USDCAD

Forex Market Review (Asian Session) – Dollar steady as uncertainties on tax reforms weigh; focus on inflation

Posted on September 29, 2017 at 8:09 am GMT

On Friday, currencies in Asia were in a quiet trade, with the dollar moving sideways near yesterday’s lows as positive sentiment on Trump’s tax proposals was fading and investors were less certain on whether those would pass in Congress. However, the focus during the day will be on the US inflation readings which might affect the Fed’s views on future monetary policy if they come in as a surprise. Although the US tax cuts proposed by the Trump administration raised confidence initially on the country’s fiscal policy, investors were less [..]

Technical Analysis – USDCAD holds broader bearish trend; recent bullish phase at risk of reversing

Posted on September 29, 2017 at 6:23 am GMT

USDCAD maintains a bearish picture in the medium term with a steady downtrend from the May 5 high of 1.3793. The short-term bullish phase from 1.2061 stalled at 1.2518 yesterday after prices found resistance at the 50-day moving average and consequently closed below it. The RSI has been moving sideways during today’s trading which might be an indication that upside momentum has weakened, though it is too early to conclude in that direction – further evidence is needed. Immediate support is expected at [..]

Forex Market Review (Asian Session) – Dollar surges on Trump’s tax proposals; kiwi down after RBNZ releases monetary statement

Posted on September 28, 2017 at 8:06 am GMT

In a data-quiet session, the dollar managed to extend yesterday’s gains in Asia after the US President, Donald Trump, revealed his plans on tax reforms a day before. Meanwhile, markets were scanning the RBNZ statement released after the central bank decided to hold rates steady, with the kiwi dipping into losses after the new RBNZ Governor signaled that a weaker currency was needed. Trump unveiled late on Wednesday in Indianapolis the tax plan outline prepared by White House members and his Republican counterparts that is dubbed as the biggest US tax reform in three decades. The plan [..]

Forex Market Review (European Session) – Dollar rallies on hopes of tax reforms; eyes on RBNZ

Posted on September 27, 2017 at 3:13 pm GMT

Hawkish remarks by Fed Chair Yellen on Tuesday continued supporting the dollar against its major rivals during European trading as markets were more confident now that the Fed would deliver another rate hike in December. Investors were also cautious to hear whether the US tax overhaul plan announced later today would be Trump’s first major legislative achievement since his election, a day after his proposals to repeal Obamacare failed to pass yet again. The dollar index breached again the 93 key level during the European session, last trading at [..]

Forex Market Review (Asian Session) – Dollar stronger on hawkish Yellen but eyes on tax plans; kiwi weak ahead of RBNZ meeting

Posted on September 27, 2017 at 8:00 am GMT

Fed Chair Janet Yellen, held a hawkish stance on the Fed’s rate path on Tuesday, boosting the dollar to a fresh one-month high against a basket of major currencies. On Wednesday, dollar sentiment is expected to be positive as markets anticipate the Congress to welcome Republicans’ tax plans after Senate Republicans failed again to replace Obamacare. Meanwhile, the focus will be also on the policy meeting held by the Reserve Bank of New Zealand (RBNZ) later today. The dollar index stood tall at a fresh one-month [..]

Forex Market Review (European Session) – Dollar index hits one-month high ahead of Yellen’s speech; euro sinks to one-month low

Posted on September 26, 2017 at 3:16 pm GMT

The European forex markets on Tuesday continued digesting political uncertainties arising from the German elections, kicking the euro to a one-month low. The dollar, on the other hand, stood tall at a one-month high ahead of Fed Chair Janet Yellen’s speech later today despite US-North Korea war tensions becoming dangerous as fiscal policy came to the spotlight. The dollar extended its uptrend against a basket of major currencies despite escalating North Korean tensions as focus turned to fiscal policy. Sources familiar [..]

Forex Market Review (Asian Session) – Safe havens gain ground as Pyongyang threatens to shoot down US jets; oil hits fresh highs

Posted on September 26, 2017 at 8:08 am GMT

Geopolitical uncertainties became dangerous late on Monday giving a boost to safe havens during Tuesday’s Asian session. The North Korean Foreign Minister Ri Yong Ho used a stronger language against the US, saying that Trump’s recent comments were a declaration of war on the Korean peninsula and the regime has the right to shoot down US bombers even if they fly outside the regime’s airspace. A few hours later the White House spokeswoman Sarah Sanders denied that the US has declared war on North Korea, while the National Security Adviser H.R McMaster argued [..]

Forex Market Review (European Session) – Dollar under pressure after Trump’s tweet on N. Korea; pound weaker despite May rejecting options of leaving EU earlier

Posted on September 22, 2017 at 3:54 pm GMT

The latest war of words between Trump and the North Korean leader Kim Jong Un kept markets nervous during the European session, with the dollar being unable to restore Wednesday’s gains when the FOMC statement signaled the start of the balance sheet reduction in October and more strongly put on the table an additional rate hike later in the year. However, the Brexit speech by the UK Prime Minister Theresa May was in the spotlight during the European session with the pound sinking during [..]

Forex Market Review (Asian Session) – Dollar tumbles on rising US – North Korea tensions; pound flat ahead of May’s Brexit speech

Posted on September 22, 2017 at 8:06 am GMT

The risk-off sentiment reemerged on Friday in Asia, as the North Korean leader Kim Jong Un delivered another threatening message to the US following Trump’s warning at his debut speech at the UN General Assembly on Monday. The dollar lost ground against a basket of major currencies, paring gains made after the Fed’s decision to start unwinding its balance sheet on Wednesday. Meanwhile, the pound remained steady ahead of the widely expected speech by the British Prime Minister on Brexit later today. Investors were in a risk-averse mode during the [..]

Technical Analysis – USDCAD in downtrend since May; near-term risk to the downside

Posted on September 22, 2017 at 6:11 am GMT

USDCAD maintains a bearish market structure on the daily chart. The pair is clearly in a downtrend and making lower peaks and lower lows since the high of 1.3793 on May 5. The market paused a corrective move from the more than 2-year low of 1.2061 and is putting in a top at 1.2390. USDCAD will likely remain under pressure as long as it trades below key resistance at 1.2400. The recent upside momentum from the bounce off 1.2061 on September [..]

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