USDCAD

European Session – Euro rises above $1.08 after PMIs, dollar struggles on jitters ahead of US healthcare vote

Posted on March 24, 2017 at 4:03 pm GMT

The main focus of the markets was the healthcare bill in the United States, where the House of Representatives is set to vote on repealing and replacing Obamacare. With a lot of political wrangling within the Republican party that resulted in delaying the vote, US President Donald Trump announced yesterday he just wants to get on with the vote and proceed to more important legislation on tax reform and stimulus spending. The dollar has been little changed on the day, [..]

European Session – Dollar drifts lower ahead of US healthcare vote but pound up on strong retail sales

Posted on March 23, 2017 at 3:40 pm GMT

There was no reprieve for the US dollar today as the greenback continued to face steep selling pressure on growing doubts about the Trump administration’s ability to push through key legislation in Congress ahead of today’s vote on repealing Obamacare. The dollar was once again testing 111 yen in European trading, while the pound had another strong session, reclaiming the 1.25 level against the dollar after stronger-than-expected UK retail sales data. The debate in the US House of Representatives on [..]

European Session – Pound surges to 3-week high after UK inflation breaks BoE’s 2% target; Euro tests $1.08

Posted on March 21, 2017 at 3:01 pm GMT

The British pound was the best performing major currency in Tuesday’s European session as it was lifted from stronger-than-expected inflation data out of the UK. The euro was another star performer as it benefited from positive developments in the French presidential campaign, while the US dollar continued to drift lower. Annual inflation in the UK jumped to 2.3% in February, beating estimates of a milder increase to 2.1% from January’s 1.8%. This takes the headline rate to the highest since [..]

European Session – Pound slips on announcement of date to trigger Article 50

Posted on March 20, 2017 at 3:58 pm GMT

The US dollar index made some recovery during the European session after dipping to a six-week low of 100.02 in the Asian session. The antipodeans outperformed the greenback while the loonie was weaker today due to lower oil prices in the wake of the Baker Hughes oil rig count. The pound fell sharply on news of the Article 50 trigger date. In a relatively quiet day in terms of economic data releases, the main news of the day was the [..]

European Session – Dollar lacks momentum; G20 meeting on investors’ radar

Posted on March 17, 2017 at 4:10 pm GMT

Today’s European session was relatively quiet in terms of economic data with a few figures out of the US, including industrial output and the University of Michigan’s consumer sentiment survey, gathering most attention. Market participants are now preparing themselves for the G20 meeting that is to follow over the weekend. The dollar index, a measure of the greenback’s strength relative to the currencies of major trading partners to the US, was last slightly up for the day after rebounding from [..]

Week Ahead – RBNZ meeting eyed; Fed to remain under the spotlight as speakers lined-up

Posted on March 17, 2017 at 3:44 pm GMT

After an eventful week with central bank meetings and European elections, the next seven days will be relatively quieter. Inflation, retails sales and flash PMI estimates will be the dominant data theme, while central banks will continue to grab attention. The Reserve Bank of New Zealand will meet for its second policy meeting of the year and the Fed will find it hard to stay out of the headlines as key officials are scheduled to speak. UK retail sales to [..]

Investment Theme – Canadian dollar vulnerable to oil prices and US policies

Posted on March 16, 2017 at 3:59 pm GMT

The Canadian dollar has been range-bound due to various factors pulling it in different directions. The main risks to the loonie are oil prices and US President Donald Trump’s policies. Meanwhile the diverging monetary policies of the Bank of Canada and the Federal Reserve have weighed on the loonie. Some believe that the outlook for the Canadian dollar is dim mainly due to the widening gap in interest rates in the US and Canada as the Fed embarks on a [..]

Technical Analysis – USDCAD neutral to bullish above 1.3400

Posted on March 14, 2017 at 3:23 pm GMT

USDCAD has been consolidating just above the key 1.3400 level after the rally from the end of February to the high of 1.3534 on March 9 stalled. The bias shifted to bullish after several weeks of consolidation at the start of 2017, when prices were trapped below the key 1.3200 level. Prices oscillated around the 200-day moving average from mid-January until they finally broke above it and rose through the 50-day moving average and key 1.3200 level. Clearing these barriers [..]

European Session – Strong US jobs growth as rate hike seems to had been already priced in

Posted on March 10, 2017 at 4:11 pm GMT

As anticipated, the much-discussed US jobs report was first and foremost in investor minds today as, among others, it was widely viewed as the last factor that could sway the Fed’s final decision next week away from what seemed imminent, that is to hike rates in its upcoming meeting. Besides that, market participants also had to digest the jobs report out of Canada and some data out of the UK. The US nonfarm payrolls report showed an addition of 235,000 [..]

European Session – Euro gains on less dovish Draghi, Macron’s lead

Posted on March 9, 2017 at 4:01 pm GMT

The main event for the day was the European Central Bank’s policy meeting. The ECB kept monetary policy on hold as expected while its President, Mario Draghi, struck a less dovish tone than usual that helped boost the euro. In terms of economic releases, US initial jobless claims gathered most investor attention. The ECB left its key interest rates unchanged as it convened for its policy meeting today (refinancing rate at 0%, deposit rate at -0.4% and marginal lending rate [..]

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