All Articles Tagged - USDCAD

European Open Preview – Yen crumbles as risk sentiment improves, dollar rebounds

Posted on March 1, 2019 at 8:53 am GMT

Dollar rebounds after US GDP beats expectations, looks to ISM manufacturing index Yen falls to two-month lows as solid Chinese PMIs reinvigorate risk appetite Busy schedule today: Eurozone inflation data, UK manufacturing PMI, Canadian GDP Dollar inches up as US GDP tops forecasts, but stocks struggle The dollar was the main winner in Thursday’s session, drawing support from stronger-than-anticipated US GDP data for Q4 to outperform all its G10 peers outside of the Swiss franc. Economic growth clocked in at [..]

Technical Analysis – USDCAD keeps testing 200-day MA; bears still in control

Posted on March 1, 2019 at 7:51 am GMT

USDCAD bears have been stubbornly testing the 200-day moving average (MA) this week after confirming another lower high around 1.3340. But the momentum indicators signal that the negative mode has not faded yet as the RSI continues to hover below its 50 neutral threshold with weak momentum and the MACD keeps losing ground below its red signal line, both endorsing a neutral-to-negative bias for the short-term. Slightly below the 200-day MA, the 61.8% Fibonacci of 1.3118 of the upleg from [..]

European Open Preview – Stocks retreat as trade optimism fades, growth concerns return

Posted on February 28, 2019 at 8:57 am GMT

Risk aversion prevails as top US trade official reins in optimism, Chinese PMIs disappoint Sterling cruises even higher as no-deal Brexit risks fades Oil rebounds on supply news, but pulls back on demand concerns Today, German inflation and US GDP data will be in focus Risk-off mood prevails amid geopolitical and trade risks, soft Chinese data US equity markets closed with modest losses on Wednesday and futures suggest they may be headed for even more pain today, amid several risks [..]

European Open Preview – Pound celebrates potential Brexit delay; dollar retreats

Posted on February 27, 2019 at 8:57 am GMT

Sterling rejoices as PM May signals potential Brexit delay Dollar retreats as Powell seems cautious on domestic issues too Canadian inflation data coming up, with oil prices also crucial for loonie Pound explodes higher as May implicitly signals Brexit delay The British pound was the star performer on Tuesday, gaining ground across the board to touch a new 5-month high versus the dollar after PM May watered down her Brexit stance, opening the door for an extension of the exit [..]

Canadian inflation and GDP data eyed as BoC rate hikes disappear over the horizon – Forex News Preview

Posted on February 26, 2019 at 1:06 pm GMT

Canada will publish January inflation and Q4 GDP numbers this week, which should provide investors some clues as to the possibility of a near-term rate hike by the Bank of Canada amid a slowing economy. The CPI figures are due on Wednesday and the GDP estimates will be released on Friday, both at 13:30 GMT. The Canadian dollar is vulnerable to upside surprises given that investors have almost priced out the likelihood of any rate hikes this year. After peaking [..]

European Open Preview – Trade rally eases as caution sets in; Powell testimony eyed

Posted on February 26, 2019 at 9:14 am GMT

Risk rally eases amid some caution on prospect of US-China trade deal Immediate focus to shift to Fed Chairman Jerome Powell’s congressional testimony Pound jumps as May considers taking no-deal Brexit off the table Oil slumps after Trump tells OPEC to “take it easy” on high oil prices Stocks pare gains; yen firms as trade rally fades Equities were on the backfoot on Tuesday and the safe-haven yen turned higher as some of the optimism around the expectations of a [..]

Week Ahead – Long overdue US Q4 GDP, other data backlog to dominate

Posted on February 22, 2019 at 2:31 pm GMT

The fourth quarter GDP estimates for the United States will finally be published next week following the disruption to the American release calendar from the government shutdown. Canadian GDP will also be in focus, along with core PCE inflation numbers out of the US. Other notable releases include Japanese and Australian capital expenditure figures for Q4, as well as Eurozone flash inflation and Chinese manufacturing PMIs. Trade talks between the US and China will also be on investors’ radar as [..]

European Open Preview – All eyes on Washington as trade talks wrap up

Posted on February 22, 2019 at 8:50 am GMT

Markets will focus on trade today, as another round of US-China talks wraps up Euro looks to Germany’s Ifo survey and remarks by ECB’s Draghi Meanwhile, antipodeans are mixed amid headlines out of China and the RBNZ All eyes on Washington as another round of trade talks concludes Global risk sentiment turned sour on Thursday, with European and American equity markets closing in the red, following a string of disappointing economic data out of both regions. Accordingly, the defensive Japanese [..]

Technical Analysis – USDCAD rebounds off 200-day MA but positive signals insufficient

Posted on February 22, 2019 at 8:12 am GMT

USDCAD was supported by the 200-day moving average (MA) this week before turning higher and back above the 50% Fibonacci of the upleg from 1.2781 to 1.3663. The fast-Stochastics hint that the pair is likely to improve further as the blue % K line and the red %D line are exiting the oversold area. Positive signals, however, are not sufficient yet given the RSI’s location and the movement of the Ichimoku’s indicators; the RSI seems to be losing momentum marginally below its [..]

Canadian retail sales expected to further dent BoC rate hike odds – Forex News Preview

Posted on February 21, 2019 at 11:11 am GMT

December retail sales will be watched out of Canada on Friday at 13:30 GMT for clues on the prospect of rate increases by the Bank of Canada in 2019. As the Canadian economy loses some steam, the BoC has been forced to sit on the sidelines, dashing the odds of any rate hike in the coming months. The Canadian dollar, meanwhile, is enjoying newfound support from higher oil prices, though doubts about the global growth outlook and trade uncertainty are [..]

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