USDCAD

Forex Market Review (European Session) – Sterling bounces up on BoE Haldane’s comments; dollar flat; WTI oil gains on EIA

Posted on June 21, 2017 at 3:08 pm GMT

In another relatively quiet European session in terms of economic releases and in similar fashion to yesterday, forex market participants mainly reacted to comments by central banking figures, namely the hawkish remarks by a Bank of England policymaker which helped the pound bounce higher. In terms of the few releases during the day, those that attracted most attention were existing home sales data and the Energy Information Administration’s weekly report on crude stockpiles out of the US. Sterling received a [..]

Forex News – Oil back in bear market after latest sell-off; Commodity currencies fall only modestly

Posted on June 21, 2017 at 10:54 am GMT

Crude oil prices fell by 2% on Tuesday as investors continued to fret about the lingering oversupply, which is showing no sign of easing despite 6 months of output restrictions by major producers. The recovery in prices from the 2014-15 downtrend stalled in January when they peaked at 1½-year highs. WTI crude has since fallen by 22% from $55.24 on January 3 to a 7-month low of $42.75 a barrel yesterday. Brent crude is also down sharply, declining from $58.37 [..]

FX Daily Outlook | 21-06-17

Posted on June 21, 2017 at 8:05 am GMT

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Forex Market Review (Asian Session) – Oil remains close to 7-month lows; dollar little changed

Posted on June 21, 2017 at 7:35 am GMT

As Asian markets are completing their trading day, the dollar index has eased from yesterday’s one-month high but is still close to that level. In the meantime, WTI and Brent crude didn’t manage to post a rebound after yesterday’s sizable losses. The dollar index, a broader gauge of the greenback’s strength, remains close but below yesterday’s one-month high of 97.87. The greenback was recently supported by key Fed officials communicating that rate normalization should remain on track. Dollar/yen didn’t manage [..]

Week Ahead – Brexit talks begin; RBNZ in focus; PMI data on tap; Fed speakers to be closely scrutinized

Posted on June 16, 2017 at 2:20 pm GMT

Brexit negotiations finally begin in Brussels on Monday. New Zealand’s central bank will be in focus next week while flash June PMI surveys out of the Japan, the Eurozone and the United States will also be on investor’s watch list. Various FOMC members are due to give speeches. French President Emmanuel Macron’s Republic on the Move (REM) party is set to win Sunday’s legislative elections. Brexit Negotiations Brexit negotiations are due to start on Monday June 19 with Brexit Secretary David Davis [..]

Forex Market Review (European Session) – Euro hits 7-month high against dollar after weak US CPI and retail sales ahead of FOMC; sterling reverses post-UK jobs data losses

Posted on June 14, 2017 at 2:57 pm GMT

The dollar fell after the release of a weak set of US data that would be disappointing for the Federal Reserve, which is expected to deliver a 25-basis point rate hike later today. The broadly weaker greenback helped sterling erase losses made from weak UK wage data. Both US CPI and retail sales numbers for May came in short of expectations, which resulted in the dollar index falling to a seven-month low of 96.32 after having risen to as high [..]

Forex Market Review (European Session) – Loonie extends gains after Poloz echoes Wilkins’ hawkish comments; pound gains on above expectations UK CPI

Posted on June 13, 2017 at 2:41 pm GMT

The Canadian dollar made strong gains after two Bank of Canada officials’ hawkish comments suggested a rate rise was nearer. Sterling was higher on forecast-beating UK inflation data. The dollar index was lower as the FOMC begins a two-day policy meeting. The main data out of the European session was the UK CPI report which helped the pound recover some losses made following Thursday’s post-UK elections tumble. However, sterling’s gains may be limited due to political risks as Prime Minister [..]

Technical Analysis – USDCAD bearish after breaking below 200-day moving average

Posted on June 13, 2017 at 8:45 am GMT

USDCAD has turned bearish after breaking below the 200-day moving average today, reaching a 2-month low of 1.3256. RSI is falling and suggests a further possibility of a deeper decline with scope to target the April 13 low of 1.3222. The market was trading in a range since May 25 until this week, between 1.3400 and 1.3546. But a failure to make a sustained break above the 50-day moving average led to weakness in upside momentum, with prices eventually giving [..]

FX Daily Outlook | 13-06-17

Posted on June 13, 2017 at 8:17 am GMT

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Forex Market Review (Asian Session) – Canadian dollar outperforms on rate hike probability; dollar steady ahead of Fed

Posted on June 13, 2017 at 7:39 am GMT

The Canadian dollar was one of the top performing major currencies after gaining on hawkish comments from a Bank of Canada official. The pound remained soft while the dollar index was little changed before Wednesday’s Federal Reserve policy decision. Bank of Canada Senior Deputy Governor Carolyn Wilkins’ comments yesterday raised the probability of a rate hike by year-end. Wilkins said the central bank would assess if it needs to keep interest rates at near-record lows as the Canadian economy grows. [..]

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