflation targeting is obviously quite hot, and rising inflation has been quite central in the latest election’s debate. Markets are betting on the fact that the current inflation target (2%, with a +/- 1% tolerance band) will be renewed.

Euro: Weekly Trading Range (1.1500 – 1.1650)

EUR/USD 1.1590
Week ahead bias
Mild Bearish
Weekly range
1.1550 – 1.1650
1 month target
  • EUR/USD has shown no interest in wanting to break below the 1.1500 which leads us to believe that this week is likely going to remain rangebound. The top of the range should be the 1.1650/70 area.
  • On the data front, the highlight of the week will be the flash October PMIs. Confidence in the manufacturing sector has been softening a little, but we could get to see the first impact of the gas crisis that is hitting the European industrial base. We will also see October consumer confidence for the Euro area. We also have quite a few ECB speakers over the coming week.

British Pound: Weekly Trading Range (1.3650 – 1.3800)

GBP/USD 1.33750
Week ahead bias
Mildly Bearish
Weekly range
1.3650 – 1.3800
1 month target
  • GBP has done some damage to those taking a view that stagflation would be GBP negative. Instead, the first reaction is for GBP to be rallying along with BoE tightening expectations.
  • This week sees September UK CPI – upside risks seen to the 3.2% YoY consensus. We will also hear from BoE speakers, including the Governor, Andrew Bailey. Most of his speeches seem to be on climate change topics, but Chief Economist Huw Pill also speaks later in the week. He has warned about the persistence of inflation. A rate protest may not be forthcoming from the BoE this week and it seems that GBP has legs to creep higher.

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.