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Today's Forex News

USDCAD Extends Its Bullish Rally to New 2-month High

USDCAD skyrocketed to another fresh two-month high of 1.3774 during yesterday's session, adding more than 2.5% following the rebound from the double bottom pattern around 1.3420. The aggressive buying activity above the 1.3650 barrier, which served as a neckline, completed the latest formation.Action Forex2024-10-11

Technical Analysis – USDCAD extends its bullish rally to new 2-month high

USDCAD skyrocketed to another fresh two-month high of 1.3774 during yesterday's session, adding more than 2.5% following the rebound from the double bottom pattern around 1.3420. The aggressive buying activity above the 1.3650 barrier, which served as a neckline, completed the latest formation.XM2024-10-11

Risk Sentiment Steadies as Dollar Softens, GBP/CAD Eyes UK and Canada Data

Risk sentiment appears to have stabilized heading into the weekend, despite stronger-than-expected US inflation data released overnight. The report didn't cause any significant shifts in market expectations regarding Fed's rate cuts.Action Forex2024-10-11

U.S. Dollar Pulls Back: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

The American currency is losing some ground in choppy trading.FXEmpire2024-10-11

USD/CAD surrenders some gains after US PPI, Canadian Employment data

The USD/CAD pair gives up some of its intraday gains after posting a fresh two-month high to near 1.3780 in Friday's New York session. The Loonie asset surrenders some gains after the release of the United States (US) Producer Price Index (PPI) and the Canadian Employment data for September.FX Street2024-10-11

USD/CAD Pushes Higher, Canadian Employment Next

The Canadian dollar has hit a rough patch and is on a seven-day slide in which it has fallen 1.6%. On Thursday, the Canadian dollar weakened to 1.3775, its lowest level against the US dollar since August 7.Action Forex2024-10-11

Additional News:

USD/CAD Price Forecast: Extends winning streak for eighth trading day

The USD/CAD pair extends its winning spell for the eighth trading day on Friday. The Loonie pair strengthens and rises above 1.3750 amid sheer weakness in the Canadian Dollar (CAD).FX Street2024-10-11

USD/CAD: Daily MACD denotes regain of upward momentum – Société Generale

USD/CAD decline stalls near August low of 1.3440, which resulted in a short-term up move, Societe Generale's FX analysts note.FX Street2024-10-11

The Swiss Franc: A Historical Perspective

The Swiss Franc, often symbolized as CHF (Confoederatio Helvetica Franc), is the official currency of Switzerland and Liechtenstein. Its history is a fascinating journey that reflects the economic and political evolution of Switzerland, a country renowned for its stability and neutrality.

The Swiss Franc's story begins in the early 19th century. Before 1798, Switzerland was a loose confederation of cantons, each issuing its own currency. This system was chaotic, with over 860 different coins in circulation. The French invasion in 1798 brought about the Helvetic Republic, which attempted to introduce a standardized currency, the Swiss Franc, modeled after the French Franc. However, this was met with resistance, and the old system of cantonal currencies returned after the collapse of the Helvetic Republic in 1803.

The real turning point came in 1848 when the Swiss Federal Constitution came into effect, centralizing many powers previously held by the cantons, including the right to issue money. The Swiss Federal Assembly passed the Federal Coinage Act in 1850, establishing the Swiss Franc as the single official currency of Switzerland. The Swiss Franc was pegged to the French Franc at par, reflecting the close economic ties between the two countries.

The Swiss National Bank (SNB) was established in 1907, taking over the issuance of banknotes from private banks. The SNB's mandate was to ensure the stability of the Swiss Franc, a task it has performed admirably over the years. The Swiss Franc was initially on a gold standard, with 1 Franc equal to 0.290322 grams of gold. However, the gold standard was suspended during World War I, and Switzerland moved to a system of managed currency.

During the Bretton Woods era (1944-1971), the Swiss Franc was pegged to the U.S. Dollar, with a value of 4.375 Francs to the Dollar. However, Switzerland was not a signatory to the Bretton Woods Agreement, allowing it to avoid the currency instability that affected many other countries when the system collapsed in 1971.

