All Articles Tagged - USDCAD

Daily Market Comment – Dollar eases, stocks hit record as US and China reaffirm trade truce

Posted on August 25, 2020 at 8:43 am GMT

US and China hold ‘constructive’ talks, trade deal seen intact Wall Street hits another record; global equities follow suit But dollar only mildly softer as Treasury yields pop higher Phase one trade deal safe for now Washington and Beijing have reaffirmed their commitment to the ‘phase one’ trade deal via a call late on Monday between US Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He. The talks, which were originally scheduled for August 15, [..]

Week Ahead – Markets to stay choppy ahead of virtual Jackson Hole symposium

Posted on August 21, 2020 at 12:49 pm GMT

The Federal Reserve will be front and centre next week as traders will be hoping policymakers will provide clearer signals on future monetary stimulus than they did in the FOMC minutes when they hold a virtual gathering of their annual economic symposium. Data out of the United States will constitute the predominant data releases, and coupling that with the Fed event, there can be little doubt the US dollar will be the primary driver of the FX market in an [..]

Daily Market Comment – Dollar gets a second wind after bleak Eurozone PMIs

Posted on August 21, 2020 at 8:15 am GMT

Vaccine news from Pfizer boost sentiment, more records for Nasdaq Dollar can’t find much love amid risk-taking mood But how long can the market ignore Europe’s second wave? Perhaps not long, as the Eurozone’s PMIs provide a reality check Dollar feels the ‘risk on’ blues There’s no love for the US dollar out there. The reserve currency remained on the back foot on Thursday, surrendering some of the gains it posted after the FOMC minutes played down the prospect of [..]

Technical Analysis – USDCAD transmits negative prognosis, weakening prevails

Posted on August 21, 2020 at 6:32 am GMT

USDCAD appears to have declared a negative route below the descending line drawn from the 50-month peak of 1.4667. The bearish tone of the 50- and 100-day simple moving averages (SMAs) and the falling mid-Bollinger band (20-day SMA), which has merged with the diagonal line, further aid the broader negative outlook. The short-term oscillators are uttering temporary mixed signals in directional momentum. The MACD, in the negative region, is marginally above its red signal line as they both follow a [..]

Technical Analysis – USDCAD relays gloomy forecast, despite foothold

Posted on August 18, 2020 at 2:23 pm GMT

USDCAD is conveying a negative trajectory despite its recent footing around the near seven-month low of 1.3153. The prevailing negative bearing of the simple moving averages (SMAs) further supports this view. The short-term oscillators are currently reflecting conflicting signals of directional momentum although on a broader scale, the picture is still tilting negative. The MACD, in the negative region, is falling below its red trigger line, while the RSI has climbed back above the 30 mark. The stochastic oscillator appears [..]

Canadian inflation and retail sales could push loonie even higher – Forex Preview

Posted on August 18, 2020 at 12:33 pm GMT

Canada will publish its inflation data for the month of June at 1230 GMT on Wednesday before releasing retail sales figures at the same time on Friday. Given the significant rebound in the preceding month, the retail sales report could be a more important market mover among data releases for the loonie, which is expected to move higher. Has Covid-19 come under control? In Canada, the virus crisis has come somewhat under control as indicated by the latest unemployment numbers. The nation’s economy added [..]

Daily Market Comment – Stocks pause at record highs, dollar struggles

Posted on August 17, 2020 at 8:22 am GMT

Dollar extends losing streak, yet most FX pairs stuck in narrow ranges Will the reversing trend in European/American infections affect euro/dollar? US stocks near record highs amid global liquidity tsunami Overall, things are calm as investors wait for the next catalyst – Congress? All quiet on the FX front, except the dollar The currency market seems to have entered a summer lull, as aside from a modest tumble in the US dollar, there isn’t much else going on in the [..]

Week Ahead – Vaccine hopes torment yen, all eyes on Congress

Posted on August 14, 2020 at 11:47 am GMT

It’s a relatively quiet week, with the main highlights being the Eurozone’s PMIs and the latest FOMC minutes. In the political arena, American and Chinese negotiators will meet over the weekend to review the ‘phase one’ trade deal. For markets though, the most crucial drivers will be whether US lawmakers can break the deadlock in the stimulus negotiations, and whether enthusiasm around a vaccine will keep pushing global yields higher, crushing the yen. Will markets have to scream first, before [..]

Technical Analysis – USDCAD seems to be in a make-or-break situation

Posted on August 14, 2020 at 7:39 am GMT

USDCAD has been trading bearish for five consecutive weeks but this time the price is in a sensitive territory, near a long-term supportive trendline that has been rejecting negative corrections since September 2017. Hence, it would be interesting to see if this is the area in which the pair can stage a much-needed recovery or trigger another bearish wave. The weakness in the RSI and the Stochastics keep the short-term bias negative for now, though the indicators are not far from their oversold [..]

Daily Market Comment – Vaccine fever shakes markets, RBNZ shoots kiwi down

Posted on August 12, 2020 at 8:13 am GMT

Vaccine news catapult global yields higher, push stocks lower Gold falls without a parachute – has it peaked? Dollar inches higher amidst the turbulence, but Fed speakers are a risk RBNZ expands QE and opens door to negative rates, kiwi stumbles Putin says Russia has developed the first vaccine President Vladimir Putin unleashed mayhem in financial markets on Tuesday, after he announced to the world that Russia has developed the first successful coronavirus vaccine. Global bond yields erupted higher [..]

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