USDCAD

European Open Preview – Euro catches its breath after slide; Bank of Canada decides

Posted on May 30, 2018 at 8:03 am GMT

Here are the latest developments in global markets: FOREX: The US dollar index is down by roughly 0.1% on Wednesday, giving back some of the gains it posted yesterday, when it touched its highest point since early November. Meanwhile, although the euro posted considerable losses yesterday, it has rebounded somewhat today, trading higher by 0.3% versus the yen and 0.25% against the dollar. STOCKS: Wall Street was slammed yesterday, with all major US indices posting hefty declines as Italy’s political [..]

Trade risks and debt to hold BoC rates steady – Forex News Preview

Posted on May 29, 2018 at 12:50 pm GMT

On Wednesday at 1400 GMT, the Bank of Canada will announce its interest rate decision and issue its press release, explaining the factors behind the decision. For the fifth time, though, policymakers are expected to keep borrowing costs unchanged at 1.25% as NAFTA and the US trade agenda remain a source of uncertainty for the Canadian economy, while the overloaded debt overhang continues to weigh despite a strong labor market. No conference or financial projections are scheduled to follow. Two weeks ago, CPI readings [..]

US Open Preview – Italian politics push euro to 10-month low versus the greenback; US consumer confidence due

Posted on May 29, 2018 at 11:08 am GMT

Here are the latest developments in global markets: FOREX: The euro continued to bleed as the European trading session unfolded, with euro/ dollar touching 1.1506 at its lowest, this being a nadir last experienced in July last year. Political uncertainty in Italy, and to a lesser extent in Spain, were seen as factors behind the common currency’s decline. The traditional safe-haven yen gained ground versus both the dollar and the euro, most notably the latter; euro/yen was down by more [..]

European Open Preview – Euro retreat in full swing as Italian political uncertainties dominate

Posted on May 29, 2018 at 7:47 am GMT

Here are the latest developments in global markets: FOREX: The US dollar index – which tracks the greenback’s performance against a basket of six major currencies – edged 0.2% higher on Tuesday, touching its best levels since November. The euro meanwhile remained on the back foot, as the increasing probability for early elections in Italy dampened the currency’s appeal. STOCKS: US markets remained closed on Monday in celebration of the Memorial Day holiday. They look set to open lower today, as futures tracking [..]

Week Ahead – Dollar rally turns to US jobs report for refuelling; Loonie seeks direction from BoC and GDP data

Posted on May 25, 2018 at 1:08 pm GMT

US economic data will return to the forefront next week, with the nonfarm payrolls report being the main focal point. The Bank of Canada will be the only major central bank holding a policy meeting, while Canadian GDP figures will keep the loonie under the limelight. The other highlights will come from the Eurozone flash CPI release, Japanese and Australian capex data, and the latest PCE inflation figures out of the US. The week will get off to a slow [..]

US Open Preview – Oil loses ground as Russia and Saudi Arabia discuss supply increases

Posted on May 25, 2018 at 11:37 am GMT

Here are the latest developments in global markets: FOREX: The US dollar rose 0.18% versus the yen after three straight days of declines. Meanwhile, the US dollar index jumped by 0.13% to 93.87. Euro/dollar fell by 0.09% and is set to complete the sixth week of declines in a row as concerns over Italy’s debt outlook weighed on sentiment. Pound/dollar moved lower by 0.21% to 1.3347 on Friday as investors eyed UK GDP data for signs of whether the BOE will raise interest rates. The British economy expanded 0.1% q/q [..]

European Open Preview – UK GDP and US durable goods due with geopolitics back in the spotlight

Posted on May 25, 2018 at 7:45 am GMT

Here are the latest developments in global markets: FOREX: The US dollar index – which tracks the greenback’s performance against a basket of six major currencies – is nearly 0.2% higher on Friday, ahead of a speech by Fed Chairman Jerome Powell. The index pulled back a little yesterday, mirroring a similar dip in longer-term US Treasury yields. STOCKS: US markets closed lower on Thursday, as news that President Trump had cancelled his summit with North Korea weighed on risk sentiment. The [..]

Technical Analysis – USDCAD tries to surpass 50.0% Fibonacci; weak upside move in near term

Posted on May 25, 2018 at 6:36 am GMT

USDCAD has been developing within the 38.2% Fibonacci retracement level near 1.2723 and the 50.0% Fibonacci level of 1.2930 over the last could of weeks. These levels are taken from the downleg from 1.3800 to 1.2060 in the long term. Moreover, the price has surpassed the 20- and 40-simple moving averages in the near term, suggesting further upside potential move. Looking at the daily timeframe, based on technical indicators, momentum is too weak to provide a sustained move higher. The MACD oscillator is flattening [..]

European Open Preview – Dollar advance halted by Fed signals; UK retail sales and ECB minutes in focus

Posted on May 24, 2018 at 7:47 am GMT

Here are the latest developments in global markets: FOREX: The US dollar index is down by 0.1% on Thursday, after the Fed minutes downplayed expectations for three more rate increases this year. Note though, that the index touched its highest level for 2018 yesterday, before the minutes triggered a pullback. The yen continued to advance, while both the euro and sterling retreated following soft economic data. STOCKS: Wall Street closed higher yesterday despite signals from the White House that more tariffs [..]

US Open Preview – Data misses push euro, pound lower; FOMC meeting minutes ahead

Posted on May 23, 2018 at 11:51 am GMT

Here are the latest developments in global markets: FOREX: The spur from optimism in US-China trade talk was weakened quickly today and the markets are trading lower. The Japanese yen surged broadly today and was trading as the strongest one against major currencies. Dollar/yen plunged by 1.12%, slipping below the 110.00 handle ahead of the FOMC minutes later in the day. However, the US dollar index moved higher by 0.27%, approaching again the 5-month high of 93.94. The Euro edged sharply lower by 1.58% versus the [..]

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