USDCAD

Technical Analysis – USDCAD seems to be in a make-or-break situation

Posted on August 14, 2020 at 7:39 am GMT

USDCAD has been trading bearish for five consecutive weeks but this time the price is in a sensitive territory, near a long-term supportive trendline that has been rejecting negative corrections since September 2017. Hence, it would be interesting to see if this is the area in which the pair can stage a much-needed recovery or trigger another bearish wave. The weakness in the RSI and the Stochastics keep the short-term bias negative for now, though the indicators are not far from their oversold [..]

Daily Market Comment – Vaccine fever shakes markets, RBNZ shoots kiwi down

Posted on August 12, 2020 at 9:17 am GMT

Vaccine news catapult global yields higher, push stocks lower Gold falls without a parachute – has it peaked? Dollar inches higher amidst the turbulence, but Fed speakers are a risk RBNZ expands QE and opens door to negative rates, kiwi stumbles Putin says Russia has developed the first vaccine President Vladimir Putin unleashed mayhem in financial markets on Tuesday, after he announced to the world that Russia has developed the first successful coronavirus vaccine. Global bond yields erupted higher [..]

Technical Analysis – USDCAD under negative tension; sentiment remains bearish

Posted on August 11, 2020 at 9:15 am GMT

USDCAD has pushed under the flat blue Kijun-sen line at 1.3313. An improvement from the 5½-month low of 1.3232 was capped by the Ichimoku cloud, which had merged with the falling 100-period simple moving average (SMA). This resulted in realignment with the bigger negative bearing, something also backed by the falling SMAs and the short-term oscillators, as well as the downward direction of the red Tenkan-sen line. The MACD is under its red trigger line but just above the zero [..]

Daily Market Comment – Dollar gets a second wind after US payrolls, can it last?

Posted on August 10, 2020 at 10:44 am GMT

Decent US jobs report triggers a short squeeze in the dollar Is the reversing trend in European/American virus cases going to show up in euro/dollar? Trump signs executive orders to bypass Congress and provide more stimulus Muted market reaction to this – does it imply less stimulus overall? Dollar shorts get squeezed after payrolls The world’s reserve currency got a second wind on Friday, recovering some lost ground after a decent US employment report saw traders cover or trim some [..]

Daily Market Comment – Trump fans the geopolitical flames ahead of NFP

Posted on August 7, 2020 at 10:49 am GMT

Nonfarm payrolls to set the tone for markets, along with stimulus negotiations Trump fires another salvo at Beijing, bans transactions with Tencent, moves to delist Chinese firms Geopolitical worries keep dollar alive, Wall Street set to snap 5-day winning streak Nonfarm payrolls: A most uncertain one The main event today will be the US employment report for July. The consensus is for the US economy to have added another 1.6 million jobs, pushing the unemployment rate down to 10.5%, from [..]

Technical Analysis – USDCAD downside risks remain despite positive signals

Posted on August 7, 2020 at 9:07 am GMT

USDCAD is maintaining its negative course below the restrictive line, although it has found some footing at the 1.3232 level. The negatively charged Ichimoku lines and the recent bearish crossover of the 200-day simple moving average (SMA) by the 50-day one may keep the negative bias in play for a while longer. That said, the recent improvement in price is reflected in the short-term oscillators, which promote additional advances. The MACD, in the negative region, has moved above its red [..]

Daily Market Comment – Bank of England lifts sterling; dollar battered but still standing

Posted on August 6, 2020 at 8:49 am GMT

Sterling jumps after BoE seems reluctant towards negative rates, upgrades forecasts Stocks climb, dollar resumes downfall as markets keep betting Congress will deliver Dollar testing a crucial support area again – tomorrow’s NFP may be pivotal Otherwise, the spotlight remains on whether Congress will reach a deal soon BoE strikes a more cheerful tone, pound listens The Bank of England (BoE) unanimously voted to keep its policy unchanged today and struck a fairly optimistic tone. Even though it acknowledged the [..]

Canada to add more jobs in July as recovery gathers pace, loonie strengthens – Forex News Preview

Posted on August 5, 2020 at 1:44 pm GMT

The Canadian economy is expected to have added more jobs in July as the phased easing of the lockdown across the country continues to boost employment. The jobs report, due on Friday at 12:30 GMT, could give the Canadian dollar a further helping hand in erasing its year-to-date losses versus the tumbling greenback. But with troubles brewing across the border in the United States, can Canada’s recovery stand on its own two feet? Jobs bounce set to continue It’s so [..]

Technical Analysis – USDCAD edges sideways near 2-month bottom levels

Posted on August 4, 2020 at 3:21 pm GMT

USDCAD appears to have adopted a neutral nature around the lower levels of the last two months, confined between 1.3330 and 1.3459. The flattening out of the 50-period simple moving average (SMA) and the Ichimoku lines further reflect this view of weak directional momentum. The short-term oscillators suggest conflicting signals of momentum. Although the RSI points downwards under the 50 threshold, the stochastic oscillator is bullish, coming out of the oversold region. Adding to this, the MACD and red signal [..]

Daily Market Comment – Dollar resumes slide; stocks struggle but tech bucks the trend

Posted on July 31, 2020 at 8:55 am GMT

Dollar slumps again as US economy crashes, heads for fiscal cliff Euro, pound and aussie catapult higher but yen’s jump raises eyebrows European and Asian shares skid but big tech earnings lift Nasdaq Dollar on track for worst month in decade The US dollar is headed for its worst monthly performance in nearly 10 years as economic and political woes in America increasingly undermine the world’s reserve currency just as the outlook elsewhere brightens somewhat. The US economy collapsed by [..]

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