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USDCAD

XM Research

XM Research - 2 days ago

Week Ahead – Investors brace for NFP amid Fed rate cut speculation

Traders see decent chance for 50bps Fed cut in September Powell adds extra importance to jobs data, NFP awaited BoC decides on rates, third consecutive cut is fully priced in Aussie traders lock gaze on GDP numbers   Bets for double Fed cut remain elevated Here comes another NFP week, with investors eagerly awaiting the results as they try to discern the size and pace of the Fed’s forthcoming rate cuts.
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XM Research - 2 days agoBearish

Technical Analysis – USDCAD rises from almost 6-month low

USDCAD changes the outlook to bearish after the fall below 1.3600 Stochastic ticks up but RSI still holds near 30 zone USDCAD is recouping some losses after the strong selling interest that started from the penetration of the 1.3600 round number and the 200-day simple moving average (SMA). The pair found support near the 1.3440 level, which is an almost six-month low.
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XM Research - 4 days ago

Daily Comment – Markets cautious as Nvidia earnings and key US data loom

Dollar pauses slide as jobs and inflation data awaited Yen pulls back but hawkish BoJ signals keep it elevated Wall Street awaits Nvidia, oil retreats on demand worries Dollar awaits key data for direction The US dollar extended its slump against all its major peers on Tuesday, as in the absence of any top-tier data and shocking headlines, investors continued to digest Powell’s dovish stance at Jackson Hole.
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XM Research - 5 days ago

Technical Analysis – USDCAD bears take a breather after slump below 1.3600

 USDCAD hits almost 5-month low around 1.3500 Stochastic and RSI hover in the oversold regions USDCAD saw aggressive selling interest on Friday, sending the market well below the strong 200-day simple moving average (SMA), which overlaps with the 1.3600 psychological mark. The pair recorded an almost five-month low of 1.3497, but it is currently rising somewhat, with the technical oscillators remaining in oversold areas. The stochastic posted a bearish crossover within its %K and
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XM Research - 1 week ago

Week Ahead – PCE inflation eyed as Fed lays groundwork for September cut

Focus to stay on the Fed as PCE inflation to be week’s main highlight Eurozone inflation data to be crucial for ECB rate cut hopes Australian and Tokyo CPI, plus Canadian GDP also on the agenda Will PCE inflation disappoint dovish expectations? The Fed’s long-anticipated dovish pivot is upon us and markets are bracing for the first US rate cut of this cycle at the September 17-18 meeting.
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XM Research - 1 week agoNeutral

Technical Analysis – USDCAD still fights with 1.3600

USDCAD repeatedly tests the 200-day SMA Momentum oscillators are mixed USDCAD has been battling with the 1.3600 round number and the 200-day simple moving average (SMA) over the last couple of days. A successful break beneath these critical levels could open the way for a downside retracement in the medium-term. The technical oscillators are showing some contradictory signs.
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XM Research - 1 week ago

Technical Analysis – USDCAD fights with 1.3600 and 200-day SMA

USDCAD decreases close to critical levels Stochastics look oversold but RSI still falls USDCAD is having a strong battle with the 1.3600 psychological level and the 200-day simple moving average (SMA) after the significant pullback off the 22-month high of 1.3947. The stochastic looks oversold below the 20 level; however, the RSI is keeping its downside momentum near the 30 level.
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XM Research - 2 weeks ago

Market Comment – Dollar under pressure ahead of Jackson Hole Symposium

Stocks in the green again as investors await the Jackson Hole gathering Economists look for strong Fed easing in 2024 despite recession talk dissipating Dollar remains on the back foot against most currencies Aussie fails to benefit from hawkish minutes; loonie could suffer from weak CPI Stocks still in the green Stocks continue to enjoy green sessions as the market is counting down to Friday’s Jackson Hole speech by Fed Chairman Powell.
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XM Research - 2 weeks ago

Week Ahead – Jackson Hole and PMIs enter the spotlight

As recession fears ease, investors lock gaze on Jackson Hole Eurozone and UK PMIs to affect ECB and BoE expectations Canadian inflation could back third consecutive BoC cut Japan’s Nationwide CPI data also on the agenda Jackson Hole to test overly dovish Fed cut bets Following the unjustified panic triggered by the weaker-than-expected NFP report for July, investors have taken a calmer stance, thereafter, reevaluating their aggressive Fed rate cut bets as the incoming data s
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XM Research - 3 weeks agoBearish

Technical Analysis – USDCAD bears take a break but are not done yet

USDCAD experiences worst week of the year Selling pressure might persist; eyes on 1.3730 Canadian employment figures due at 12:30 GMT   Since reaching a 22-month high of 1.3945, USDCAD has been steadily dropping towards its 50-day SMA at 1.3730, making it the worst-performing week of the year. The broken resistance trendline drawn from April's peak is now providing support in the market, although there is no certainty of a bullish rotation according to the technical indicat
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XM Research - 4 weeks ago

