USDCAD

BoC meeting: Cautious, but less than markets expect – Forex News Preview

Posted on April 22, 2019 at 2:57 pm GMT

The Bank of Canada (BoC) will announce its latest policy decision on Wednesday at 14:00 GMT. No action is expected, so all eyes will be on the accompanying statement, updated forecasts, and Governor Poloz’s tone. Markets seem to expect an overly dovish message, and while the Bank is indeed likely to appear cautious overall, it is unlikely to go as far as abandon its rate-hike plans completely – which generates an upside risk for the loonie. The Canadian economy hit [..]

European Open Preview – Oil jumps as US ‘tightens the screws’ on Iran

Posted on April 22, 2019 at 7:58 am GMT

Oil soars as US prepares to impose full sanctions on Iran Currencies enter holiday lull Loonie eyes BoC policy meeting on Wednesday Oil jumps as US ‘tightens the screws’ on Iran Energy markets came back to the forefront on Monday, following reports that Washington is set to announce that all Iranian oil exports will soon face ‘full’ sanctions, ending the waivers it had granted previously to key customers of Iran, like China, Japan, and India. Oil prices surged to fresh [..]

Week Ahead – US next to report Q1 GDP; BoC and BoJ meet amid growth worries

Posted on April 19, 2019 at 9:31 am GMT

After China’s upbeat growth numbers this week, all eyes will be on the US economy’s performance during the first quarter. Aside from the US GDP, it’s going to be a rather quiet seven days for economic data due to the shortened Easter week but there will be two major central bank meetings to keep traders at their desks. The Bank of Canada and the Bank of Japan will announce their latest policy decisions in the coming days. Aussie looks to [..]

European Open Preview – Dollar powers ahead on strong US data; euro stumbles

Posted on April 19, 2019 at 8:07 am GMT

US dollar and Wall Street lifted by solid economic data and earnings But euro, pound, aussie and kiwi turn lower on Eurozone woes, resurgent dollar Thin liquidity expected today as many markets closed for Good Friday US recession fears ebb after retail sales bounce Dollar bulls made a comeback on Thursday after retail sales in the US unexpectedly surged in March and weekly jobless claims fell to their lowest in nearly half a century. The data once again highlighted the [..]

Technical Analysis – USDCAD finalizes symmetrical triangle formation

Posted on April 19, 2019 at 7:16 am GMT

USDCAD had another uneventful week as it was congested within the 1.33 area. According to the RSI and the MACD the pair is likely to continue consolidating in the short-term as both indicators show no clear direction. Yet and more interesting, the market seems to be completing a symmetrical triangle, hinting that the sideways move may soon come to an end. A breakout from the upper trendline currently seen around 1.34 would mark the start of a bullish phase, while only a close above 1.3445 would confirm a growing uptrend. Further up, the area [..]

European Open Preview – Wall Street pulls back; euro hit by German PMIs

Posted on April 18, 2019 at 8:34 am GMT

US markets retreat as healthcare stocks ‘feel the Bern’ Moves in FX generally subdued, but euro takes a hit after German PMIs Retail sales data coming up in UK, US, and Canada today Wall Street inches down as healthcare stocks weigh ‘Sanders risk’ US equity markets retreated modestly on Wednesday, with losses in the healthcare sector eclipsing encouraging earnings elsewhere. The benchmark S&P 500 fell by 0.23%, weighed down by pharmaceutical giants UnitedHealth (-1.87%), Pfizer (-2.49%), and Merck (-4.72%), among [..]

European Open Preview – Aussie jumps on China GDP boost but limited gains for stocks

Posted on April 17, 2019 at 8:14 am GMT

Fears of a global slowdown ease substantially after China posts stronger-than-expected GDP data for the first quarter The data lifts risk-assets with the Australian dollar being the main beneficiary But broader gains are limited amid caution about the outlook China GDP beats expectations, industrial output surges Markets cheered upbeat economic figures out of China on Wednesday, continuing the series of positive numbers out of the country over the past couple of weeks. China’s economy expanded by 6.4% year-on-year in the [..]

Loonie awaits Canadian data as oil rally takes breather – Forex News Preview

Posted on April 16, 2019 at 11:45 am GMT

The loonie has traded sideways lately, as support from a rally in oil prices was offset by growing speculation for rate cuts by the Bank of Canada (BoC). In this context, the inflation data due on Wednesday and the retail sales figures on Thursday could be pivotal for the currency. Overall, downside risks have intensified, so the BoC could strike a more cautious tone when it meets again next week. The Canadian currency has been consolidating in recent weeks, trading [..]

Week Ahead – China Q1 GDP eyed; inflation data to dominate elsewhere

Posted on April 12, 2019 at 1:44 pm GMT

Markets will take a break from central banks and Brexit news over the coming week as the focus moves firmly onto economic fundamentals. Monthly inflation reports will be the dominant release, followed by retail sales estimates. The latest flash PMIs will also be keenly watched amid tepid signs of a recovery in some parts of the world. But while the upcoming data could prove significant in identifying shifting trends, major FX pairs will likely struggle to break out of their [..]

European Open Preview – Earnings season kicks off; dollar struggles to advance

Posted on April 12, 2019 at 6:41 am GMT

US earnings season commences with JPMorgan & Wells Fargo Dollar advances alongside US yields, but pares gains Yen retreats ahead of US-Japan trade talks, gold follows Earnings season kicks off with major US banks US equity markets closed practically flat yesterday, though the Nasdaq Composite (-0.22%) did post some losses, with traders appearing reluctant to take on new positions ahead of what promises to be a stormy earnings season. US banking behemoths JPMorgan Chase and Wells Fargo will report their [..]

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