USDCAD

Technical Analysis – USDCAD shifts to bearish bias as it breaks below 2-month range

Posted on December 28, 2017 at 3:19 pm GMT

USDCAD is shifting to a bearish bias as it breaks out of a 2-month range after finding a strong resistance area formed by the upper bound of the range and the 200-day moving average as well as the 50% Fibonacci of the downleg from 1.3793 to 1.2061. RSI is falling sharply, indicating downside momentum is strong, leaving scope for a further extension lower towards another support zone that includes the key 1.3000 level and 1.2463 (23.6% Fibonacci), as well as [..]

Technical Analysis – USDCAD loses some ground; records 2-month low

Posted on December 28, 2017 at 10:29 am GMT

USDCAD extended its losses as the Canadian dollar posted a bullish rally. The pair is falling for the sixth straight trading day and has plummeted more than 2% since December 20. Additionally, the price recorded a new 2-month low at 1.2604 during the European session and slipped beneath the narrow range with an upper boundary at 1.2915 and a lower boundary at 1.2665 in Wednesday’s session. The range was holding in the last two months and after the drop, the price is testing the 100-day simple [..]

Technical Analysis – Outlook 2018: USDCAD in long-term upward reversal; further short-term bearish correction before gains

Posted on December 28, 2017 at 10:16 am GMT

USDCAD has been developing within a rounding bottom pattern since 2009 until the end of 2015. Rounding bottom is a reversal pattern and as the previous trend was a downtrend, the expectation is for a rising movement on a long-term basis. During January 2016, the pair recorded a fresh 13-year high at 1.4690 and then started a retracement to the downside with a new 2-year low at 1.2040. Remaining on the monthly chart, the next resistance to have in mind [..]

US Open Preview– Commodity currencies strengthen; dollar weakens ahead of data

Posted on December 27, 2017 at 11:54 am GMT

Here are the latest developments in global markets: FOREX: A strong rally in metal and oil prices on Tuesday continued to support the loonie, the aussie and the kiwi against the dollar during early European trading hours on Wednesday. The aussie and the kiwi hit fresh two-month highs at $0.7768 (+0.53%) and $0.7073 (0.50%) respectively, while dollar/loonie extended its downleg towards a three-week low at 1.2650 (-0.30%). The euro rose to an intra-day high of $1.1890 (0.25%) and the pound reached a one-week high of $1.3413 (+0.25%). [..]

European Open Preview – Dollar hits 3-week low as commodity currencies gain ground

Posted on December 27, 2017 at 8:31 am GMT

Here are the latest developments in global markets: FOREX: The dollar index continued retreating, recording a three-week low. Meanwhile, commodity currencies, including the loonie, aussie and the kiwi, were posting multi-week highs versus the greenback. STOCKS: The Nikkei 225 closed 0.1% higher. The Hang Seng was down by 0.1%, while the Shanghai Composite lost 0.9%. Euro Stoxx 50 futures traded higher by 0.1% at 0728 GMT, with Dow, S&P 500 and Nasdaq 100 contracts all being roughly flat. COMMODITIES: WTI [..]

US Open Preview – Euro cautious on Catalonia; Spanish stocks face headwinds

Posted on December 22, 2017 at 12:16 pm GMT

Here are the latest developments in global markets: FOREX: The euro remained around Friday’s lows as investors were worried that tensions between Madrid and Catalonia would escalate after regional elections on Thursday gave a narrow majority to secessionists. The euro stood against the dollar at 1.1851 (-0.19%) while versus the pound it slipped to 0.8856 (-0.05%) after final British Q3 GDP growth readings came in higher than expected on a yearly basis. Pound/dollar approached the 1.34 key level in the wake [..]

European Open Preview – Catalan vote pressures euro; US core PCE awaited

Posted on December 22, 2017 at 8:48 am GMT

Here are the latest developments in global markets: FOREX: The dollar traded slightly higher versus a basket of currencies and further above a two-week low hit earlier in the week. Despite this, it was still on track to record a weekly loss. The euro was down, though it recovered to a significant extent earlier losses after the results from Catalonia’s regional elections showed a victory for pro-independence forces. STOCKS: The Japanese Nikkei 225 and Topix indices finished the day higher [..]

Technical Analysis – USDCAD sees increased downside risk below 50-day moving average

Posted on December 22, 2017 at 7:01 am GMT

USDCAD continues to move sideways in a range since late October. Near-term risk is tilted to the downside. The market is capped below the 200-day moving average and has dropped below the 50-day MA, sifting near-term risk to the downside. USDCAD is essentially in a consolidation phase between two key Fibonacci retracement levels of the 1.3793 to 1.2061 downleg. The 38.2% Fibonacci (1.2717) and 50% Fibonacci (1.2922) levels are providing support and resistance. The market moved into a neutral phase [..]

US Open Preview– Euro flat ahead of Catalonia’s vote; European stocks weaker

Posted on December 21, 2017 at 11:46 am GMT

Here are the latest developments in global markets: FOREX: Major currencies were range-bound during the early European session, with the euro being not much stressed ahead of a regional election in Catalonia. Euro/dollar changed hands at 1.1880 around 1000 GMT (+0.09%), while euro/yen edged up to a two-year high of 134.86 (+0. 12%).The dollar was flat versus the yen and the loonie at 113.44 and 1.2829 respectively as the passage of the US tax legislation was already highly priced in [..]

European Open Preview – Dollar gains versus yen on rising yields and dovish BoJ; Canadian CPI eyed

Posted on December 21, 2017 at 8:42 am GMT

Here are the latest developments in global markets: FOREX: The dollar edged slightly higher versus a basket of currencies but was still trading not far above a two-week low hit yesterday. The US currency continued gaining versus the yen, being supported by rising Treasury yields. STOCKS: The Nikkei 225 closed down by 0.1% and the Topix added 0.1% to renew its 26-year high. The Hang Seng was up by 0.5%. Euro Stoxx 50 futures were marginally lower at 0726 GMT, [..]

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