Weekly Technical Outlook– USDJPY, USDCAD, AUDUSD

USDJPY gives up its 2024 rally on recession fears; ISM services PMI next in focus AUDUSD sinks to 8-month low. Will the RBA policy decision come to the rescue? USDCAD loses momentum after 22-month high; Canadian employment due on Friday   ISM non-manufacturing PMI --> USDJPY Market expectations shifted from a soft landing to a hard landing after a disappointing ISM manufacturing survey coupled with poor jobs figures last week made investors think that the Fed has kept interes
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XM Research - 4 weeks ago

Market Comment – Dollar plummets as US jobs data spread panic

Disappointing US jobs data push dollar off the cliff Yen extends rally as fears over US economy mount Stocks drop, VIX rallies to levels seen more than a year ago NFP report disappoints, rate cut bets surge The US dollar plunged on Friday after the US employment report for July came in weaker than expected, raising fears about the performance of the US economy and prompting market participants to start believing that the Fed may need to cut interest rates by 50bps at the upcoming
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XM Research - 4 weeks ago

Week Ahead – RBA and BoJ Summary of Opinions take center stage

RBA decides on policy as hike bets disappear BoJ Summary of Opinions awaited for more hike hints After Fed, dollar turns to ISM non-mfg PMI New Zealand and Canada jobs data also on tap   Will the RBA turn dovish? Following the BoJ, the Fed, and the BoE decisions this week, the central bank torch will next be passed to the RBA, which announces its decision on Tuesday.
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XM Research - 4 weeks agoNeutral

Technical Analysis – USDCAD hits 8-month high, but it’s not a victory yet

USDCAD marks new higher high after disappointing ISM manufacturing PMI A close above 1.3880-1.3900 is needed to postpone profit-taking  US nonfarm payrolls eagerly awaited at 12:30 GMT     USDCAD began the month on a positive note, swiftly recovering from its recent setback and reaching an eight-month high of 1.3877, slightly above April’s peak of 1.3844. The pair has been in a bull run since bottoming twice near May’s floor of 1.3588 and around the 200-day exponential m
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XM Research - 1 month agoBullish

Technical Analysis – USDCAD eases after aggressive rally to 1.3845

USDCAD exits from consolidation area Momentum oscillators indicate bearish correction USDCAD rallied towards the 1.3845 high and completed the seventh consecutive green day on Thursday following the bounce off the 200-day simple moving average (SMA) near 1.3600. The pair climbed above the medium-term trading range, suggesting more gains may be on the cards.
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XM Research - 1 month ago

Market Comment – Dollar trims losses against yen, core PCE on tap

Dollar/yen rebounds after US GDP data Core PCE the next test for Fed rate cut bets Yen rally losing steam ahead of BoJ next week Wall Street extends slide, more earnings awaited GDP data adds fuel to dollar’s engines The dollar traded higher against most of its major counterparts on Thursday, trimming losses against the yen and extending its rally versus the wounded aussie, kiwi and Loonie.
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XM Research - 1 month ago

Market Comment – Stock market correction picks up speed

Fed expectations and US election affect sentiment Euro remains on the back foot against the dollar PBoC announces a surprise rate cut Gold suffers, aussie and kiwi losses pile up Stocks’ weakness intensifies Stocks are under severe pressure as the main US equity indices recorded yesterday their worst daily performance since late-2022. Considering the fact that yesterday’s US PMI surveys were mixed, and therefore not the trigger for this move, the cause of the continued w
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XM Research - 1 month ago

Technical Analysis – Will USDCAD exit the range?

USDCAD meets strong resistance near 1.3800 Momentum oscillators suggest bullish moves USDCAD is flirting with the upper boundary of the short-term consolidation area of 1.3600–1.3790 ahead of the BoC interest rate decision later in the day. The strong rebound off the 200-day simple moving average (SMA) acted as a significant turning point, adding some optimism for further bullish actions.
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XM Research - 1 month ago

Market Comment – Dollar remains strong ahead of key data, yen surges

Dollar keeps marching north, PMIs on tap Yen extends rally as traders unwind carry trades Aussi and kiwi slide on China concerns, loonie awaits BoC Stocks trade in the red, tech earnings in the spotlight Traders continue to buy the US dollar The dollar traded higher against all but one of its major peers on Tuesday and continued to do so today.
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XM Research - 1 month ago

BoC to cut rates again, what's next? – Preview

Bank of Canada to slash rates by 25bps for the second time in a row More easing expected, but policymakers might signal a data-dependent approach USDCAD tests key resistance of 1.3740; key support at 1.3620   Investors are confident that the Bank of Canada (BoC) will cut interest rates by a quarter percentage point for the second time in a row to 4.5% when it announces its policy decision on Wednesday.
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