USDCAD

Forex Market Review (European Session) – Dollar flat as US House puts tax plan to vote; pound steady after retail sales surprise

Posted on November 16, 2017 at 4:26 pm GMT

Major currencies were moving sideways during the European session on Thursday as investors were widely anticipating whether Republicans would pass their tax code in the House of Representatives later today. Economic releases out of the Eurozone, the US, the UK, and Canada were also in focus but had a moderate impact on the markets. The US lawmakers were preparing for a crucial vote on tax reforms in the House of Representatives on Thursday after 1830GMT, with Republicans feeling confident that [..]

Forex Market Review (Asian Session) – Pound slides as UK parliament votes on Brexit bill; aussie bounces on business confidence

Posted on November 14, 2017 at 8:56 am GMT

Ahead of a busy day in terms of economic data out of the UK, the US and the Eurozone, the pound moved lower as doubts over May’s leadership continued weighing on the currency, while markets were also cautious whether British lawmakers would approve the government’s Brexit bill. The aussie was the biggest winner of the session, gaining on business confidence despite disappointing figures out of China pressuring the currency. With the UK Prime Minister Theresa May facing increasing political challenges following a report published by the Sunday Times newspaper and stating that [..]

Forex Market Review (European Session) – Sterling performs worst among majors on added cloud of uncertainty; dollar higher

Posted on November 13, 2017 at 3:37 pm GMT

In the absence of major economic releases during today’s European session trading, forex markets were focused on upcoming data, a central banking conference set to take place tomorrow and developments on the political front, in particular Brexit and the US tax reform. Sterling was the worst performing major currency. The dollar’s index against a basket of currencies was 0.1% higher at 1520 GMT. On Friday, it hit 94.26, its lowest since October 26 as developments on the US tax front [..]

Week Ahead – Inflation, jobs and retail sales in focus; Japanese GDP also eyed

Posted on November 10, 2017 at 2:38 pm GMT

Economic data will move to the forefront next week as the focus moves away from central bank meetings to price, employment and consumer spending indicators. Canada, the Eurozone, the UK and the US all release CPI numbers. Jobs reports are due from Australia and the UK, and retail sales figures will be published in China, the UK and the US. GDP data will also attract attention as investors get the first glimpse of third quarter economic performance in Japan. Australian [..]

Technical Analysis – USDCAD drops to 2-week low; bearish outlook strengthened

Posted on November 10, 2017 at 7:20 am GMT

USDCAD dropped to a fresh 2-week low as the pair comes under increasing pressure following a rejection at the 50% Fibonacci retracement level of the downtrend from 1.3793 to 1.2061. RSI is falling and suggesting further downside momentum is expected. The pair is approaching a key level at 1.2500, this being near the 50-day moving average. A break below this support area would set USDCAD on the path to re-test the September 8 low of 1.2061. From this point, an extension lower [..]

Forex Market Review (European Session) – Tax reform worries hold back dollar bulls; kiwi eyed ahead of RBNZ meeting

Posted on November 8, 2017 at 3:23 pm GMT

In the absence of important data releases, the US tax story remained front and center during today’s European session trading. Housing data out of Canada did gather some attention. The Energy Information Administration’s (EIA) weekly report out of the US, which is due later in the day, has the capacity to generate some movement in oil prices. The dollar’s index against a basket of currencies was down by 0.1% at 1503 GMT with the US currency’s advance being halted over [..]

Forex Market Review (Asian Session) – Dollar weaker on possible tax cut delay; kiwi steady ahead of RBNZ meeting

Posted on November 8, 2017 at 8:55 am GMT

The dollar opened weaker in Asia as traders were concerned about a potential delay in the implementation of a corporate tax cut, while they also turned cautious on US-North Korea political developments after Trump delivered a warning message to North Korea. The kiwi stood flat ahead of the RBNZ policy meeting starting later today. A report by the Washington Post on Tuesday raised questions about the progress of the US tax legislation and hence pressured the dollar. The relevant article stated that Senate Republicans were considering a [..]

Forex Market Review (European Session) – Dollar holds strong despite Fitch raising debt ratio forecasts; euro dips further

Posted on November 7, 2017 at 4:38 pm GMT

Expectations that the Fed will proceed with a rate hike in December and an encouraging report on JOLTS job openings pushed the dollar higher during European trading hours, although Fitch raised its US medium-term debt-to-GDP forecasts. On the other hand, the euro was unable to find support on better-than-expected retail sales figures and despite the news that some key ECB officials opposed the central bank’s decision to continue buying assets until inflation improves. Fitch said on Tuesday that it expects a version of tax plans to pass the US Congress and push [..]

Forex Market Review (Asian Session) – Aussie gains little after RBA leaves rates unchanged; kiwi climbs on currency policy relief

Posted on November 7, 2017 at 8:33 am GMT

Early on Tuesday, the RBA decided to hold interest rates steady at record low levels, retaining its confidence on economic growth and the labour market. The aussie, however, posted short-lived gains following the policy statement as weak inflation continued to worry policymakers. Meanwhile, in New Zealand, the Finance Minister said that targeting the currency was not the new government’s monetary goal, lifting the kiwi higher for a while. In the wake of the RBA decision to keep rates at 1.5%, the aussie was [..]

Forex Market Review (European Session) – US dollar gains despite disappointing jobs report as broader picture supports December hike

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

The US dollar posted gains during today’s European session, despite a disappointing October employment report, which did little in dissuading the market to expect a rate hike at the next Fed meeting. In this week’s major economic release, the US labor market rebounded less strongly than expected from the hurricane-induced slowdown of September. The economy created a net 261 thousand jobs during October, missing analyst forecasts of 310 thousand. There was a positive revision of the previous month’s figures to [..]

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