All Articles Tagged - USDCAD

Technical Analysis – USDCAD slips back to retest 50% Fibonacci under 200-SMA

Posted on September 6, 2019 at 7:28 am GMT

USDCAD has done little to recover Wednesday’s free-fall that led the price under the 200-period simple moving average (SMA) in the four-hour chart and slightly below the 1.3200 level. The momentum indicators, however, are currently favoring a bearish-to-neutral picture for the short-term trading as the RSI is pointing towards its 30 oversold mark and the MACD is flattening under its red signal line. The steep negative slope in the red Tenkan-sen is another discouraging signal. The focus is now back [..]

Daily Market Comment – Risk assets recover as Brexit and trade worries ease

Posted on September 5, 2019 at 8:33 am GMT

Risk appetite returns as trade and geopolitical tensions subside overnight Pound bounces back as no-deal Brexit averted for now; elections could follow US and China agree to hold trade talks in October; global stocks surge Markets cheer ebb in trade and political tensions Traders were greeted with positive developments on all fronts on Thursday as the United States and China finally agreed on the basis for a new round of high-level talks, while the easing of political turmoil in Britain [..]

Daily Market Comment – Brexit turmoil deepens but pound steadies on weaker dollar

Posted on September 4, 2019 at 8:28 am GMT

PM Johnson calls for snap election after MPs approve to hold vote on blocking a no-deal Brexit Dollar slips after US manufacturing unexpectedly contracts in August, sending bond yields lower Loonie eases from lows as Bank of Canada decision is awaited Johnson eyes elections after losing majority UK Prime Minister Boris Johnson suffered a humiliating defeat in Parliament on Tuesday after 21 of his own MPs voted in favour of a cross-party bill that paves the way for a vote [..]

Bank of Canada seen holding rates after robust GDP growth – Forex News Preview

Posted on September 3, 2019 at 10:28 am GMT

The Bank of Canada meets on Wednesday for its scheduled policy decision and will announce the outcome at 14:00 GMT. Speculation has been rife about when the BoC will shift to an easing bias as it remains one of the few central banks among advanced economies that has not cut interest rates or signalled one. But with the latest data suggesting its full steam ahead for the Canadian economy, market odds for an end of year rate cut have receded [..]

Week Ahead – Aussie Q2 data, RBA and BoC meetings, US jobs report and Brexit to make for a busy week

Posted on August 30, 2019 at 1:04 pm GMT

As the summer draws to a close, it will begin to get a little more heated in forex markets as a combination of central bank meetings, key releases and political risks look set to jump start the Autumn trading season. A raft of data out of Australia next week as well as an RBA policy meeting will keep aussie traders glued to their desks, though the Bank of Canada could steal the limelight as it ponders whether to make a [..]

Technical Analysis – USDCAD trapped by SMAs near 50.0% Fibonacci; 1.3345 resistance endures

Posted on August 30, 2019 at 11:05 am GMT

USDCAD has been unable to overcome the 1.3345 barrier, despite breaching the 200-day simple moving average (SMA). The 1.3345 resistance is showing resilience as it was tested multiple times over the last two-weeks of consolidation. The price is slightly above the Ichimoku cloud between the 100- and 200-day SMAs increasing the odds that the sideways move may outstretch a while longer. Regarding momentum, the MACD is in positive territory and has moved below its red trigger line, reflecting weakening upside [..]

Daily Market Comment – Dollar & stocks climb on trade hopes; inflation data eyed

Posted on August 30, 2019 at 8:02 am GMT

Optimism engulfs markets after China calms trade nerves – can it last? ECB policymakers downplay QE prospects, but euro doesn’t ‘buy it’ Euro area & US inflation data in the spotlight today Dollar index near 2-year highs as trade optimism lingers Global equity markets were a sea of green on Thursday, with European and American stocks gaining more than 1% after China indicated it won’t retaliate immediately to the latest US tariffs and that the planned trade talks could still [..]

Canadian growth probably rebounded in Q2; unlikely to solve mystery about BoC’s next move – Forex News Preview

Posted on August 28, 2019 at 1:44 pm GMT

Canada will publish GDP growth numbers for the second quarter on Friday at 12:30 GMT. After a recent run of stronger-than-anticipated releases, the growth figures are not expected to buck the trend and should confirm the healthy state of the economy right now. However, with markets panicking about the fallout of the US-China trade war, Canada is not excluded from the predictions about an impending recession. This is evident in the exchange rate where the Canadian dollar is trading near [..]

Daily Market Comment – Wall Street retreats on recession fears; oil soars

Posted on August 28, 2019 at 8:25 am GMT

Yen and gold advance, stocks retreat as recession worries intensify Pound recovers as no-deal Brexit risk recedes, but outlook still negative Oil jumps after massive inventory drawdown – official EIA figures due today Wall Street retreats as recession fears deepen A mild risk-off tone swept through global markets on Tuesday, with American stocks closing modestly in the red and the defensive Japanese yen outperforming most of its major peers. Likewise, gold prices logged some gains, as the commodity currencies – [..]

Daily Market Comment – Risk sentiment fragile despite ‘calm’ trade rhetoric

Posted on August 27, 2019 at 8:04 am GMT

Markets recover as Trump strikes a conciliatory tone, but reality sinks in Further trade escalation seems imminent, so risk aversion may linger In the UK, opposition lawmakers will meet to avert a no-deal Brexit Risk sentiment in ‘no-man’s land’ as markets digest conflicting signals Global risk appetite recovered on Monday, following some encouraging signals on trade by the US President at the G7 summit. Trump said that Chinese officials had called the American negotiators in order to ‘get back to [..]

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