All Articles Tagged - USDCAD

Market Comment – Dollar extends recovery despite US job openings drop

Posted on December 6, 2023 at 9:38 am GMT

US job openings fall to lowest in more than 2-1/2 years Treasury yields slide, but dollar extends recovery Schnabel points to end of ECB’s tightening crusade Gold becomes attractive again after hitting $2,010 Dollar defies weak labor data The dollar traded higher against all but one of the other major currencies on Tuesday, with the only currency holding its ground being the Japanese yen. That said, the dollar’s recovery seems to be running out of steam today, with the aussie [..]

Technical Analysis – USDCAD slows down before BoC rate decision

Posted on December 6, 2023 at 9:30 am GMT

USDCAD halts near last week’s limits Bias remains skewed to the downside BoC policy announcement awaited USDCAD opened with mild losses on Wednesday after Tuesday’s remarkable rally stalled near last week’s resistance of 1.3593. Traders were also in a wait-and-see mode ahead of the Bank of Canada’s rate decision at 15:00 GMT. The 1.3593 bar overlaps with the 38.2% Fibonacci retracement of the July-October uptrend, making a pullback likely. Yet, the RSI has yet to crawl above its 50 [..]

Weekly Technical Outlook – USDJPY, AUDUSD, USDCAD

Posted on December 4, 2023 at 1:00 pm GMT

USD/JPY hovers near a critical support zone ahead of NFP data AUD/USD rally stalls near caution area before RBA rate decision USD/CAD hopes for a rebound, but bullish outlook is not in sight US jobs data, Japan CPI –> USD/JPY It will be a busy week in the US markets as a batch of data are expected to shed some light on whether rate cuts are possible in the middle of next year. The calendar includes the all-important nonfarm [..]

Could the BoC remain hawkish? – Preview

Posted on December 4, 2023 at 9:52 am GMT

BoC meets on Wednesday; it could maintain its hawkish stance Market is preparing for a series of rate cuts in 2024 Loonie’s outperformance against the US dollar could pick up speed Last Bank of Canada meeting for 2023 December starts on a high note with the final BoC meeting for 2023 held on Wednesday and the respective Fed and ECB meetings scheduled for next week. It has been a tough year for central bankers, but their efforts appear to be [..]

Week Ahead – Nonfarm payrolls enter the spotlight, RBA and BoC decide on policy

Posted on December 1, 2023 at 11:31 am GMT

Investors looking to US NFPs for confirmation of their Fed rate cut bets RBA could still signal that higher rates are possible But BoC may confirm that interest rates have peaked in Canada Japan’s Tokyo CPIs and employment numbers to impact BoJ speculation Will the US jobs report change the dollar’s fate? The US dollar has been suffering lately on increasing bets that the Fed will cut rates massively next year. The latest strong hit came from Fed Governor Waller [..]

Technical Analysis – USDCAD extends decline towards the 200-day SMA

Posted on December 1, 2023 at 8:42 am GMT

USDCAD posts a fresh 2-month low in today’s session Decline shows no signs of easing, bears eye the 200-day SMA Momentum indicators endorse the resumption of the 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 two months on Friday, with the bears setting the stage for a test of the 200-day simple moving average (SMA). Given that the momentum indicators are heavily tilted to the [..]

Week Ahead – All eyes on OPEC+ meeting, US and Eurozone inflation to dominate too

Posted on November 24, 2023 at 10:21 am GMT

Oil’s fortunes hinge on OPEC+ meeting outcome on Thursday Eurozone flash inflation and US core PCE also due on Thursday RBNZ to likely hold rates on Wednesday Loonie faces GDP and employment tests in addition to OPEC+ decision Will OPEC+ agree to production cuts? Amid weakening growth prospects for the major economies in 2024, expectations that the big oil producers will soon announce further production cuts had been the only thing keeping a floor under the price of oil lately. [..]

Technical Analysis – USDCAD rises after finding support on ascending line

Posted on November 24, 2023 at 7:37 am GMT

USDCAD rebounds off the uptrend line Holds within short-term SMAs MACD and RSI muted bearish momentum USDCAD is hovering within the downward sloping 20- and the 50-day simple moving average (SMA) lines but is still standing above the medium-term rising trend line. The pair found support near the 1.3655 support level and the bearish correction may come to an end. Moving higher, the market may retest the 20-day SMA at 1.3745 before rallying towards the 1.3850 resistance. Above these obstacles [..]

Market Comment – Wall Street extends gains as dollar flounders, Fed minutes eyed

Posted on November 21, 2023 at 10:03 am GMT

Microsoft leads Wall Street higher, lifted by AI mania and rate cut bets But will FOMC minutes spoil the party? Dollar slips to 3-month lows; aussie surges on hawkish RBA, China boost Stocks enjoy pre-Thanksgiving rally ahead of Fed minutes Equity markets got off to a positive start on Monday in what is a holiday-shortened week in the United States, while the upbeat mood seems to be mostly holding on Tuesday as investors await more clues on the path of [..]

Technical Analysis – USDCAD buyers hold back but still present

Posted on November 17, 2023 at 12:10 pm GMT

USDCAD experiences minor correction in an uptrend Nearby ascending trend line keeps the focus to the upside Momentum indicators look weak USDCAD is edging lower today as the bulls are trying to find their footing especially as the momentum indicators do not appear to support their bullish intentions anymore. The price is trading within the 20- and the 50-day simple moving averages (SMAs) in the daily chart, but it has remained in an uptrend since July. From the technical perspective, [..]

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