All Articles Tagged - USDCAD

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

Posted on July 22, 2024 at 1:03 pm GMT

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. If that scenario plays out, the BoC will be ahead of [..]

Weekly Technical Outlook – USDCAD, Gold, EURUSD

Posted on July 22, 2024 at 8:18 am GMT

BoC policy meeting may send loonie even lower US Core PCE index could drive gold south EURUSD may not affected by Eurozone PMIs figures BoC interest rate decision –> USDCAD The Bank of Canada will announce its monetary policy on Wednesday. This bank lowered interest rates by 25 basis points at its recent meeting, citing falling inflation and slow economic growth. In the previous week, the Canadian CPI showed that inflation fell further in June, supporting a second rate cut with [..]

Week Ahead – Flash PMIs, US GDP and BoC decision on tap

Posted on July 19, 2024 at 11:08 am GMT

US data awaited amid overly dovish Fed rate cut bets July PMIs to reveal how economies entered H2 BoC decides on monetary policy, may cut rates again Will investors add to their Fed rate cut bets? With investors ramping up their Fed rate cut bets, the US dollar suffered during the first half of the week, although it recovered some ground on Thursday. Following the softer-than-expected CPI data last week, several Fed officials, including Chair Powell, noted the data are [..]

Technical Analysis – USDCAD advances within trading range

Posted on July 19, 2024 at 8:14 am GMT

USDCAD bounces off 1.3600 and 200-day SMA Momentum oscillators suggest more gains USDCAD has been still developing within a trading range of 1.3600 and 1.3790 since April 17, with strong support at the 200-day simple moving average (SMA). The recent rebound from 1.3600 reflects the oscillators’ strengthening momentum. According to technical oscillators, the stochastic oscillator is pointing upward in the overbought region, while the RSI is rising, crossing above the neutral threshold of 50. More upside pressures could find resistance first at 1.3755, [..]

A September Fed rate cut could lead to an easing spree during end-2024 – Special Report

Posted on July 12, 2024 at 10:45 am GMT

Market prices in at least two rate cuts from Fed ECB, BoE expected to follow suit despite divergent economic conditions SNB and BoC could ease further; RBNZ possibly close to a summer rate cut BoJ and RBA could surprise with rate hikes during 2024 We are halfway into 2024 and the countdown for this year’s key event, the US presidential election, has already started. With geopolitics taking a backseat lately, despite both the Ukrainian-Russian and Israeli-Hamas conflicts remaining unresolved, political risk is [..]

Week Ahead – ECB set to hold rates, plethora of data on the way

Posted on July 12, 2024 at 10:03 am GMT

ECB is not expected to cut in July but will it signal one for next meeting? Retail sales will be the main highlight in the United States UK CPI report will be vital for BoE’s August decision China GDP data to kickstart busy week ECB meets amid sticky inflation The European Central Bank concludes its two-day policy meeting on Thursday but no change in interest rates is anticipated after trimming them by 25 basis points at last month’s gathering. The [..]

Technical Analysis – USDCAD trades sideways as 200-SMA provides support

Posted on July 12, 2024 at 7:47 am GMT

USDCAD is rangebound in the past few sessions The 200-day SMA caps the pair’s downside Momentum indicators are negatively tilted USDCAD had been hovering around its 50-day simple moving average (SMA) for the past two months, appearing incapable of clearing this hurdle. This repeated inability triggered a decisive break below the 50-day SMA on July 3, with the pair trading undecided since then, supported by the 200-day SMA. Should the bears continue to apply downside pressures, the pair might challenge the recent [..]

Technical Analysis – USDCAD tumbles towards 200-day SMA

Posted on July 4, 2024 at 1:04 pm GMT

USDCAD falls beneath uptrend line within trading range RSI and MACD tick down USDCAD is plunging well below the long-term descending trend line, with immediate strong support coming from the 200-day simple moving average (SMA) near the 1.3590 level. The RSI indicator is falling beneath the 50 level with strong momentum; however, the MACD oscillator is moving beneath its trigger and zero lines, losing some steam. If the pair dives beneath the 200-day SMA, then it may change the outlook to bearish, [..]

Canada jobs data may give some clues for the next BoC decision – Preview

Posted on July 2, 2024 at 9:24 am GMT

Canada’s unemployment rate likely to rise to more than 2-year high Loonie gains some territory in the beginning of the week Employment report due on Friday at 12:30 GMT Canada employment report may guide the BoC’s next policy decision Friday is the day that Canada will release employment figures, which may prove to be very important for the policy decision that the Bank of Canada will take in July. As a result of the higher-than-anticipated CPI results for May, expectations for [..]

Weekly Technical Outlook – EURGBP, USDJPY, USDCAD

Posted on July 1, 2024 at 9:03 am GMT

French elections help euro to recoup some losses Friday’s NFP report is the week’s main driver as USDJPY holds near highs Canadian employment report next in focus with USDCAD in range French and UK elections –> EURGBP The euro experienced an increase on Monday following the initial round of France’s election, which resulted in the far-right party taking the lead, albeit by a smaller margin than anticipated. The far-right National Rally (RN) party, led by Marine Le Pen, emerged as the winner in the initial [..]

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USDCAD