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USDCAD

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Forex Market Review (European Session) – British drama hurts sterling; dollar advances eyeing Fed meeting

Posted on June 9, 2017 at 3:01 pm GMT

Political developments were dominating investors’ attention today with the outcome of British national elections and the effect on sterling being number one on the watch-list. Less than two weeks’ time before Brexit negotiations get underway, UK Prime Minister Theresa May’s Conservative party lost its majority in the House of Commons. May’s call for snap elections was in the first place intended to give her a stronger hand in negotiating the nation’s exit from the EU and the outcome turned out [..]

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Forex Market Review (European Session) – Political uncertainty drives gold to 7-week high; Dollar extends losses

Posted on June 6, 2017 at 3:00 pm GMT

Uncertainty ahead of the UK general election and Comey’s testimony in the US Congress on Thursday drove gold to a 7-week high in European trading today, while the US dollar made fresh lows. The greenback has been under pressure since Friday when a disappointing non-farm payrolls report dampened expectations of a third rate hike by the Fed this year, although markets are still pricing a rate increase at next week’s FOMC meeting. However, worries of an escalating political fallout in [..]

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Forex Market Review (European Session) – Sterling boosted by election poll; gold hits 6-week high

Posted on June 5, 2017 at 3:10 pm GMT

The dollar was mixed against its major counterparts. The euro slipped and the pound rallied despite soft UK data. Oil prices erased earlier gains while gold hit a six-week high. The pound rose to its highest level against the dollar in over a week after an election poll showed the Torie’s lead was back in double digits. The ICM poll showed an eleven-point lead for Prime Minister Theresa May’s Conservative Party over the opposition Labour Party just days before the [..]

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Week Ahead – Uncertainty ahead of UK election, ECB guidance shift and Aussie GDP concern

Posted on June 2, 2017 at 3:23 pm GMT

A number of key risk events next week could cause some volatility in financial markets with the UK general election taking centre stage. The European Central Bank will also be in focus as it meets to possibly discuss removing its easing bias from its policy statement. In contrast, the Reserve Bank of Australia may find it hard to maintain an upbeat outlook at its meeting on signs that growth in Australia is slowing. In terms of data, GDP figures for [..]

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Forex Market Review (European Session) – Sterling rebounds from 6-week lows; euro shrugs off weak inflation data

Posted on May 31, 2017 at 2:58 pm GMT

The euro and the pound made a comeback in today’s European session, but the dollar was subdued as investors awaited the Fed’s Beige Book for further direction. The euro was one of the stronger performing currencies on Wednesday as traders overlooked weaker-than-expected Eurozone CPI figures to bet on a more hawkish European Central Bank at next week’s policy meeting. Headline inflation fell from 1.9% to 1.4% year-on-year in May’s flash reading, missing forecasts of 1.5%. This was the lowest rate [..]

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Week Ahead – US jobs report in focus after cautious Fed minutes

Posted on May 26, 2017 at 3:50 pm GMT

The main focus of the coming week will be the non-farm payrolls numbers out of the US as a positive report could pave the way for a June rate hike by the Fed. Japan will also have a busy data week, while Eurozone flash inflation and UK PMIs will be important too. Eurozone flash CPI to show inflation falling It will be a very quiet start to the week as Chinese, UK and US markets will be shut for a [..]

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Forex Market Review (European Session) – Dollar rebounds after US GDP revised up; sterling falls another leg lower

Posted on May 26, 2017 at 2:39 pm GMT

The dollar rebounded after GDP revisions showed economic growth in the US slowed less sharply in the first quarter than initially thought. Sterling extended losses versus the greenback after the US data. Oil stabilized following the post-OPEC tumble. The dollar had been sliding in European trading to sub-111 yen levels but rebounded after the release of US GDP revisions and durable goods data. The rally stalled at 111.33 yen after the final reading of the University of Michigan consumer sentiment [..]

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Forex Market Review (European Session) – Dollar still weighed by Fed minutes; Oil falls after OPEC extends cuts

Posted on May 25, 2017 at 2:17 pm GMT

The US dollar remained weighed by yesterday’s FOMC minutes where Fed policymakers appeared a bit more concerned about the soft patch affecting the US economy. Crude oil was also in focus as OPEC and some non-OPEC countries met in Vienna to discuss whether to extend the output cut deal, which is due to expire at the end of June. The greenback bounced back in Thursday’s European session, rising as high as 111.94 yen from yesterday’s low of 111.47 yen, before [..]

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Technical Analysis – USDCAD turns bearish after dip below 50-day moving average

Posted on May 25, 2017 at 7:58 am GMT

USDCAD has turned bearish in the medium-term, retracing more than half of the uptrend from 1.3222 (April 13 low) to 1.3792 (May 5 high). The break below the key 1.3500 level and below the 50-day moving average this week accelerated a decline to the 1.3400 area.  A top is now in place at the May 5 high of 1.3792 as the market reversed lower after reaching overbought levels when RSI rose above 70 in early May. RSI has now dipped [..]

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