USDCAD

Daily Market Comment – Stocks jump on virus drug hopes; Fed’s blank cheque pressures dollar

Posted on April 30, 2020 at 8:21 am GMT

Global stocks extend gains on potential treatment for coronavirus and dovish Fed But Trump’s China blame-game caps gains Powell signals more stimulus may be needed, puts dollar on backfoot ECB next on the agenda; will it pump more stimulus? Remdesivir boosts stocks again despite question marks Positive results from two clinical trials on the effectiveness of Gilead’s remdesivir drug once again raised hopes that the deadly coronavirus that has plunged the global economy into its worst crisis can be defeated. [..]

Technical Analysis – USDCAD flirts with sharper selling interest; neutral in near term

Posted on April 30, 2020 at 6:37 am GMT

USDCAD came close to ending the day near the 1.3850 support level, near the lower surface of the Ichimoku cloud, posting a strong sell-off session. This movement drove the simple moving averages (SMAs) to complete a bearish crossover in the short-term, and the technical indicators to head sharply lower. The stochastic is hovering in the oversold zone, while the RSI indicator is diving in the negative territory. A stronger downside movement could see immediate support of the 50.0% Fibonacci retracement [..]

Daily Market Comment – Oil plunges again despite lockdown exits; gold down too

Posted on April 28, 2020 at 8:34 am GMT

Threat of another crash in oil prices after biggest oil ETF dumps holdings in June contracts But markets otherwise enjoying a rare calm as lockdown measures are slowly relaxed Stocks and dollar hold steady but gold and kiwi skid Oil’s woes persist as WTI plunges WTI oil futures are on track for a second day of hefty losses as the commodity remains heavily pressured after the biggest oil exchange-traded fund (ETF) yesterday said it plans to sell all its WTI [..]

Oil drowns in a flood of supply, no lifejacket for now – Special Report

Posted on April 24, 2020 at 12:46 pm GMT

Oil prices traded negative for the first time ever this week, as physical space to store the liquid has almost run out amidst an oversupply of epic proportions. In the near term, there’s little that can save oil prices, and we might even see a repeat of the oil-crash movie in mid-May as storage space runs out entirely. That said, if and when storage room runs out, that could also be the point of ‘peak oversupply’ and perhaps the bottom [..]

Daily Market Comment – Drug disappointment burns stocks; Euro crumbles

Posted on April 24, 2020 at 9:06 am GMT

Equities turn red after would-be miracle drug Remdesivir fails clinical trial Euro dives as EU drags feet on recovery fund, disagrees on debt sharing Yen pares gains on reports BoJ will ramp up stimulus next week Oil extends bounce, but rebound likely fragile Virus-drug disappointment bites stocks A rally in global stock markets faltered yesterday, with the S&P 500 giving up early gains to close practically flat and futures pointing to more pain on Wall Street today, following headlines that [..]

Technical Analysis – USDCAD stalls around mid-Bollinger band; momentum freezes

Posted on April 24, 2020 at 7:39 am GMT

USDCAD stunned, is resting at the mid-Bollinger band around 1.4070 after a deflection off the upper band at the 1.4263 level, that being the 23.6% Fibonacci retracement of the up leg from 1.2951 to 1.4667. The price appears undecided for now as do the short-term oscillators, which display conflicting directional signals. The MACD is in the positive area but only just above its red trigger line, while the RSI has bounced off its 50 neutral mark, improving marginally. Yet, the [..]

Daily Market Comment – Trump threatens war with Iran, lifts oil

Posted on April 23, 2020 at 9:02 am GMT

Trump turns up the aggression with Iran, oil likes it But unlikely that this is a sustainable rebound Euro suffers after terrifying PMIs, awaits EU leaders meeting Stocks recover, yet safe havens thrive too Oil prices recover as Trump rattles sabers with Iran All the troubles in the oil market were magically resolved by a single tweet from the US President yesterday, who said that he instructed the US Navy to destroy any Iranian gunboats harassing American ships at sea. [..]

Daily Market Comment – Oil carnage spreads to stocks

Posted on April 22, 2020 at 9:22 am GMT

Oil price collapse continues, sending shivers through stock markets Trump signals bailouts for US producers, but paradoxically, that could worsen oil’s plunge Dollar pares gains after Trump’s bailout talk, pound softens on Brexit comments Euro in focus as investors flee Italian bonds before tomorrow’s EU summit Trump hints at bailouts as oil crumbles Energy markets can’t catch a break, with Brent following WTI lower this time to touch a low last seen during the Gulf war, as the devastation in [..]

Daily Market Comment – Oil trades negative as storage space runs out

Posted on April 21, 2020 at 9:18 am GMT

WTI oil price goes negative as physical storage space runs out Loonie and other oil-sensitive currencies retreat But little impact in other assets – mild risk aversion only Yen and dollar gain on defensive flows, stocks turn red, kiwi drops Oil price turns negative as energy market craters For the first time ever, the price on a barrel of WTI crude oil fell to zero yesterday and then traded negative, falling as low as -$40.32/barrel in a move so unprecedented [..]

Technical Analysis – USDCAD pops higher, but still in bear mode

Posted on April 20, 2020 at 12:09 pm GMT

USDCAD recovered somewhat in recent sessions, but the pair is still printing lower highs on the four-hour chart, which keeps the near-term outlook cautiously negative. For the short-term picture to improve to neutral, the bulls would need to push the market above 1.4350. Short term oscillators suggest that the latest recovery could continue for now. The RSI has crossed above 50 and is pointing up, while the MACD – already positive – is now testing its trigger line, an upside [..]

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