USDCAD

BoC meeting: With a little anxiety from the US – Forex News Preview

Posted on July 14, 2020 at 10:03 am GMT

The Bank of Canada (BoC) will wrap up its policy meeting at 14:00 GMT Wednesday, and while no action is expected, the accompanying statement could still be crucial. Even though the Canadian economy is healing, the resurgence of infections in the US is scary given Canada’s exposure to America, and might lead policymakers to strengthen their easing bias. If so, that would argue for a negative reaction in the loonie. Longer term though, the stage seems set for a powerful [..]

Daily Market Comment – Wall Street stumbles as US-China tensions brew, virus cases surge

Posted on July 14, 2020 at 8:46 am GMT

Nasdaq falters as more US states roll back reopenings amid record new infections Sino-US tensions also upset stocks, but dollar and gold hold steady Markets braced for busy week as earnings, data and central bank meetings coming up Tech stocks in rare selloff Shares on Wall Street slipped late into the session on Monday as a persistent surge in new coronavirus cases across the United States unnerved investors. The tech-heavy Nasdaq Composite had been trading in record territory before reversing [..]

Week Ahead – US, China data to keep recovery theme going; ECB, BoJ and BoC meet

Posted on July 10, 2020 at 12:38 pm GMT

There will be no shortage of big headline events over the next few days as major data releases, central bank meetings and an EU gathering should make for a busy week. However, the primary focus will be on the recovery story amid further spikes in coronavirus cases in several countries, including the United States. Retail sales numbers out of America and second quarter GDP figures from China should reveal whether the growth rebound is maintaining momentum. On the other hand, [..]

Daily Market Comment – Virus acceleration and politics upset markets

Posted on July 10, 2020 at 9:00 am GMT

Wall Street loses altitude, dollar regains ground on US virus spike, Biden remarks But Nasdaq defies gravity, hits new records on relentless ‘defensive tech’ demand In the bigger picture, most charts have gone nowhere for a month now – blame the Fed? Flood of distressing news overpowers stimulus hopes Risk aversion made a comeback on Thursday as a flurry of alarming headlines led investors to cut their exposure to riskier assets, in fear that the avalanche of stimulus globally may [..]

Technical Analysis – USDCAD confronts downtrend line fortified by 40-day SMA

Posted on July 10, 2020 at 7:55 am GMT

USDCAD is currently tackling the downtrend line drawn from the 50-month high of 1.4667 achieved on March 19, aligned with the falling 40-day simple moving average (SMA). Further hindrance is arising from the overlapping 1.3633 level, that being the 23.6% Fibonacci retracement of the down leg from 1.4667 to 1.3314. The bulls seem to have backing from the oscillators that reflect improving positive momentum in the near-term. The MACD, in the negative region, holds above its red trigger line near [..]

Technical Analysis – USDCAD confronts downtrend line fortified by 50-day SMA

Posted on July 10, 2020 at 7:24 am GMT

USDCAD is currently tackling the downtrend line drawn from the 50-month high of 1.4667 achieved on March 19, aligned with the falling 50-day simple moving average (SMA). Further hindrance is arising from the overlapping 1.3633 level, that being the 23.6% Fibonacci retracement of the down leg from 1.4667 to 1.3314. The bulls seem to have backing from the oscillators that reflect improving positive momentum in the near-term. The MACD, in the negative region, holds above its red trigger line near [..]

Daily Market Comment – Nasdaq and gold take to the skies, dollar tanks

Posted on July 9, 2020 at 9:04 am GMT

Stocks and commodity currencies grind higher without much news Sinking dollar lifts all FX boats, pound and loonie capitalize the most Gold rally keeps rolling – has bullion changed roles with the dollar? Weekly US jobless claims today to reveal initial impact of re-closures Investors stick to crisis playbook, buy tech shares and gold News flow was rather limited on Wednesday, helping global markets to stay in a good mood since ‘no news is good news’ these days, with such [..]

Loonie left behind in risk rally, can jobs data help? – Forex News Preview

Posted on July 8, 2020 at 2:01 pm GMT

The Canadian dollar has underperformed other G10 commodity currencies lately, eating the dust of the aussie and the kiwi since markets bottomed in March, despite a powerful rally in oil prices. This might reflect uncertainties emanating from the US, which Canada’s economy is highly exposed to, and the threat of new tariffs. The upcoming jobs data at 12:30 GMT Friday could finally bring some good news, though the loonie’s broader direction in the coming weeks will depend mostly on risk [..]

Daily Market Comment – Markets pause to assess risks after leaping higher

Posted on July 7, 2020 at 9:21 am GMT

Currencies and equities in a more cautious mood Tuesday, as China-led euphoria peters out Dollar regains its footing but only mildly, aussie drops after Melbourne goes into full lockdown Risk/reward outlook for ‘risk trades’ seems quite unattractive from here Soaring Chinese stocks lift all boats, but enthusiasm fades Global markets staged a powerful rally to kick off the new week. Stock indices in most regions closed with solid gains while the defensive US dollar edged lower, with no real catalyst [..]

Week Ahead – Markets torn between conflicting narratives

Posted on July 3, 2020 at 12:48 pm GMT

The coming week looks relatively quiet in terms of crucial events, with the only highlights being the Reserve Bank of Australia (RBA) policy meeting and some economic data out of the US and Canada. As such, the dominant theme that will likely drive both currency and equity markets will be how the global virus picture evolves, particularly in the US, as the epic battle between stimulus-powered bulls and virus-fearing bears rages on. Bears wave the white flag Global markets continue [..]

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