USDCAD

Technical Analysis – USDCAD climbs higher but is capped by 20-SMA

Posted on January 10, 2020 at 7:18 am GMT

USDCAD recorded its third day of gains after a failed attempt to break significantly below the 21-month low of 1.2950 on Tuesday. In the longer-term timeframe, the pair is still moving in a bearish direction. Chances for a short-term reversal are increasing as the stochastic oscillator is approaching its overbought territory. Moreover, the MACD posted a bullish crossover with its trigger line in the bearish area, suggesting a possible upside correction. However, the pair hit the 20-period simple moving average [..]

Loonie braces for Canadian jobs data and Poloz’s speech – Forex News Preview

Posted on January 9, 2020 at 1:26 pm GMT

The latest employment figures out of Canada will be released at 13:30 GMT on Friday. Recent data have been disappointing, which puts extra emphasis on the upcoming numbers to either confirm that the economy is losing steam or dispel such concerns. As for the loonie, the risks surrounding its reaction seem asymmetric, with any disappointment generating bigger losses compared to the corresponding gains in case the data beat expectations. Separately, BoC Governor Poloz will speak today at 19:00 GMT, and [..]

Daily Market Comment – Iran attacks US bases, but risk aversion doesn’t last

Posted on January 8, 2020 at 9:40 am GMT

Safe havens spike higher, stocks drop as Iran hits US bases in Iraq Yet, risk aversion fades as both sides show little appetite for more escalation Meanwhile, dollar advances on healthy US data, aussie burned by wildfires Oil and gold jump, stock futures briefly dip after Iran strikes back Tehran didn’t take long to retaliate against the US assassination of its most powerful general, as overnight Iran attacked with ballistic missiles two military bases in Iraq that are hosting American [..]

Daily Market Comment – Geopolitical fears ease, but risk sentiment remains fragile

Posted on January 7, 2020 at 9:47 am GMT

Safe havens pull back, stocks recover as some geopolitical risk is priced out Alas, it might be only a matter of time before Middle East fears resurface – how will Iran retaliate? In economics, the ISM non-manufacturing PMI today may prove crucial for the dollar Yen retreats, stocks rebound as Middle East worries ease – for now Global risk appetite improved on Monday, with defensive currencies such as the Japanese yen surrendering some recent gains while US stocks recovered lost [..]

Week Ahead – US jobs report to heat things up after holiday snooze

Posted on January 3, 2020 at 12:30 pm GMT

Markets will get back into full gear next week as traders return from their festive breaks and the economic data start rolling again. The spotlight will be on the nonfarm payrolls report in the United States, but key indicators out of the Eurozone, China, Canada and Japan should also attract attention. With the trade optimism setting the market mood at the end of 2019 and the start of 2020, there’s a risk the incoming data may not support the brightening [..]

Technical Analysis – USDCAD struggles near 21-month low after dramatic slump

Posted on January 3, 2020 at 8:13 am GMT

USDCAD continues the strong sell-off over the last six days, hitting a new 21-month low of 1.2950, at the end of last year. After the bearish cross within the 20- and 40-simple moving averages (SMAs), the price started a downside rally, falling below the 1.3015 – 1.3040 key area. However, from a technical viewpoint, the stochastic oscillator is ready to create a bullish crossover within the %K and %D lines in the oversold zone, suggesting a pause of the negative [..]

Technical Analysis – USDCAD ready to test 2019 lows

Posted on December 31, 2019 at 10:32 am GMT

USDCAD posted significant losses in recent days, with the pair now looking ready to test the 2019 low of 1.3015 at any moment. If sellers manage to pierce and close below that zone, that would turn the broader picture to negative, setting the stage for more declines in the New Year. Short term momentum oscillators are endorsing the bearish picture. The RSI is currently testing its 30 line, while the MACD – already negative – is also below its red [..]

FX Year Ahead 2020: Turnaround or same old blues? – Special Report

Posted on December 30, 2019 at 3:33 pm GMT

While 2019 was a turbulent year to be sure, every asset class still managed to end in the green, mainly thanks to central bank stimulus. In the FX space, the winners were the Canadian dollar and British pound, the US dollar was almost flat, while the euro underperformed. Looking into 2020, many risks still hang over the euro as the Eurozone is hardly growing, and while many strategists are calling for the dollar’s demise, that seems unlikely unless the Fed [..]

Daily Market Comment – Dollar recovers some poise, stocks hit new records

Posted on December 23, 2019 at 9:51 am GMT

Solid US data propel equities higher alongside the greenback Loonie stumbles as retail sales plunge, oil prices pull back Liquidity may remain thin overall, so any piece of news – or a tweet – might shake markets Dollar rebounds in quiet markets; stock rally in full swing It was a relatively quiet session in the FX market on Friday, as things started to wind down for the holiday season and news flow was thin. The overarching theme was an increased [..]

Week ahead – Markets to enter holiday lull, but mind the volatility risk

Posted on December 20, 2019 at 1:34 pm GMT

As 2019 draws to a close, markets are set to enter a quiet period over the next couple of weeks, with no central bank meetings on the agenda and little economic data to keep traders entertained. That doesn’t mean that everything will be calm though, as liquidity will probably be very thin, making sharp price moves possible even without much news. US durable goods orders on the dollar’s sleigh In the world’s biggest economy, the sole data release will be [..]

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