USDCAD

Daily Market Comment – Powell warns of lasting virus damage, empowers dollar but sinks stocks

Posted on May 14, 2020 at 8:49 am GMT

Fed Chair Powell delivers bleak assessment of US economy but rules out negative rates Dollar stands tall as Wall Street takes a dive, pulling global stocks with it Pound and kiwi slip to multi-week lows, aussie and loonie also on the backfoot Powell’s dire warnings kill hope of speedy recovery Fed Chairman Jerome Powell’s much anticipated speech took centre stage on Wednesday as the head of the world’s most powerful central bank delivered a detailed but grim view of the [..]

Technical Analysis – USDCAD in sideways market; weakens below moving averages

Posted on May 12, 2020 at 11:14 am GMT

USDCAD seems to have deflected off the capping 200-period simple moving average (SMA) after its latest attempt to gain ground within a range that commenced around April 6. The price has just pushed below the 1.4011 level, that being the 38.2% Fibonacci retracement of the up move from 1.2951 to the 50-month high of 1.4667 and is now at the mid-Bollinger band around 1.3980. Looking at the short-term oscillators, they confirm the recent downturn in price with the RSI dipping [..]

Daily Market Comment – Fed talks down negative rates, dollar likes it

Posted on May 12, 2020 at 8:27 am GMT

Dollar jumps as Fed officials downplay prospect of negative rates in the US Stocks slip as growing fears of second wave of infections weigh on sentiment Central banks in focus: more Fed speakers on the way, RBNZ decision awaited US yields rise as negative rate expectations fade The US dollar held onto its gains on Tuesday after surging yesterday on the back of rising Treasury yields. The yield on two- and five-year Treasury notes hit record lows on Friday as [..]

Daily Market Comment – Stocks soar ahead of worst NFP ever on bets Fed will go negative

Posted on May 8, 2020 at 8:42 am GMT

US nonfarm payrolls today will be a horror show, but will markets care? Stocks set for more gains on trade news and bets Fed will cut to negative Dollar and yen retreat amid risk-on mood, but losses limited Commodity currencies climb, loonie eyes its own jobs report Worst nonfarm payrolls ever, by far The disconnect between sanguine financial markets and an imploding real economy grows larger by the day, as bets for more and more stimulus are leading Wall Street [..]

Technical Analysis – USDCAD steers lower, trapped inside a trading range

Posted on May 8, 2020 at 7:26 am GMT

USDCAD is currently declining towards the lower band of the Ichimoku cloud, though it is still confined within a consolidation pattern that commenced on April 6. Looking towards the Ichimoku lines and the cloud, they suggest the sideways market may endure a while longer, with their somewhat horizontal tone. Turning to the short-term oscillators, they too portray a phase of starved momentum, although they are slightly tilting negative for now. The MACD, in the positive area is under its red [..]

Daily Market Comment – Yen smiles as stocks struggle for direction

Posted on May 7, 2020 at 9:40 am GMT

Yen and dollar shine amid dire US and EU data, trade tensions, bankruptcy fears Stocks close lower, but solid Chinese trade numbers lift futures and aussie Pound perks up after BoE keeps stimulus powder dry, but risks linger US jobless claims on the menu today; can equities continue to defy gravity? Yen and dollar stand tall as traders weigh risks Stock markets have been partying like central bankers invented a virus vaccine in recent weeks, but some realism may be [..]

Canada’s jobless rate to skyrocket; may fuel negative rate speculation – Forex News Preview

Posted on May 7, 2020 at 5:52 am GMT

Employment numbers for April are due out of Canada on Friday (12:30 GMT) but as far as jobs reports go, this will be one that nobody will be looking forward to. Canada has been no exception in the global pandemic of the coronavirus and after losing one million jobs in March, the employment picture is about to get much worse. But as the economy faces a once in a generation crisis, the Bank of Canada’s newly appointed governor is causing [..]

Daily Market Comment – German ultimatum sinks euro, yen capitalizes

Posted on May 6, 2020 at 10:57 am GMT

Euro crumbles after German courts challenge ECB stimulus Outlook still bleak, this is the last thing the fragile Eurozone needs Stocks trim gains on Fed gloom and Congressional ‘pause’, yen climbs Today: ADP data will give a taste of what’s on Friday’s NFP menu Euro falls apart as Germany challenges ECB The single currency came under heavy fire yesterday, after Germany’s top court ruled that the ECB’s asset purchases were unconstitutional. The judges gave the European Central Bank three months [..]

Daily Market Comment – Wall Street snaps back, but FX not convinced

Posted on May 5, 2020 at 11:04 am GMT

US stocks bounce back on medical headlines, rising oil prices, tech strength But FX market signals caution – yen and dollar hold strong, gold too Are investors piling into tech because of re-opening fears and US-China tensions? Euro suffers after German court decision on ECB asset purchases Stock markets storm higher Wall Street continues to defy economic gravity, with all three major US stock indices recouping early losses on Monday to close higher, brushing aside the simmering tensions between Washington [..]

Daily Market Comment – Specter of trade war returns to haunt stocks

Posted on May 4, 2020 at 9:15 am GMT

US stocks drop on Amazon earnings, fall further as US-China tensions flare up Finally discounting the long-term impact on consumption, psychology, and (de)globalization? Yen and dollar shine as risk aversion returns, aussie and kiwi suffer US-China tensions reintroduce stocks to gravity The stimulus-fueled bear rally in global stocks seems to be running on fumes, with optimism evaporating after some distressing remarks by Amazon cast doubt on the sustainability of this heavily concentrated market, and the US-China trade war came back [..]

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