All Articles Tagged - USDCAD

Daily Market Comment – Oil plummets, but stocks hold their ground

Posted on April 20, 2020 at 8:56 am GMT

Loonie drops as WTI crude oil plummets to two-decade low Yet, rest of the market still calm – stocks near recent highs, yen and gold retreat Are stocks exaggerating the V-shaped recovery, or is there nothing else to buy? Demand fears devastate oil prices The energy market is back under immense pressure, with WTI crude falling below $15 per barrel today for the first time since 1999 as investors increasingly realize that there’s so much excess supply that storage space [..]

Week Ahead – Global PMIs could sober up investors

Posted on April 16, 2020 at 12:41 pm GMT

With the worst of the pandemic now behind Europe and the US also approaching a peak, markets have turned their sights to when economies will re-open. Stocks have recovered on hopes for a ‘return to normal’, but importantly, safe havens like the yen and gold are also gaining. The combination suggests that traders are still playing defense, and that the recent stock rally may be built on shaky foundations. Indeed, investors might be downplaying the scale of this crisis, and [..]

Daily Market Comment – Dire US data send stocks spinning, dollar flying higher

Posted on April 16, 2020 at 8:39 am GMT

Fears of global economic slump heightened after dreadful US data Flight to safety hammers stocks, lifts dollar Talk of easing lockdowns fails to comfort markets Markets spooked as gloomy predictions start to turn to reality Reality has come back to bite the markets, taking the steam out of the relief rally in stocks, as investors grapple with the prospect of economic devastation from the virus pandemic. Data released in the United States on Wednesday showed a record slump in retail [..]

Technical Analysis – USDCAD pierces bullish flag but caution remains

Posted on April 16, 2020 at 7:54 am GMT

USDCAD bounced aggressively by 1.6% on Wednesday to close slightly above the 1.4100 level and the descending channel that seems to be part of a bullish flag pattern. While the move brought hopes that the trend could improve, the momentum indicators have yet to show clear positive signals. The MACD remains stable below its red signal line, the RSI is shifting south after breaking its 50 neutral mark, and the red Tenkan-sen line continues to hold a downside direction below [..]

Daily Market Comment – Stocks under pressure amid growth jitters; dollar off lows

Posted on April 15, 2020 at 8:36 am GMT

Uncertainty about growth outlook resurfaces after IMF warning, weighing on stocks Dollar pulls higher as risk aversion sets in US earnings and retail sales data could make for a rocky ride Stocks muted as growth jitters return Equity markets were struggling for momentum on Wednesday as the IMF’s latest economic forecasts served as a reminder to investors that the virus crisis will take a heavy toll on the global economy. In its April report, the IMF projected that the global [..]

Technical Analysis – USDCAD in descending move after pullback on more than 4-year peak

Posted on April 14, 2020 at 9:30 am GMT

USDCAD held onto losses for the third day in a row, dropping to a one-month low of 1.3855 on Monday. Currently, the pair has been developing below the 20- and 40-period simple moving averages (SMAs) and the falling tentative trend line since March 19. The RSI in the four-hour chart, is turning higher after the bounce off the oversold zone, while the stochastic oscillator is ready to form a bullish crossover with its %K and %D lines above the 20 line, increasing chances for [..]

Daily Market Comment – OPEC cuts, but oil and stocks don’t ‘buy it’

Posted on April 13, 2020 at 8:18 am GMT

OPEC+ agrees to an almost 10 million barrels/day supply cut Oil opens higher, but surrenders most gains as compliance doubts set in Stocks turn red, yen and gold inch higher in holiday-thinned trading OPEC cuts, but oil can’t stay afloat The world’s biggest oil producers finalized a historic deal to cut their production over the weekend, in an attempt to stabilize a market that has been ravaged by collapsing demand. After a few hiccups with Mexico, OPEC and its allies [..]

Week Ahead – China to reveal virus damage on GDP as markets cling onto optimism

Posted on April 10, 2020 at 11:57 am GMT

As much of the world is stuck in a lockdown, one country where life has started to return to normal will shed some light on the toll of the virus outbreak on its economy as China reports GDP growth estimates. The data could either spread misery or provide a glimmer of hope to those countries still heavily stricken by the coronavirus. US indicators will also be scrutinized as March numbers for retail sales and industrial production are released. But aside [..]

Daily Market Comment – Fed lifts stocks, sinks dollar, turbocharges gold

Posted on April 10, 2020 at 8:31 am GMT

Fed goes ‘all in’ – unveils new $2.3 trillion lending program Stocks climb, dollar drops, and gold goes into overdrive But are markets realistic about the long-term damage? Oil falls after OPEC deal disappoints in size and scope Fed pulls out all the stops to cushion economy, stocks smile The US central bank rode to the rescue once again on Thursday, rolling out a gigantic $2.3 trillion lending package to help smaller and medium sized businesses as well as local [..]

Technical Analysis – USDCAD creates bearish correction in near term; positive outlook intact

Posted on April 10, 2020 at 6:51 am GMT

USDCAD takes a negative path after the pullback on the more than four-year peak of 1.4668 registered on March 19, revisiting the 1.3930 support level beneath the 20-day simple moving average (SMA) in the short-term. The Ichimoku indicators are suggesting a neutral to bearish movement as the cloud remains near the current market price, which fell below the red Tenkan-sen and the blue Kijun-sen lines. Additionally, according to the stochastics, the %K and %D lines declined in the oversold market and are losing more [..]

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