USDCAD

Technical Analysis – USDCAD is neutral in short run; immediate risk tilted to downside

Posted on November 3, 2017 at 7:12 am GMT

USDCAD is neutral in the short term after a recent rally lost steam at a high of 1.2916. The underlying downtrend from 1.3793 is weaker after the strong rebound but the pair still remains under the 200-day moving average, keeping the bearish market structure still in place. The short-term technicals are neutral and suggest the rally is exhausted. RSI reached into overbought levels above 70. USDCAD is expected to consolidate in the near-term unless it can break above the 50% [..]

Forex Market Review (European Session) – Dollar and pound bolstered by upbeat data ahead of rate decisions

Posted on November 1, 2017 at 3:31 pm GMT

The prevailing risk-on mood ahead of key risk events in the next few days lifted the US dollar and weakened the yen in European trading on Wednesday. Upbeat economic data also boosted the greenback along with the British pound. The aussie and kiwi were other notable gainers, while the euro joined the yen in being the day’s worst performers. Manufacturing PMI out of the UK was the main data release in Europe. The index rose from an upwardly revised 56.0 [..]

Forex Market Review (European Session) – Loonie falls sharply on GDP miss; pound boosted on Barnier; Eurozone readings mixed

Posted on October 31, 2017 at 3:26 pm GMT

The Canadian dollar lost ground versus its US counterpart as GDP figures unexpectedly reflected a contraction in the Canadian economy. Eurozone data on inflation, economic growth and unemployment out during today’s session gave a mixed picture. The pound moved higher after some comments by Michel Barnier, the EU’s chief Brexit negotiator, which suggested that Brexit talks are getting on the right path, while the dollar advanced following upbeat figures on consumer confidence. The dollar’s index against a basket of currencies [..]

Week Ahead – Fed and BoJ meet but all eyes on BoE; US jobs also in focus

Posted on October 27, 2017 at 3:28 pm GMT

Central bank meetings will dominate the next seven days as the Bank of England, the Bank of Japan and the US Federal Reserve all hold their policy meetings. It will be a big week for economic indicators as well, as the Eurozone releases preliminary GDP figures and the October jobs report is out in the United States. Australian, New Zealand and Canadian data eyed after aussie, kiwi and loonie take a battering Political concerns in Australia and New Zealand have [..]

Forex Market Review (European Session) – Dollar flexes its muscles on GDP beat; euro headwinds on Catalan independence

Posted on October 27, 2017 at 3:00 pm GMT

The dollar was standing broadly higher relative to most other major currencies as US quarterly GDP estimates beat expectations. However, the US currency gave up part of its gains later in the session as, according to a report by Bloomberg, US President Donald Trump is leaning towards Federal Reserve Governor Jerome Powell – a perceived dove – to lead the Federal Reserve after current Fed Chair Janet Yellen’s term expires next year. News of Catalonia declaring independence from Spain during [..]

Technical Analysis – USDCAD bullish short-term outlook after rally extends higher

Posted on October 27, 2017 at 6:20 am GMT

USDCAD is trading higher and moving further away from the more than two-year low of 1.2061. After stalling at the key 1.25 level, the pair resumed its rise, with 1.30 now in sight. USDCAD looks set to extend its correction from the 1.20 area in the coming weeks as risk is clearly tilted to the upside. The bullish RSI and MACD are supporting this view. Immediate support is seen at 1.2780 (mid-August high). Falling below this would shift the bias [..]

Forex Market Review (European Session) – Euro slips as ECB halves QE but keeps it open ended; dollar firms on reports Yellen is out of Fed race

Posted on October 26, 2017 at 2:54 pm GMT

The euro reversed lower from a near one-week high after the ECB pledged to maintain easy monetary policy even as it announced a reduction in its monthly asset purchases. The single currency slipped back below $1.18, while the US dollar was once again eyeing the 114 yen level amid reports that incumbent Fed chief Janet Yellen was out of the race to lead the central bank. The European Central Bank announced it is extending its asset purchase program (APP) for [..]

Forex Market Review (Asian Session) – ECB in focus; dollar eases in need of fresh catalysts

Posted on October 26, 2017 at 7:49 am GMT

As the Asian session was about to complete, the euro was standing stronger ahead of the European Central Bank’s policy meeting, while the dollar was distancing itself on the downside from the highs it reached earlier in the week. The dollar index, which measures the strength of the US currency versus the currencies of six major US trading partners, was 0.1% lower at 0737 GMT, falling for a third straight day and moving further below Monday’s three-week high of 94.02. [..]

Forex Market Review (European Session) – Pound rises on GDP, hike speculation; loonie declines on BoC inflation expectations

Posted on October 25, 2017 at 3:07 pm GMT

The British pound was a notable gainer during today’s trading as forex market participants revised upwards their expectations for a quarter percentage point interest rate rise to be delivered by the Bank of England after UK third quarter growth beat expectations. The dollar was gaining ground relative to the loonie, aussie and the kiwi and retreating versus the euro, yen and of course sterling. At 1542 GMT, the dollar index, which gauges the greenback against the currencies of six major [..]

Forex Market Review (European Session) – Dollar holds onto gains vs yen as Trump Fed decision awaited; euro slips

Posted on October 23, 2017 at 2:42 pm GMT

The US dollar held on to most of its Asian session gains in European trading on Monday as the yen remained weak after Abe’s landslide victory in Japan. The euro slipped further into losses as the stand-off between Madrid and the Catalan authorities intensified, while sterling also lost ground amid worries about the British economy. The yen maintained its broad weakness against most major currencies following Japanese prime minister Shinzo Abe’s election win on Sunday, which signalled policymakers in the [..]

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