USDCAD

Week ahead – Economic data and G7 summit highlight a calm week

Posted on August 23, 2019 at 1:12 pm GMT

There isn’t much on the calendar next week other than economic data, so it may be a relatively calm period as a turbulent summer draws to a close. The G7 summit in France could grab some headlines, but markets usually ignore such events. Instead, the focus may fall mainly on any trade news, as the US prepares to unleash new China tariffs on September 1. Euro area inflation numbers in sight as Draghi prepares for ‘last act’ In the euro [..]

Technical Analysis – USDCAD neutral below 1.3340 strong resistance

Posted on August 23, 2019 at 7:39 am GMT

USDCAD was unable to break the 1.3340 resistance for the third consecutive week but it managed to hold in an upward move and above an ascending trendline. Technically, the pair could maintain its neutral mood in the short-term as the RSI fluctuates sideways in the bullish area and the MACD stabilizes around its red signal line. The Ichimoku indicators (Tenkan-sen, Kijun-sen) are also flat, endorsing the lack of direction in the market price. A decisive close above the 1.3340 ceiling could bring the [..]

Daily Market Comment – Major pairs steady as markets await Fed minutes and Powell

Posted on August 21, 2019 at 8:19 am GMT

Major pairs hold within recent trading ranges as markets seek direction from the Federal Reserve Trump steps up rhetoric against China, reminding investors that trade war is here to stay Euro unfazed by Italian political crisis, pound see-saws on Brexit backstop headlines Calm in currency markets ahead of key Fed events Major pairs were trading sideways on Wednesday as markets turned cautious ahead of the minutes of the Fed’s July meeting and the upcoming speech by Fed Chairman Jerome Powell [..]

Canadian CPI and retail sales data unlikely to halt BoC rate cut bets as yields invert – Forex News Preview

Posted on August 19, 2019 at 2:25 pm GMT

Canada is not synonymous with the trade war and economic slowdown and yet markets are giving warning signs that the country is headed for a recession. Recent economic indicators have been largely encouraging, pointing to accelerated growth. This week’s upcoming data on inflation (Wednesday, 12:30 GMT) and retail sales (Friday, 12:30 GMT) are expected to be consistent with this trend. And yet the Canadian dollar is hovering near two-month lows versus the greenback on market bets that the Bank of [..]

Week Ahead – Fed minutes and Jackson Hole eyed for policy direction; ECB minutes and Eurozone PMIs also in focus

Posted on August 16, 2019 at 10:47 am GMT

The summer lull will continue into next week as economic releases will remain sparse. However, central bank minutes and the annual gathering of central bankers at the Jackson Hole Economic Symposium should generate plenty of headlines ahead of expected policy easings in September. Trade and geopolitical tensions will also come to the fore as world leaders attend a G7 summit in France. Aussie and kiwi to remain on the backfoot The Australian and New Zealand dollars have managed to steady [..]

Technical Analysis – USDCAD bulls still in play; need to crawl above 1.3340

Posted on August 16, 2019 at 7:14 am GMT

USDCAD managed to close slightly above the 200-day simple moving average (SMA) and the Ichimoku cloud, extending its gains for a fifth week and increasing the likelihood for an up-trending market. The bullish cross between the 20- and the 50-day SMA is also a positive trend signal. In terms of momentum, the rising MACD accompanied with the improving Tenkan-sen and the softening RSI suggest a bullish-to-neutral session for the short-term. If yet another rally is staged, the bulls should overcome [..]

Daily Market Comment – Dollar and stocks rally in relief after tariff delays

Posted on August 14, 2019 at 8:10 am GMT

US tariff exemptions lift risk sentiment – stocks soar, yen retreats But optimism tempered by weak Chinese data overnight UK inflation data and Eurozone GDP coming up Trump’s tariffs delay revives risk appetite, but is this a game changer? Global risk sentiment came roaring back on Tuesday, with US stock markets closing 1.5% higher and WTI oil gaining 4%, after the Trump administration said it will delay tariffs on several Chinese products until December and exempt some goods altogether. [..]

Daily Market Comment – Hong Kong concerns keep risk aversion in play

Posted on August 13, 2019 at 8:24 am GMT

Safe havens shine and stocks retreat – mainly on fears about Hong Kong Deteriorating political outlook in Italy likely adding to risk aversion Busy calendar today, with crucial UK, German, and US data coming up Stocks stumble on reports China may crack down on Hong Kong protests Risk aversion was the name of the game on Monday, as worrisome political headlines triggered another rotation away from risky assets like stocks, and into the safety of havens like the Japanese [..]

Technical Analysis – USDCAD bulls get rejected from 200-day SMA; bias bullish-to-neutral

Posted on August 9, 2019 at 7:28 am GMT

USDCAD got rejected by the 200-day simple moving average (SMA) and the 1.3300 level after an attempt to cross above the area and the Ichimoku cloud. The pair immediately gave up most of its gains made this week on Thursday, with the technical indicators suggesting a bullish-to-neutral bias for the short-term. The RSI is slowing towards its 50 neutral mark, the MACD is losing steam above its red signal line, while the red Tenkan-sen is flattening above the blue Kijun-sen. [..]

Canadian employment to rebound in July, but might not halt loonie’s slide – Forex News Preview

Posted on August 8, 2019 at 10:30 am GMT

Employment numbers out of Canada will be in focus on Friday at 12:30 GMT. As most other central banks rush to join the global rate cut frenzy, the jobs data will be watched closely for clues on whether the Bank of Canada is any closer to adopting an easing bias. However, despite the Bank of Canada’s neutral stance looking increasingly out of step with the rest of the world, the Canadian dollar has been on the slide since late July, [..]

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