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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 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.

The Canadian Dollar: A Historical Journey

The Canadian dollar, symbolized as CAD or C$, is the official currency of Canada. Its history is a fascinating tale of economic development, political decisions, and global influences. The journey of the Canadian dollar reflects the growth and evolution of Canada as a nation.

Early Currency in Canada

Before the introduction of the Canadian dollar, the region had a diverse array of currencies in circulation. French colonists used French coins, British colonists used British pounds, and Spanish dollars were also widely circulated. In addition, indigenous peoples used wampum, a form of currency made from shell beads.

In the early 19th century, the British pound was the official currency of British North America. However, the Spanish dollar was the most widely used currency in everyday transactions due to its wide circulation in the Americas.

The Birth of the Canadian Dollar

The idea of a unified currency for Canada was first proposed in the 1840s. The Province of Canada, consisting of modern-day Ontario and Quebec, passed the Currency Act in 1841, which aimed to replace the diverse currencies in circulation with a single, unified currency.

The Canadian dollar was officially introduced in 1858, replacing the British pound. The new currency was based on the decimal system, making it easier to calculate than the pound system. The Canadian dollar was pegged to the US dollar at par, reflecting the close economic ties between the two countries.

The Gold Standard and the Bank of Canada

Like many countries, Canada adopted the gold standard in the 19th century. The Canadian dollar was pegged to a fixed amount of gold. However, the gold standard was abandoned during World War I due to the financial pressures of the war.

The Bank of Canada was established in 1934 as the country's central bank. One of its main roles was to manage the country's money supply and ensure the stability of the Canadian dollar. The Bank of Canada began issuing banknotes in 1935, replacing the notes issued by private banks.

The Bretton Woods System and the Floating Dollar

After World War II, Canada became a part of the Bretton Woods system, an international monetary system that pegged currencies to the US dollar, which was in turn pegged to gold. However, Canada was the first country to break from this system in 1950, choosing to let its currency float freely against other currencies.

The Canadian dollar has been a floating currency since then, with its value determined by the foreign exchange market. The value of the Canadian dollar has fluctuated over the years, influenced by factors such as oil prices, interest rates, and economic conditions.

The Loonie and the Toonie

The Canadian one-dollar coin, known as the Loonie, was introduced in 1987. The coin got its nickname from the image of a loon, a bird common in Canada, on its reverse side. The introduction of the Loonie was part of a move towards using coins for lower denominations, which are more durable and cost-effective than paper notes.

The two-dollar coin, known as the Toonie, was introduced in 1996. The Toonie features a polar bear on its reverse side, another iconic symbol of Canada.

Conclusion

The history of the Canadian dollar is a reflection of Canada's economic development and its place in the global economy. From the diverse currencies of the colonial period to the modern Loonie and Toonie, the Canadian dollar has evolved alongside the nation it serves. As Canada continues to navigate the global economic landscape, the journey of the Canadian dollar is sure to continue.