All Articles Tagged - USDCAD

Technical Analysis – USDCAD returns above trendline, but rebound capped by 100-day MA

Posted on November 8, 2019 at 9:30 am GMT

USDCAD has been restricted by the 100-day simple moving average (SMA) in recent sessions, after buyers aggressively reversed the pair back above the uptrend line, reestablishing a neutral-to-bullish picture. Despite the bearish demeanor of the 20- and 50-day SMAs, the 200- and 100-day SMAs as well as the Tenkan-sen and Kijun-sen lines reflect a stall in momentum, which could have the price endure a sideways move towards the trendline. The MACD has risen above its red trigger line and nears [..]

Canadian employment data: A risk in disguise? – Forex News Preview

Posted on November 6, 2019 at 2:28 pm GMT

The latest jobs numbers out of Canada are due on Friday at 13:30 GMT, and forecasts point to another month of solid employment gains. Even though the labor market has been on an absolute tear this year, the Bank of Canada (BoC) just signaled that it may cut rates anyway as insurance against the trade war. The implication is that a strong report may be unable to lift the loonie much, whereas a disappointing one could send it plunging. Taking [..]

Week Ahead – RBA to hold rates but BoE could signal policy shift; trade and services PMIs in focus

Posted on November 1, 2019 at 11:46 am GMT

As the Fed and the ECB signal they may be done with policy easing for now, the Reserve Bank of Australia may follow suit, but the Bank of England could be a late joiner to the easing club. Apart from the next wave of central bank meetings, monthly trade statistics will come to the fore with China’s figures likely to attract the most attention, while employment numbers out of Canada and New Zealand will also be eyed. Meanwhile, over in [..]

Daily Market Comment – Dollar braces for nonfarm payrolls; risk aversion returns

Posted on November 1, 2019 at 9:09 am GMT

US payrolls and ISM index could shape the dollar’s fortunes today Risk appetite dampened by reports China won’t compromise on ‘real’ trade issues Can US payrolls keep the besieged dollar from stumbling further? The spotlight today will fall on the US employment report for October, as investors scramble to figure out whether the Fed can truly afford to ‘pause’ its rate-cutting cycle, or whether that is merely wishful thinking. Likewise, the ISM manufacturing PMI for the same month will reveal [..]

Technical Analysis – USDCAD’s rebound looks fragile near long-term trendline

Posted on November 1, 2019 at 8:23 am GMT

USDCAD is pushing efforts to return above the long-term support trendline drawn from the trough of 2017 after rebounding on the three-month low of 1.3041. But the technical indicators have yet to send a clear bullish signal as the RSI is struggling to cross above its 50 neutral mark even though the MACD keeps rising above its signal line, while the red Tenkan-sen is flattening under the blue Kijun-sen line. The 1.3130 level is the nearest barrier to downside corrections at the moment, [..]

Daily Market Comment – Dollar goes for a ride as Fed baffles markets

Posted on October 31, 2019 at 9:01 am GMT

Dollar ends lower, stocks soar as Fed can’t convince markets it will hit ‘pause’ Loonie hammered as BoC drops neutral stance, hints at ‘insurance cut’ BoJ strengthens easing bias, but yen yawns Eurozone, US, and Canadian data coming up today Fed cuts rates and signals a pause, but markets don’t buy it The Fed cut rates by another quarter-point yesterday, as widely expected, but refrained from signaling that any more cuts are coming. The phrase “will act as appropriate to [..]

Daily Market Comment – Fed, BoC, and BoJ decisions; UK election confirmed

Posted on October 30, 2019 at 9:18 am GMT

Fed to slash rates today but may signal a pause after this cut, lifting the dollar BoC set to stand pat, unlikely to alter its neutral stance BoJ decides early on Thursday – close call whether it will cut UK General Election officially called for December 12 Fed virtually certain to cut rates, but will it also signal a pause? It’s an extremely busy day, with the main event being the Federal Reserve policy decision at 18:00 GMT, which will [..]

Can a neutral BoC push the loonie over the finish line? – Forex News Preview

Posted on October 29, 2019 at 4:25 pm GMT

The Bank of Canada (BoC) will announce its latest decision at 14:00 GMT on Wednesday. No action is expected as the domestic economy remains solid, taking very little damage from the US-China trade war. Policymakers are likely to stick to their neutral message, downplaying the chances of any rate move in the coming months, which may help the loonie cement its status as the best performing major currency this year. That said, any significant upside may be difficult to come [..]

Week ahead – Fed to cut rates, will BoJ follow? US payrolls on the menu too

Posted on October 25, 2019 at 12:45 pm GMT

There’s a barrage of crucial events coming up next week, with three major central bank meetings and an avalanche of economic data set to dominate the agenda. The Fed is almost certain to cut rates again, but may signal that the bar for any further action is high. The Bank of Japan is a wild card – it’s a close call whether it will cut too or wait a little longer. In Canada, the BoC will probably maintain a neutral [..]

Technical Analysis – USDCAD increasingly bearish after breaking below uptrend line

Posted on October 25, 2019 at 7:43 am GMT

USDCAD came to a stop at the 1.3068 support coming from the swing low of February 1, after breaching the uptrend line drawn from 2017’s low. Sellers have kept the price below the trendline and therefore further declines are on the table, something also backed by the downward slopes of the 20-, 50- and 100-day simple moving averages (SMAs). The short-term oscillators reflect some easing but remain bearish suggesting more losses could unravel. The MACD has smoothed slightly but is [..]

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