USDCAD

Technical analysis – USDCAD looking neutral in short term; bearish in medium term

Posted on February 16, 2018 at 7:32 am GMT

USDCAD attempted several times to cross above the 50% Fibonacci of the downleg from 1.2919 to 1.2248 but its efforts were fruitless as it finally reversed direction to test resistance at the 38.2% Fibonacci. The technical indicators now support that the short-term bias is neutral, while in the medium-term the outlook is seen bearish. The 20-day simple moving average (SMA) has flattened, suggesting that the pair might consolidate for a while. However, if prices manage to fell below this line, [..]

European Open Preview – Dollar slides while stocks climb; jobless claims and IP gathering attention in the US

Posted on February 15, 2018 at 8:56 am GMT

Here are the latest developments in global markets: FOREX: The dollar index fell 0.4% on Thursday, extending the significant losses it posted on Wednesday in the aftermath of the US CPI and retail sales data. STOCKS: US markets finished the day notably higher yesterday, erasing earlier losses, despite the stronger-than-anticipated US inflation prints for January. The Nasdaq Composite led the charge, gaining almost 1.9%, while the S&P 500 followed in its tracks, closing 1.3% higher. The Dow Jones climbed 1.0%. Moreover, futures [..]

European Open Preview – Dollar and stocks await directional clues from US inflation

Posted on February 14, 2018 at 8:26 am GMT

Here are the latest developments in global markets: FOREX: The dollar index traded 0.2% lower on Wednesday, ahead of key US inflation and retail sales data releases that could determine the currency’s short-term direction. STOCKS: US markets closed with modest gains on Tuesday, with investors appearing hesitant to take up large positions ahead of the US inflation data today, which could determine whether the recent turmoil will intensify or subside. The Nasdaq Composite was the leader of the pack, rising by [..]

US Open Preview – Dollar slips on banana peel as safe-havens cheer; European stocks lose ground

Posted on February 13, 2018 at 12:18 pm GMT

Here are the latest developments in global markets: FOREX: In currency markets, stronger-than-expected inflation figures in the UK justified the Bank of England’s potential plans to raise interest rates faster than expected, pushing pound/dollar towards a four-day high of 1.3923 (+0.49%). Pound/yen, though, recovered slightly to 149.62 but remained down on the day (-0.46%) as a rising yen weighed on the pair. Dollar/yen stretched down towards a new five-month trough of 107.41 (-0.97%) and dollar/swissie retreated to a one-week low of 0.9328 [..]

European Open Preview – Stocks look to US budget deficit and inflation data for clues

Posted on February 12, 2018 at 8:55 am GMT

Here are the latest developments in global markets: FOREX: The dollar index traded 0.3% lower on Monday, despite the recent surge in 10-year US Treasury yields, which are now hovering near 2.88%. STOCKS: US equity indices experienced a tentative rebound on Friday. The S&P 500 led the way, rising by 1.5%, while the Dow Jones and the Nasdaq Composite rose by 1.4%. Moreover, futures tracking the S&P, Dow, and Nasdaq 100 are all in positive territory at the moment, suggesting that these [..]

Week Ahead – US & UK CPI, Australian employment and Japanese growth figures on the horizon

Posted on February 9, 2018 at 3:31 pm GMT

On the face of it, it looks that the upcoming week will lack events of similar magnitude to the one we just experienced – for example, the Bank of England meeting and subsequent press conference by Governor Carney. Still, there are releases that have the capacity to keep investors on edge and lead to notable movements in forex markets: US and UK CPI and retail sales, Australian jobs data, and Japanese GDP figures are among the readings that will be [..]

US Open Preview– Dollar edges up as US government re-opens; European stocks tumble again

Posted on February 9, 2018 at 12:43 pm GMT

Here are the latest developments in global markets: FOREX: The dollar was gaining versus its major counterparts during early European trading hours, posting moderate gains after the US Congress reached a bipartisan deal on a two-year spending bill. The plan promises to increase the debt ceiling and funding on military and domestic programs, though, the markets are concerned that the bill will widen nation’s deficit. The dollar index edged up to 90.33 (+0.12%), while dollar/yen and dollar/swissie changed hands higher at [..]

European Open Preview – Equities topple while US government shuts down; UK industrial output & Canadian jobs report due

Posted on February 9, 2018 at 8:51 am GMT

Here are the latest developments in global markets: FOREX: The dollar index was practically unchanged on Friday, remaining unfazed by the shutdown of the US government. Meanwhile, sterling gave back all of the gains it posted after the Bank of England appeared more hawkish yesterday. STOCKS: The turmoil in global equity markets got a second wind on Thursday, with US stock indices collapsing once more. The Dow Jones led the way lower, shedding 4.1% of its value, while the Nasdaq Composite [..]

Technical Analysis – USDCAD trades higher after the rebound on 1.2250

Posted on February 9, 2018 at 7:38 am GMT

USDCAD rose as high as 1.2620, a level last experienced on December 28 and is posting a bullish rally following the rebound on the 1.2250 support level last Friday. Additionally, dollar/loonie is in progress to record the second consecutive green week as it also successfully surpassed the 23.6% Fibonacci retracement level at 1.2470 of the down-leg from 1.3800 to 1.2060. Short-term momentum indicators are also pointing to a continuation of the bullish bias. However, the RSI is sloping to the [..]

Canadian jobs report eyed for rate-hike clues – Forex News Preview

Posted on February 8, 2018 at 9:40 am GMT

Canada’s employment data for January are due out on Friday at 1330 GMT and forecasts point to a relatively soft report. That said though, considering the remarkable progress the labor market has posted in recent months, some moderation appears quite normal, and may be of little concern to Bank of Canada (BoC) officials. The Canadian labor market has been on a tear in recent months. In December alone, the unemployment rate declined to 5.7% from 5.9% previously, even as the [..]

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