USDCAD

Daily Market Comment – Dollar surges after strong US jobs report but stocks slide

Posted on July 8, 2019 at 8:06 am GMT

US dollar roars higher on surprise jump in US payrolls But stocks are sold off as investors trim expectations of aggressive Fed rate cuts Attention now turns to Powell’s semi-annual testimony in Congress for policy clues Strong US jobs report puts dollar back in the front foot The US dollar was trading close to Friday’s highs today when it surged on the back of a much better-than-expected nonfarm payrolls report. The US economy added 224k jobs in June, significantly higher [..]

Week Ahead – BoC meeting eyed as loonie rallies; UK and Chinese data in focus amid slowdown fears

Posted on July 5, 2019 at 10:12 am GMT

Economic releases will be somewhat sparser in the coming week but there will be several key data to keep an eye on as well as central bank activity that could shape expectations of future monetary policy. The Bank of Canada meets for its latest policy decision and will probably resist making a dovish tilt, while the minutes of the Federal Reserve’s and the European Central Bank’s last policy meetings will be watched for clues on their upcoming decisions later this [..]

Daily Market Comment – US payrolls could decide how deep Fed cuts in July

Posted on July 5, 2019 at 8:24 am GMT

US employment data today will be crucial for Fed rate-cut expectations and the dollar Canadian jobs figures also due, as loonie touches new 2019 high In Europe, bond markets continue to price in QE, but euro snoozes US payrolls may dictate how deep Fed cuts in July and dollar’s path After a relatively quiet session on Thursday, the spotlight will fall on the US employment data today. Markets are still pricing in a ~25% probability for a ‘double’ rate cut [..]

Technical Analysis – USDCAD creates some pullback near 7-month low

Posted on July 5, 2019 at 6:42 am GMT

USDCAD has come under renewed selling pressure following the bounce off the 1.3430 resistance level and the 40-simple moving average (SMA). Despite the latest pullback though, the pair continues to post fresh lows, hitting a seven-month trough around 1.3035. Looking at momentum oscillators on the daily chart though, they suggest further declines may be on the cards in the short-term. The stochastic is still developing in the oversold territory but it seems ready to turn higher, suggesting an overstretched market. The MACD remains [..]

Daily Market Comment – US stocks sail into uncharted waters; loonie shines

Posted on July 4, 2019 at 8:00 am GMT

American equities soar to record highs, as ‘bad news is good news’ again Loonie advances to best levels this year on Fed-BoC policy divergence Trump calls for weaker dollar, but dollar yawns US stocks hit new records American equity markets sailed into uncharted waters yesterday, with all the major indices – the S&P 500 (+0.77%), Dow Jones (+0.67%), and Nasdaq Composite (+0.74%) – closing at new record highs. In a classic case of ‘bad news is good news for stocks’, [..]

Canadian jobs data eyed as loonie flirts with year highs – Forex News Preview

Posted on July 3, 2019 at 2:26 pm GMT

The Canadian employment data for June will hit the markets on Friday at 12:30 GMT. Forecasts point to a relatively soft report, which if confirmed, could take some shine off the loonie. In the big picture though, the outlook for the currency remains bright, as the Bank of Canada (BoC) may be the only major central bank that won’t cut rates soon. The Canadian economy has been an oasis of strength lately, even as the data pulse in most other [..]

Daily Market Comment – Lagarde to succeed Draghi at ECB; US data eyed

Posted on July 3, 2019 at 8:34 am GMT

Lagarde to take over ECB after Draghi; markets bet on more QE BoE’s Carney strikes dovish tone, drags pound down Oil retreats as traders ‘sell fact’ after OPEC US ADP jobs and ISM non-manufacturing to drive dollar today IMF’s Lagarde chosen as next ECB chief In an otherwise quiet session on Tuesday, the biggest piece of news was that EU leaders finally reached a consensus on who to nominate for the Union’s top jobs. German defense minister Ursula von der [..]

Daily Market Comment – RBA cuts, but aussie won’t stay down; dollar recovers

Posted on July 2, 2019 at 8:09 am GMT

RBA reduces rates again, but aussie remains unfazed Dollar recovers as July rate-cut bets are scaled back EU leaders resume talks over top jobs; Global PMIs due RBA cuts, but can’t keep the aussie down The Reserve Bank of Australia (RBA) slashed interest rates earlier today, for the second time in two meetings, indicating that the move will help reduce unemployment and boost inflation. The cut was widely signaled in advance and largely priced in ahead of the event, so [..]

As the OPEC meeting concludes, what’s next for oil? – Commodity News

Posted on July 1, 2019 at 3:45 pm GMT

The Organization of Petroleum Exporting Countries (OPEC) is meeting in Vienna, and the latest headlines suggest a nine-month extension of the existing production cuts is nearly certain. With OPEC’s output plans now clear, oil prices will take their cue from how the US-China trade talks and the situation with Iran unfold. Trade optimism may keep crude supported for now, with the risk of a corrective pullback increasing drastically if the talks show no real signs of progress later in the [..]

Daily Market Comment – US and China agree to ceasefire, stocks & dollar cheer

Posted on July 1, 2019 at 8:53 am GMT

Trade ceasefire propels stocks and dollar higher, sends safe havens lower Oil rejoices on trade truce and OPEC agreement ISM manufacturing PMI today may be crucial for Fed expectations Risk sentiment lifted as Trump & Xi decide to restart trade talks The pivotal meeting between the American and Chinese leaders concluded with the two sides agreeing to restart trade negotiations and hold off on imposing any new tariffs ‘for the time being’. What stood out was that the US also [..]

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