USDCAD

Technical Analysis – USDCAD bulls finds wall near 1.34; retains bullish view

Posted on March 22, 2019 at 8:04 am GMT

USDCAD is stretching its positive momentum above the 23.6% Fibonacci retracement level of the upleg from 1.2250 to 1.3663, near 1.3230 and the 20- and 40-simple moving averages in the daily timeframe. During yesterday’s session, the pair touched the 1.3400 handle, but failed to hold those gains and returned to slightly lower figures. Currently, the price remains strongly bullish in the long-term, touching the ascending trend line several times and pushing the price even higher. Returning to the near term, the technical indicators seem to be neutral [..]

Canadian inflation and retail sales next to move the loonie – Forex News Preview

Posted on March 21, 2019 at 6:24 pm GMT

Following softer GDP growth prints and a more cautious monetary policy meeting by the Bank of Canada earlier this month, CPI inflation readings for the month of February will be next in line to drive the loonie on Friday at 1230 GMT. During the month, consumer prices are said to have risen faster than previously but year-on-year inflation is expected to have stalled, giving another reason for the central bank to stay on the sidelines amid an increasingly uncertain future. [..]

European Open Preview – Dollar reels as Fed abandons hikes; BoE decides

Posted on March 21, 2019 at 9:08 am GMT

Fed ‘dot plot’ shows no hikes in 2019, dollar crumbles Sterling dives as May requests short extension; BoE meeting and EU summit today SNB remains on hold, reiterates readiness to intervene in FX market Dollar plunges as Fed abandons rate hike plans – easing bets grow The Fed meeting wasn’t short of surprises. There was no change in policy, as expected, but the officials revised down their rate projections in the famous ‘dot plot’ quite significantly, to the point that [..]

European Open Preview – Fed ‘dots’ to steal the show; pound retreats

Posted on March 20, 2019 at 9:06 am GMT

Fed decision at 18:00 GMT today; new rate projections to dictate market reaction Stocks pause rally as trade uncertainty reigns in Sterling inches down amid reports May will ask for short Brexit extension Fed ‘dots’ to steal the show The main event today will be the Fed policy decision at 18:00 GMT, which will be followed by a press conference from Chair Powell. No change in policy is expected, so all eyes will be on the updated forecasts for the [..]

European Open Preview – Long Brexit extension looms; dollar retreats as Fed casts shadow

Posted on March 19, 2019 at 9:15 am GMT

Pound drops as Brexit angst deepens, but prospect of long extension offers ray of hope Growing Fed rate cut expectations support risky assets, weigh on dollar Crude oil continues to march higher UK House speaker vetoes third Brexit vote – long extension in scope UK politics made headlines yet again on Monday after the Speaker of the House of Commons, John Bercow, ruled out allowing the government to bring its Brexit deal to Parliament for a third time unless it [..]

European Open Preview – Dollar softens as Fed meeting looms; stocks climb

Posted on March 18, 2019 at 11:58 am GMT

US stocks rally to six-month highs but perhaps on option expiries – implying some cause for caution Dollar retreats in a quiet session; looks to Fed meeting on Wednesday Sterling catches its breath ahead of potentially decisive week US equities cruise to six-month highs on ‘quad witching’ In an otherwise quiet session, US stock markets rallied on Friday, with the benchmark S&P 500 (+0.50%) index breaking above a critical resistance zone around 2,820 that capped several rallies in recent months, [..]

Technical Analysis – USDCAD bears meet a wall around 1.3285; Stochastics oversold

Posted on March 15, 2019 at 8:05 am GMT

USDCAD has been trading to the downside this week but the 1.3285 level appeared a hurdle for the bears to overcome over the past two sessions. The RSI is hovering around 50, framing a neutral picture for the short term. Yet with the fast-stochastics set for a bullish cross below the 20 oversold mark, chances for an upside reversal are considerably increasing. If the 1.3285 key number successfully stops negative pressure, sending the price higher, immediate resistance is expected to be [..]

European Open Preview – Sterling soars after Parliament rejects no-deal Brexit; Trump trade comments weigh on sentiment

Posted on March 14, 2019 at 9:12 am GMT

Pound continues rollercoaster ride amid more Brexit twists and turns at Westminster; MPs look set to vote in favour of delaying Brexit Chinese industrial production falls to 17-year low, dampening market sentiment President Trump says he is “in no rush” to complete trade talks with China, raising doubts about a March deal Pound leaps to 9-month high as no-deal Brexit is voted down The British currency jumped to a 9-month peak of $1.3383 on Wednesday after the UK Parliament voted [..]

European Open Preview – Draghi torpedoes euro; US payrolls coming up

Posted on March 8, 2019 at 8:56 am GMT

US nonfarm payrolls report dominates the agenda today ECB pushes back rate hike timing, announces new loans; euro crumbles Stocks continue to retreat, yen advances as China’s trade data disappoint Nonfarm payrolls in the limelight The spotlight today will be on the US employment report for February. Forecasts are quite optimistic across the board. Nonfarm payrolls (NFP) are expected to have risen by 180k, less than January’s astonishing 304k but still a strong number overall. Meanwhile, the unemployment rate is anticipated [..]

Technical Analysis – USDCAD marks another weekly bullish spin; rally looks overstretched

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

USDCAD repeated last week’s impressive performance and is set to close strongly green for the second consecutive week near two-month highs. The pair has also crawled above the Ichimoku indicators and its moving averages, giving positive trend signals, while according to the MACD oscillator bullish momentum is likely to continue in the short-term as the indicator is far above its red trigger line. The fast-stochastics, though warn over an overbought market as the green %K line and the red %D [..]

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