Since the collapse of Bretton Woods, the Swiss Franc has been a free-floating currency. The SNB has occasionally intervened in the currency markets to prevent the Franc from appreciating too much, as Switzerland's economy is heavily dependent on exports. The Swiss Franc is often seen as a "safe haven" currency, attracting investors during times of global economic uncertainty.

In 1980, Switzerland began issuing coins made of cupronickel instead of silver, reflecting the rising cost of silver. The designs on Swiss coins have remained remarkably consistent since 1879, featuring the Swiss cross and the phrase "Confoederatio Helvetica", the Latin name for the Swiss Confederation.

In 2000, the SNB introduced a new series of banknotes, each featuring a famous Swiss personality. These were replaced in 2016 by the current series, which features abstract designs representing various aspects of Swiss society.

The Swiss Franc has been remarkably stable over its history, reflecting the stability of the Swiss economy and political system. This stability, combined with Switzerland's strong tradition of banking secrecy, has made the Swiss Franc a popular currency for international banking.

In conclusion, the history of the Swiss Franc is a testament to Switzerland's economic resilience and political stability. From its origins in the turbulent 19th century to its status as a "safe haven" currency in the 21st, the Swiss Franc has played a crucial role in Switzerland's economic success. As we look to the future, the Swiss Franc will undoubtedly continue to reflect the strengths and challenges of this unique Alpine nation.

The Euro: A Historical Perspective

The Euro, symbolized as EUR (€), is the official currency of the Eurozone, a monetary union consisting of 19 of the 27 member states of the European Union (EU). The history of the Euro is a fascinating narrative that mirrors the economic, political, and social evolution of the European continent.

The idea of a single European currency dates back to the post-World War II period, when European leaders sought to promote economic integration as a way to prevent future wars. However, it wasn't until the 1990s that the idea began to take shape.

The Maastricht Treaty, signed in 1992, laid the groundwork for the Euro. It set out the criteria for Eurozone membership, including price and exchange rate stability and sound public finances. The treaty also established the European Central Bank (ECB) and the European System of Central Banks.

The Euro was officially launched on January 1, 1999, when 11 EU member states irrevocably locked their exchange rates and handed over their monetary policy to the ECB. However, the Euro was initially a "virtual" currency used only for electronic payments and accounting purposes, while national currencies continued to circulate in physical form.

Euro banknotes and coins were introduced on January 1, 2002, and national currencies were gradually phased out. The introduction of the Euro banknotes and coins was one of the largest monetary changes in history, affecting hundreds of millions of people.

The Eurozone has since expanded to include 19 countries. The Euro has become the second most traded currency in the world after the U.S. Dollar and the second largest reserve currency.

The Euro has faced significant challenges since its inception. The global financial crisis of 2008 and the subsequent Eurozone debt crisis exposed structural weaknesses in the Eurozone's architecture. These crises led to high unemployment and recession in several Eurozone countries and required international bailouts for Greece, Ireland, Portugal, Spain, and Cyprus.

In response to the crisis, Eurozone leaders implemented a series of reforms, including stricter fiscal rules, a banking union, and new mechanisms for financial stability. The ECB also played a crucial role in stabilizing the Euro through unconventional monetary policies, including negative interest rates and large-scale asset purchases.

Despite these challenges, the Euro has contributed to economic stability in the Eurozone by eliminating exchange rate fluctuations and promoting economic integration. It has also facilitated travel and trade among Eurozone countries and played a significant role in shaping the global monetary system.

In conclusion, the history of the Euro reflects the broader economic and political history of Europe. From its origins in the aftermath of World War II to its role in the modern European economy, the Euro embodies the economic transformations that have shaped Europe. As Europe continues to evolve, the Euro will undoubtedly continue to play a crucial role in the continent's economic narrative. The future of the Euro will be shaped by how effectively the Eurozone navigates its economic challenges and capitalizes on its opportunities. As we look to the future, the Euro, like Europe itself, stands at the threshold of potential and promise.