All Articles Tagged - USDCAD

Technical Analysis – USDCAD retraces higher towards 6-month high

Posted on October 20, 2023 at 7:19 am GMT

USDCAD attempts to completely erase its latest pullback On track to test the 6-month peak of 1.3784 Momentum indicators are heavily tilted to the bullish side USDCAD had been in a steady advance since late September, posting a fresh six-month high of 1.3784 on October 5. Although the pair corrected to the downside, it quickly found its feet and recouped some losses, while both the RSI and MACD are endorsing this rebound as they are deep in their positive zones. Should buying [..]

Technical Analysis – USDCAD in the green today but move unconvincing

Posted on October 19, 2023 at 1:07 pm GMT

USDCAD edges higher today, approaches recent highs Geopolitical developments impact sentiment across the board The momentum indicators complicate the outlook USDCAD is moving higher today, recording its third positive candle and trading a tad above the 1.3704 level. It has been an aggressive upleg since the July 14 low and, despite the correction seen in September, the bullish series of higher highs and higher lows remains firmly in place. Amidst this price action, the momentum indicators are only somewhat on [..]

Market Comment – Investors add to Fed hike bets after solid US retail sales

Posted on October 18, 2023 at 8:34 am GMT

US retail sales rise more than expected, bolster Fed hike case Pound slides on slowing wages, rebounds on sticky inflation Aussie and kiwi aided by China’s GDP beat; loonie supported by higher oil prices Wall Street ends mixed; gold extends gains on safe-haven flows Dollar receives support, yields surge on US retail sales beat The US dollar traded mixed against the other major currencies on Tuesday, gaining against the pound, the yen, and the kiwi, but losing ground versus the [..]

Market Comment – Gold and oil surge as Middle East conflict intensifies

Posted on October 16, 2023 at 8:43 am GMT

Gold surges as Israel carries ground operations inside Gaza Geopolitics and Harker weigh on Fed rate hike expectations Oil rallies as fears of supply disruptions due to the war heighten S&P 500 and Nasdaq slip as geopolitics offset strong earnings results Gold shines as Israel-Hamas tensions flare up Gold surged more than 3% on Friday as the escalating conflict between Israel and Hamas forced market participants to seek safety. On Friday, Israel’s infantry carried out raids inside the Gaza Strip, [..]

Week Ahead – US retail sales and UK CPI data enter the spotlight

Posted on October 13, 2023 at 8:32 am GMT

After US CPIs, US retail sales may also impact Fed hike expectations Will the UK inflation numbers increase the chances for another BoE hike? Aussie and Kiwi traders await Australia jobs report and New Zealand’s CPI China’s GDP could also impact those commodity-linked currencies Will retail sales allow the dollar to extend its recovery? The dollar traded on the back foot for the better half of this week due to dovish remarks by Fed officials who suggested that the surge [..]

Technical Analysis – USDCAD bulls roar back; eyes on 1.3700

Posted on October 13, 2023 at 8:07 am GMT

USDCAD treats its wounds with solid bounce Caution needed as familiar resistance nearby USDCAD gathered significant momentum on Thursday, flipping weekly losses into a 0.20% gain after a slightly stronger US CPI report. The pair kept its footing above its simple moving averages (SMAs), but the descending trendline from the 2020 top resumed its resistance role, halting the bullish action marginally below 1.3700. Despite some positive signs coming from the RSI and the stochastic oscillator, the bulls need to break [..]

Technical Analysis – USDCAD explodes to a fresh 6-month high

Posted on October 6, 2023 at 7:56 am GMT

USDCAD in an aggressive advance, smashing previous resistance zones Formation of a golden cross boosts bulls’ appetite Momentum indicators ease but remain deeply positive USDCAD managed to totally erase its recent downside correction and edge higher towards a fresh six-month peak of 1.3784. However, the pair has surrendered some gains in the last couple of sessions after the short-term oscillators pointed at overbought conditions. Should buying interest persist, the pair could re-test the recent rejection region of 1.3784. A break above [..]

Technical Analysis – USDCAD jumps above critical resistance

Posted on October 4, 2023 at 3:01 pm GMT

USDCAD snaps long-term resistance line Short-term bias bullish; overbought signs detected A clear close above 1.3700 required for more upside USDCAD is fighting for a close above the descending line at 1.3700, which connects all the highs from the 2020 top, for the first time since its failed attempt to reach it in early September. The pair has extended its impressive rebound above the 1.3700 mark with scope to reach the 1.3800-1.3860 key resistance territory. A bounce higher could clear the way [..]

Loonie stays under pressure ahead of Canadian jobs numbers – Preview

Posted on October 4, 2023 at 1:44 pm GMT

Canada’s economy likely added fewer jobs in September as labour market cools But will it sway odds of further BoC rate hikes? Local dollar struggles at 6-month low ahead of Friday’s data due at 12:30 GMT A rough patch The Canadian economy has been going through a rough patch since the end of 2022, contracting in Q4 before bouncing back in the first quarter of 2023 only to shrink again in Q2. Year-on-year growth has stayed positive during this period, [..]

Technical Analysis – USDCAD vulnerable to more downside

Posted on September 29, 2023 at 8:05 am GMT

USDCAD gives up weekly gains; might be due to a pullback Potential support could next emerge near 1.3400 US core PCE inflation index on the agenda USDCAD erased Tuesday’s bounce as the 20-day simple moving average (SMA) obstructed progress, forcing the price to ease towards its 50- and 200-day SMAs at 1.3450. This is also where the 38.2% Fibonacci mark of the previous upleg is placed. Market sentiment is neutral-to-bearish according to the technical indicators. The MACD is marginally below its [..]

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