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USDCAD

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Could Canada’s inflation produce a downside surprise? – Preview 

Posted on November 17, 2023 at 9:47 am GMT

BoC’s hawkishness depends on stronger inflation prints The October inflation report is expected on Tuesday at 15:30 GMT Aussie could get a short-term boost next week against the US dollar BoC was really worried about inflation at the October meeting At its October 25 meeting, the Bank of Canada held its main policy rate unchanged at 5%. Despite acknowledging the impact of higher rates on the real economy, the BoC’s Governing Council once again expressed its readiness for further rate [..]

Technical Analysis – USDCAD bounces off 50-day SMA

Posted on November 17, 2023 at 8:30 am GMT

USDCAD experienced a setback, falling below the 1.3800 handle But quickly found its feet at the 50-day SMA and recouped some losses Momentum indicators suggest a cautiously bullish tone USDCAD had been in a steady advance since July, posting a fresh 13-month peak of 1.3898 on November 2. Since then, the pair has experienced two rounds of weakness, but both attempted declines got curbed by the ascending 50-day simple moving average (SMA). Given that the momentum indicators are tilted to the upside, [..]

Technical Analysis – USDCAD tests 1.3800 tricky area

Posted on November 10, 2023 at 8:26 am GMT

USDCAD marks positive week, but slows pace near 1.3800 Short-term bias skewed to the upside, but caution needed   USDCAD has been in a bullish corrective mode during the week, retracing some of its losses from November’s one-year high of 1.3898. Entering the 1.3800 area has been a struggle over the past two days, and there might be another tough obstacle within the 1.3840-1.3870 region, but the bulls may not give the battle yet, according to the technical indicators. Specifically, [..]

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Technical Analysis – USDCAD gets hammered after NFP miss

Posted on November 3, 2023 at 1:54 pm GMT

USDCAD plummets on the back of disappointing NFP data Negative sentiment strengthens; eyes on 1.3680   USDCAD extended Thursday’s freefall below its 20-day simple moving average (SMA) and the 1.3700 round level after US employment growth clocked in lower at 150k than analysts expected. Technically, the short-term bias is leaning on the bearish side as the RSI is set to cross below the 50 neutral mark and the MACD is decelerating below its red signal. Yet, there are a couple [..]

Technical Analysis – Has USDCAD’s recent rally run its course?

Posted on November 3, 2023 at 7:28 am GMT

USDCAD in the red after reaching 3-year high Aggressive rally since the July 14 low of 1.3091 Momentum indicators appear to support the current downleg  USDCAD is moving lower today, registering its third consecutive red candle after trading at a 3-year high of 1.3898. It has been an aggressive rally from the July 14 low with the bulls potentially staying on the sidelines this week due to numerous key events. In the meantime, the bullish series of higher highs and [..]

Week Ahead – Will BoJ steal the limelight from Fed and BoE?

Posted on October 27, 2023 at 10:41 am GMT

Central bank meetings continue in earnest with BoJ, Fed and BoE Fed and BoE to likely stand pat, but BoJ might tweak policy again NFP report and Eurozone flash GDP and CPI data also in focus Fed pause likely to be of little relief for yields Just a few weeks ago the November FOMC meeting was seen as a live one, but expectations of a rate hike have evaporated in the run up to Wednesday’s decision. The latest commentary from [..]

Technical Analysis – USDCAD has another round of fighting ahead

Posted on October 25, 2023 at 8:08 am GMT

USDCAD jumps above 1.3700 ahead of BoC rate decision Will the pair breach the neutral triangle pattern too? USDCAD held its footing above the resistance-turned-support trendline drawn from the 2020 peak and bounced back into the 1.3700 area on Tuesday. The latest bullish action shifted the attention back to the 1.3800-1.3860 region ahead of the Bank of Canada’s policy meeting, with the technical indicators promoting further progress in the market. The RSI has resumed its positive slope above 50 and the MACD [..]

Weekly Technical Outlook – EURUSD, USDJPY, USDCAD

Posted on October 23, 2023 at 1:10 pm GMT

EUR/USD in neutral zone ahead of ECB policy announcement USD/CAD needs more upside as BoC rate decision looms USDJPY at a critical resistance territory; bunch of US data due   ECB policy meeting –> EUR/USD EURUSD is stuck in a sideways trend above its 10-month low, but there is hope for a bullish reversal as the European Central Bank comes into public’s attention this week. Policymakers will gather in Athens on their annual getaway from Frankfurt to decide on interest rates [..]

Bank of Canada to likely stay on pause after dip in inflation – Preview

Posted on October 23, 2023 at 6:52 am GMT

BoC expected to hold rates at 5.0% after surprise fall in CPI But persisting wage pressures mean future hike not off the table Quarterly forecasts also eyed when decision is announced Wednesday, 12:30 GMT No change in rates expected The Bank of Canada looks set to keep its overnight rate unchanged at 5.0% at its October meeting amid more sluggish-than-expected growth and signs that inflation is cooling off again. Rates in Canada last went up in July when headline inflation [..]

Week Ahead – ECB meeting and US GDP to shake FX markets

Posted on October 20, 2023 at 11:06 am GMT

Central bank decisions in Eurozone and Canada coming up But FX traders will likely focus more on the US GDP report  Is the dollar set to realign with its superior fundamentals?  Dollar turns to GDP stats for fuel The US economic machine continues to fire on all cylinders. Shielded by the government’s enormous deficit spending and the slow transmission of high interest rates because of fixed-rate mortgages, the United States has defied expectations of an economic slowdown and instead enjoyed [..]

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