USDCAD

Technical Analysis – USDCAD stalls above 23.6% Fibo; neutral in very short term

Posted on June 16, 2020 at 9:19 am GMT

USDCAD is trading around the vicinity of 1.3575, that being the 20-period simple moving average (SMA) after the rebound on the 23.6% Fibonacci retracement level of the bearish move from 1.4170 to 1.3315 at 1.3518. Looking to the short-term oscillators, the stochastic and the RSI promote slight improvements, despite diminished directional momentum. The stochastic is creating a bullish crossover within the %K and %D lines in the oversold zone, while the RSI is sloping north near the 50 level. Also, [..]

Daily Market Comment – Stocks slide again on second wave fears; Pound skids ahead of Brexit talks

Posted on June 15, 2020 at 8:42 am GMT

A resurgence of coronavirus cases sends stocks into a tailspin again Aussie takes a beating, yen and franc up, but gold unable to capitalize Pound extends losses as Johnson tries to kickstart stalled Brexit talks End of the risk rally? The unstoppable risk rally that’s pushed global stocks close to erasing their virus-led losses is in danger of faltering as fears of a second wave of infections intensify. Several states in America have seen a large increase in the number [..]

Week Ahead – BoE and Brexit could create perfect storm for pound; BoJ and SNB meet too

Posted on June 12, 2020 at 12:49 pm GMT

An upcoming summit of EU leaders could decide the fate of the European recovery fund and the direction of Brexit talks, setting up possible stumbling blocks for the euro’s and pound’s rebounds. The pound will also be keeping an eye on the Bank of England’s policy meeting, with more QE looking likely. The Bank of Japan’s and Swiss National Bank’s respective meetings are not expected to be as exciting. But as some of the recent optimism starts to fade, it [..]

Daily Market Comment – Markets plummet as second wave fears grip investors

Posted on June 12, 2020 at 8:56 am GMT

Worries of a second infection wave kill the euphoria in markets S&P 500 loses almost 6%, dollar and yen shine again, commodity currencies crumble But risk sentiment back on the mend Friday, with most moves retracing a little Just a mild correction or start of something bigger? Daily virus numbers might decide that Risk aversion returns with a vengeance Just when it seems that all the bears have capitulated and that stock markets can’t bleed anymore, risk sentiment falls apart [..]

Technical Analysis – USDCAD could gear up above 20-day SMA

Posted on June 12, 2020 at 7:54 am GMT

USDCAD flew straight to the 1.3600 territory and back above the 200-day simple moving average (SMA) on Thursday after stubbornly refusing to close below the 1.3400 level during the past few days. The strong rebound in the RSI, which jumped above its 30 oversold mark, and the improving MACD, provide encouragement that the pair could keep recouping losses in the short-term. Still, the battle with the 23.6% Fibonacci extension of latest downfall at 1.3633 and the 20-day SMA at 1.3680, which [..]

Daily Market Comment – Nasdaq rips higher ahead of Fed decision, dollar in agony

Posted on June 10, 2020 at 8:42 am GMT

No action expected from Fed today, but signals will determine whether the ‘risk party’ can keep going Dollar extends losses ahead of rate decision, Nasdaq hits new record high Sinking greenback raises all other boats – euro, pound, franc, and commodity currencies near highs We’ll also hear from key ECB and BoE officials, and the EU’s top Brexit negotiator Markets take a breather ahead of the Fed Risk appetite cooled a little on Tuesday in a move that generally looked [..]

Technical Analysis – USDCAD rebounds on 3-month low, surpassing 20-period SMA

Posted on June 9, 2020 at 1:29 pm GMT

USDCAD has been in declining movement over the last month but is currently trading above the three-month low of 1.3360. The stochastic oscillator is approaching the overbought zone; however, the RSI is pointing down after the touch on the neutral threshold of 50. Also, the red Tenkan-sen line is holding below the blue Kijun-sen line, suggesting more losses in the near term. A downfall below the 20-period simple moving average (SMA) could find immediate support at the three-month low of [..]

Daily Market Comment – Stocks back in the black, dollar selling takes a breather

Posted on June 9, 2020 at 10:28 am GMT

S&P 500 recoups all its losses for the year, Nasdaq hits new record Optimism echoed in FX too, with dollar struggling as commodity currencies hit multi-month highs However, we are seeing a reversal of these moves today – some profit taking? Looking ahead, much will depend on what the Fed does and whether a second wave hits the US S&P turns flat for 2020, Nasdaq cruises to new highs Fear has given way to greed in an impressive way over [..]

Technical Analysis – USDCAD challenges 3-month low; finds some footing at 200-day SMA

Posted on June 5, 2020 at 7:12 am GMT

USDCAD is trading around the vicinity of 1.3440 – 1.3515, being the bullish gap from March 6. The pair plunged to a three-month low of 1.3467 on Thursday’s session, hitting the flat 200-day simple moving average (SMA). The technical indicators are standing in oversold territories in the short-term. The MACD is still falling below its trigger and zero lines, while the RSI and the stochastic are flattening, suggesting a weak bearish momentum. If sellers continue to have control and drive [..]

Daily Market Comment – Dollar steadies as stocks pause rally; euro eyes ECB stimulus

Posted on June 4, 2020 at 8:33 am GMT

Dollar regains some positive footing as risk rally eases Euro takes a breather ahead of ECB decision Oil pulls back amid doubts about OPEC+ extending output cuts Dollar fights to end losing streak as stocks lose steam The US dollar fought back on Thursday to retain its reign over FX markets, which has come under threat over the past week as rising optimism about the global economy recovering from the pandemic has revived risk assets. The dollar index, which measures [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

How can we help?

Live Chat Terms