USDCAD

Canadian retail sales to continue rebound in August; loonie braces for election results – Forex News Preview

Posted on October 21, 2019 at 3:46 pm GMT

Retail sales numbers for August are due out of Canada on Tuesday at 12:30 GMT. However, traders are likely to be more preoccupied with the outcome of Monday’s federal election in Canada where the incumbent prime minister, Justin Trudeau, is in a closely fought race with his Conservative rival, Andrew Scheer, with the two parties neck-and-neck in the polls. The Canadian dollar has been buoyed recently, rallying to 3-month highs versus the US dollar, as trade war and Brexit worries [..]

Week Ahead – Draghi’s last ECB meeting and Brexit vote to headline muted data week; flash PMIs eyed too

Posted on October 18, 2019 at 11:59 am GMT

It will be relatively quiet on the data front in the coming week with just a handful of top-tier releases, but Mario Draghi’s last ever policy meeting at the helm of the European Central Bank should make for an interesting week. The ECB meeting will not be the only policy gathering in Europe as the Swedish and Norwegian central banks will also be setting monetary policy. Brexit, meanwhile, will remain centre stage as a rejected deal could greet traders on [..]

Daily Market Comment – Brexit deal done, but will Parliament approve?

Posted on October 18, 2019 at 8:42 am GMT

New Brexit deal heads to a vote in the UK Parliament on Saturday A rejection may see sterling open lower, but any retreat to stay short-lived Syria ceasefire pushes Turkish lira higher Several Fed officials speak today – crucial for October rate-cut pricing There and back again: A Brexit deal story After a week of intense negotiations, the EU and the UK finally reached a Brexit deal yesterday, which will be put to the British Parliament on Saturday for a [..]

Technical Analysis – USDCAD tests long-term support trendline; bias remains bearish

Posted on October 18, 2019 at 7:08 am GMT

USDCAD is testing a long-term support trendline drawn from the 2017 trough after repeatedly failing to beat the tough wall around 1.3340. The bearish bias is still intact given the falling MACD and the negative direction in the RSI and therefore additional downside corrections are possible. Yet, in case the bearish action proves too weak to break under the support trend-line, the market could stage a rebound towards the 1.3240 resistance before retesting the 1.3340 obstacle if it manages to surpass the [..]

Daily Market Comment – Sterling all over the place amid Brexit rollercoaster

Posted on October 17, 2019 at 8:15 am GMT

Conflicting Brexit headlines pull the pound in all directions Dollar retreats after disappointing US retail sales, euro capitalizes Aussie jumps after decent jobs data curb bets for RBA rate cuts Pound goes for another rollercoaster ride The British pound remains in the eye of the storm, with a barrage of conflicting Brexit headlines yesterday pulling the currency in all directions. A deal wasn’t reached, though progress has seemingly been made, and the negotiations will continue today. That said, both sides [..]

Daily Market Comment – Symbolic trade deal lifts sentiment; sterling cools

Posted on October 14, 2019 at 8:24 am GMT

US and China reach ‘mini’ trade deal, but markets remain skeptical Pound pulls back as DUP signals it might not support Boris’s deal Loonie soars after Canadian jobs data beat estimates Trade truce lifts stocks, sends yen lower Global risk appetite got a boost on Friday, with stocks edging higher while safe havens like the Japanese yen surrendered ground, after the world’s two largest economies reached a truce in their fiery trade battle. This ‘limited’ trade agreement will see China [..]

Week Ahead – Big week for Chinese data; make or break time (again) for Brexit

Posted on October 11, 2019 at 12:49 pm GMT

Monthly reports on inflation, retail sales and employment will get into full swing next week, but China is likely to steal the limelight as it will have the busiest calendar. All eyes will be on the third quarter GDP estimate as China battles to prevent a hard landing of its economy amid a deepening trade dispute with the United States. But the ongoing trade war isn’t the only thing that will be causing fatigue for investors as the Brexit drama [..]

Technical Analysis – USDCAD bears reverse below 200-day SMA and 50.0% Fibonacci

Posted on October 11, 2019 at 9:33 am GMT

USDCAD trades between the converging simple moving averages (SMAs) with the sellers attempting to move underneath the 50-day SMA, after a deflection off the upper band of a two-month trading range. The signals from the tangled SMAs are indistinct. However, the MACD, although marginally above its red trigger line in the positive zone, looks to cross beneath it, while the RSI is flirting with the uptrend line, which has presently merged with the neutral 50 mark. Despite a near term [..]

Daily Market Comment – Trade optimism lifts risk assets; pound soars after UK and Ireland see “pathway” to deal

Posted on October 11, 2019 at 8:08 am GMT

Risk sentiment boosted after Trump says negotiations were “very, very good” Safe havens retreat along with US dollar, but caution keeps gold elevated Pound skyrockets after UK and Irish PMs say they see “pathway to possible deal” Renewed optimism that US and China can de-escalate tensions Signs that the US and China were making much-needed progress in their long-running trade dispute lifted market sentiment on Friday, leading to a broad-based risk-on mood. President Trump told reporters the talks are “going [..]

Canada’s jobs data in focus as loonie can’t catch a break – Forex News Preview

Posted on October 9, 2019 at 1:23 pm GMT

The latest employment data out of Canada – at 12:30 GMT on Friday – will reveal whether the economy remains an oasis of strength in an otherwise weakening global environment. Forecasts point to another decent month, but PMI surveys were not as optimistic, suggesting that a disappointment in the jobs data may be more likely. As for the loonie, the outlook seems negative. If monetary policy divergence wasn’t enough to propel the currency higher in recent months, it’s difficult to [..]

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