USDCAD

Bank of Canada decides next on rates; expected to stand pat – Forex Market Preview

Posted on December 5, 2017 at 4:53 pm GMT

Next on the list of central bank policy meetings is the Bank of Canada which is expected to follow its Australian counterparts and keep interest rates on hold at 1.0% at its last rate-decision for 2017 on Wednesday. Although the economy seems to be approaching full capacity conditions, the central bank is likely to maintain monetary stimulus for the moment as recent data indicated that the economy is growing at a slower pace, while inflation is still trending far below the central bank’s target. Last [..]

US Open Preview – Sterling struggles as Brexit fears loom; stocks down; dollar & loonie gather attention

Posted on December 5, 2017 at 12:11 pm GMT

Here are the latest developments in global markets: Forex: The Australian dollar continued to trade around three-week highs at $0.7645 (+0.63%) following upbeat data on retail sales and the RBA’s decision to keep rates steady at record low levels. In the Eurozone though, retail sales disappointed markets with the measure diving unexpectedly to a three-week low as food prices fell sharply. Euro/dollar retreated in the wake of the data but erased its losses afterwards, trading flat at $1.1872. Sterling dipped to a five-day [..]

Week Ahead – RBA and BoC meet; Aussie GDP and US jobs report eyed

Posted on December 1, 2017 at 4:09 pm GMT

The first week of December will get off to a packed start with a number of key indicators and central bank meetings set to keep traders busy. Among the highlights are Australian GDP figures for the third quarter, European industrial output figures and US nonfarm payrolls. Also in focus are central bank meetings in Australia and Canada. RBA to hold rates as Aussie GDP rebounds The Australian dollar will be under the spotlight next week as a flurry of economic [..]

US Open Preview – Pound slips; stocks decline; US tax vote awaited; Canada’s GDP growth eyed

Posted on December 1, 2017 at 12:40 pm GMT

Here are the latest developments in global markets: FOREX: The pound turned to be the worst performer among major currencies despite impressive manufacturing PMI figures, trading below the $1.3500 key level after touching a fresh two-month high of 1.3548 early in the Asian trading (-0.25%). Eurozone’s manufacturing PMI stood at multi-year highs, but the euro pared earlier gains, falling back to 1.1900. Dollar/yen remained flat at 112.33, while dollar/loonie was steady at 1.288. The kiwi overperformed its peers, jumping to [..]

European Open Preview – Pound continues to impress; US tax bill vote, Canadian GDP & employment generating excitement

Posted on December 1, 2017 at 8:43 am GMT

Here are the latest developments in global markets: FOREX: The dollar retained its strength against the yen, trading near a 1-½ -week high, finding support from rising US Treasury yields, while the euro was last flat on a weekly basis versus the greenback after advancing in the three preceding weeks. Pound/dollar stretched its uptrend to a fresh two-month high amid hopes that the EU and the UK were preparing the ground to take Brexit talks to the next level, entering [..]

Technical Analysis – USDCAD neutral in 1-month range; long-term bearish trend remains intact

Posted on December 1, 2017 at 7:18 am GMT

USDCAD is neutral for now after a correction of the long-term downtrend stalled ahead of the key 1.3000 level. The market is trading in a range and capped below the 200-day moving average. USDCAD has climbed to the upper end of the one-month range and has found strong resistance at the 50% Fibonacci retracement (1.2922) of the downleg from 1.3793 to 1.2061. There is good support around 1.2674 – near the 38.2% Fibonacci. A move above the key psychological level [..]

Canadian GDP and jobs report eyed for rate clues as loonie hits one-month low – Forex News Preview

Posted on November 30, 2017 at 12:39 pm GMT

The Canadian dollar is once again on the verge of breaching the 50% Fibonacci retracement level of its impressive May-September uptrend. The currency has been suffering from the paring back of expectations of additional rate hikes by the Bank of Canada over the coming months, concerns about difficult NAFTA renegotiations and a stronger US dollar. After several failed attempts in late October/early November to break this retracement level around C$1.2925 to the greenback, the loonie has been stuck in a [..]

Forex Market Review (European Session) – Dollar and pound march higher; euro extends declines

Posted on November 29, 2017 at 3:21 pm GMT

The US dollar and the British pound remained the day’s biggest winners in European trading on Wednesday on increased hopes of big tax cuts in the United States and the UK and the EU edging closer to a deal on the Brexit divorce terms. Most majors came under pressure from the stronger greenback, including the euro, which headed for a third straight day of losses, but the resurgent pound capped the dollar index’s gains. European equities headed higher after another [..]

Forex Market Review (European Session) – Dollar moves higher as US consumer confidence touches 17-year high; Irish worries ease

Posted on November 28, 2017 at 3:49 pm GMT

The day’s main release pertained to US consumer confidence figures released late in the session. Those came in at a multi-year high, creating a positive backdrop for the greenback for the remainder of the day. Beyond this, new Fed chief Jerome Powell appearing before US senators, US tax reform deliberations and developments that could affect the outcome of Brexit negotiations were also gathering attention. Powell’s confirmation hearing before the Senate Banking Committee has begun at 1500 GMT, with senators having [..]

Forex Market Review (European Session) – Dollar broadly weaker; sterling rises despite Brexit uncertainty; oil retreats

Posted on November 27, 2017 at 3:51 pm GMT

With US new home sales being the day’s major release during today’s session, upcoming developments, such as US tax reform deliberations and Brexit negotiations, were in forex market participants’ minds during today’s European session. Meanwhile, the yen was advancing on some softness in Asian and European equity markets. At 1523 GMT, the dollar index, which measures the greenback against the currencies of six major US trading partners, was 0.1% down at 92.74. The gauge finished lower in the three preceding [..]

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