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USDCAD

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Forex Market Review (Asian Session) – Dollar steady ahead of key inflation release; euro, sterling gain

Posted on July 14, 2017 at 7:53 am GMT

The US dollar was steady against the yen during the Asian session, but weakened against most other majors. The key inflation data out of the US could potentially dictate today’s biggest forex market moves. The euro and the pound were both up, while oil came under some pressure ahead of the European open. The dollar steadied against the yen, helped by upbeat US economic data, after earlier weakness due to a dovish-perceived testimony by Federal Reserve Chair Janet Yellen to [..]

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Forex Market Review (European Session) – Dollar firms up against yen; sterling gains; oil and gold up

Posted on July 13, 2017 at 3:02 pm GMT

The dollar gained against the yen ahead of the US session, supported by encouraging data releases, and continued strengthening as Federal Reserve Chair Janet Yellen started her second-day testimony to Congress. The dollar index, a broad measure of the greenback’s strength, was up 0.07% towards the end of the European session. The number of people seeking unemployment benefits fell last week, confirming labor market strength in the US. Initial claims for state unemployment benefits declined by 3,000 to 247,000 for the [..]

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Forex Market Review (Asian Session) – Yellen sends dollar low against majors; euro recovers; aussie firms

Posted on July 13, 2017 at 8:47 am GMT

The dollar eased against the yen on Wednesday, following Federal Reserve Chair Janet Yellen’s dovish speech. The dollar index fell 0.23% during the Asian session today, confirming weakness in the US currency. The euro gained, erasing most of yesterday’s losses on the back of falling bond yields. Janet Yellen started her two-day testimony to Congress yesterday with a more dovish take on monetary policy that sent the greenback plunging below the 113 level. The Fed Chair anticipates interest rates hikes [..]

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Forex News – Bank of Canada raises rates by 0.25%; Loonie jumps to 11-month high

Posted on July 12, 2017 at 3:36 pm GMT

The Bank of Canada delivered its first rate increase in seven years today, raising its overnight rate by 25bps to 0.75% following its latest monetary policy meeting. The expected move is the first increase in Canadian borrowing costs since 2010 and the first change since 2015 when the BoC cut rates to cushion the economy from the collapse in oil prices. With oil prices having rebounded from their 2016 lows and production from the Canadian oil sands having recovered from [..]

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Forex Market Review (European Session) – US dollar plunges on Yellen’s dovish talk; loonie up on BOC interest rate hike

Posted on July 12, 2017 at 3:27 pm GMT

The US dollar plunged against the yen and other major peers following the release of Federal Reserve Chair Janet Yellen’s monetary policy report to Congress. The loonie gained against the greenback after the Bank of Canada announced an interest rate increase at its monetary policy meeting today. The Fed Chair Janet Yellen in her opening remarks to Congress took a positive stance on the labor market and the US economy. She said job gains were above the bank’s estimate and [..]

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Forex Market Review (European Session) – Weak data fails to dent US dollar; sterling weakens near 10-day low

Posted on July 11, 2017 at 3:04 pm GMT

The dollar ignored a weaker-than-expected US JOLTs report and rose higher against the yen as the European session was coming to a close. The greenback gained against most of its major counterparts, with the dollar index rising a tenth of a percent to 96.125. Oil reversed from its earlier gains. The JOLTS report showed the number of job openings in the US fell to 5.666 million in May from a downwardly revised 5.967 million in the previous month and fell short [..]

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Technical Analysis – USDCAD bearish bias; RSI oversold

Posted on July 11, 2017 at 7:06 am GMT

USDCAD has experienced significant declines since reaching a sixteen-and-a-half-month high of 1.3793 on May 5th. The pair touched a ten-month low of 1.2859 during Friday of last week. Delving into the Ichimoku analysis, the negative alignment when the Tenkan-sen line (red) crossed below the Kijun-sen (blue) in late May is still in place. Adding to the bearish signal is the steep negative slope of the Tenkan-sen. Turning to the RSI, the indicator is well into bearish territory but notice that [..]

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