All Articles Tagged - USDCAD

Week Ahead – US jobs report and Eurozone inflation to kickstart the New Year

Posted on December 29, 2023 at 8:47 am GMT

NFP report and Eurozone CPI will be the week’s focal point on Friday FOMC minutes and ISM PMIs will also be crucial for the US dollar Canadian employment and Chinese PMIs might attract attention too Rate cut bets in overdrive It’s been one big rollercoaster ride for the US dollar in 2023, as hopes of a Fed pivot were repeatedly dented by surprisingly strong economic data, which more often than not, has come from the robust performance of the American [..]

Technical Analysis – USDCAD continues aggressive sell-off

Posted on December 22, 2023 at 12:42 pm GMT

USDCAD posts 5-month low 20-and 200-day indicate more losses USDCAD fell to a new nearly five-month low earlier today, in continuation of the strong selling pressure that began at the 13-month high of 1.3900. The most recent wave of market bearishness was confirmed technically when the 20- and 200-day simple moving averages (SMAs) showed a death cross. The MACD oscillator is intensifying its negative momentum underneath its zero and trigger lines, while the RSI is leveling off in the oversold [..]

Technical Analysis – USDCAD slips to almost 5-month low

Posted on December 22, 2023 at 8:47 am GMT

USDCAD continues the sell-off in short-term 20- and 200-day SMAs post death cross USDCAD plummeted to a fresh almost five-month low earlier today, continuing the sharp selling interest that started from the 13-month high of 1.3900. Technically, the 20- and the 200-day simple moving averages (SMAs) posted death cross, confirming the latest bearish wave in market. The MACD oscillator is strengthening its negative momentum beneath its trigger and zero lines, while the RSI is flattening in the oversold area. The [..]

Market Comment – Yen sinks as BoJ stands pat, crude oil spikes on Red Sea attacks

Posted on December 19, 2023 at 10:16 am GMT

BoJ maintains easing bias, gives little away on pivot timing, pummelling the yen Oil futures jump before steadying amid supply fears from Red Sea missile strikes Wall Street extends winning streak despite some scaling back of rate cut bets BoJ stands pat, dents early rate hike hopes The Bank of Japan kept its policy settings unchanged on Tuesday, wrapping up the final round of policy decisions of the year by major central banks. Despite some speculation of a policy shift [..]

Technical Analysis – USDCAD forms bullish double bottom

Posted on December 19, 2023 at 9:01 am GMT

USDCAD creates bullish formation after sharp decline A close above 1.3400 could boost buying sentiment Canadian CPI figures for November due at 13:30 GMT USDCAD entered a range trade following the slump to a four-and-a-half month low of 1.3349 last Friday. In the four-hour chart, the ongoing sideways move seems to have taken the shape of a bullish double bottom pattern, increasing optimism the pair might soon change direction to the upside. In other encouraging signals, the RSI has bounced off [..]

Week Ahead – BoJ meets for the last time in 2023, US core PCE and UK CPIs also on tap

Posted on December 15, 2023 at 12:42 pm GMT

Yen traders await BoJ decision for pivot clues US core PCE index the highlight of the US agenda UK CPI numbers to be the pound’s next test Loonie and aussie await Canada’s CPIs and RBA minutes Will BoJ policymakers hint at the end of negative rates? Following a barrage of central bank decisions this week the end credits of major monetary policy decisions for 2023 will roll with the BoJ during the Asian session Tuesday. At their last meeting, policymakers [..]

Technical Analysis – USDCAD plummets below crucial trendline

Posted on December 15, 2023 at 9:17 am GMT

USDCAD posts a fresh 2½-month low in today’s session Decline shows no signs of easing after break below 200-day SMA Momentum indicators are pointing at an overstretched retreat USDCAD has been constantly losing ground following its 13-month high of 1.3898 on November 11. Moreover, the pair dropped to its lowest levels in more than two months on Friday, with the bears pushing the price below the crucial ascending trendline that connects a series of higher lows since October 2022. Should the selloff persist, [..]

FX Year Ahead 2024: As the race to cut begins, which currency will come out the winner?

Posted on December 8, 2023 at 1:15 pm GMT

Will Fed officials be the first to cut rates or will the ECB beat them to it? Falling inflation everywhere means a bearish US dollar is not a given Yen stands to gain from rate cuts as BoJ may hike Is sterling set for another bumpy year? Aussie and kiwi pin hopes on China recovery, loonie looks to oil boost Will the dollar bears finally get their way in 2024? After two consecutive years of gains, a correction in the [..]

Technical Analysis – USDCAD eases after consecutive green days

Posted on December 8, 2023 at 12:29 pm GMT

USDCAD remains above 200-day SMA Bulls may take the upper hand again USDCAD is still holding above the 200-day simple moving average (SMA) and the previous bottom of 1.3480. The RSI is above its 50 neutral mark, although weaker, and the MACD is keeping its footing above its trigger line but within the negative area, both reflecting that buyers are still active. Nevertheless, the pair has key levels underneath for protection against selling forces. The 1.3480 has been limiting downside [..]

Market Comment – Yen flies as BoJ’s Ueda talks ultra-loose policy exit

Posted on December 7, 2023 at 9:37 am GMT

BoJ Governor Ueda discusses options after ending negative rates Yen rallies as speculation for BoJ pivot intensifies Dollar defies weak labor market data again Wall Street slips, oil falls 4% on gasoline stock build BoJ’s Ueda adds fuel to yen’s tanks The US dollar continued gaining ground against most of its major peers yesterday, but today the protagonist was the yen, which rallied following remarks by BoJ Governor Ueda on exiting negative interest rates. The BoJ chief said that they [..]

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