All Articles Tagged - USDCAD

Technical Analysis – USDCAD extends positive pattern; RSI overbought

Posted on December 21, 2018 at 7:56 am GMT

USDCAD keeps printing higher highs and higher lows within an ascending channel, reaching fresh 1 ½ -year peaks at 1.3529 on Thursday. While the market looks to be approaching overbought territory according to the RSI, the MACD suggests that the rally is not over yet as the indicator continues to point to increased positive momentum above its red signal line. On the upside, the upper bound of the channel seen around 1.3538 will attract significant attention as any decisive close above that mark [..]

European Open Preview – Dollar shows weakness despite not-so-dovish FOMC meeting

Posted on December 20, 2018 at 9:12 am GMT

Fed’s dot plot indicates two rates hike next year, down from three Bank of England to hold rates steady amid Brexit drama EU and Italy find common ground on budget plan Fed not as dovish as expected Shares in the US and Asia tumbled after the Federal Open Market Committee (FOMC) raised interest rates by a quarter point to 2.25-2.5% in a widely expected decision and hinted further tightening next year despite the hazards in global economic conditions. The central bank [..]

European Open Preview – Fed unlikely to be as dovish as market pricing implies

Posted on December 19, 2018 at 8:42 am GMT

The spotlight today is on the Fed’s decision; markets seem positioned for an extremely “dovish hike”, which poses an upside risk for the dollar The BoJ will also meet, though that gathering may be less exciting Meanwhile, oil prices resumed their broader collapse Fed may strike a less dovish tone than investors anticipate The main event today will be the Fed’s policy decision at 1900 GMT, which will be followed by a press conference from Chair Powell. A quarter-point rate increase [..]

Loonie declines awaiting inflation and retail sales – Forex News Preview

Posted on December 18, 2018 at 1:01 pm GMT

Canadian inflation figures will hit the markets on Wednesday at 1330 GMT as well as retail sales and GDP numbers that are scheduled to be released on Friday at 1330 GMT. On December 5, the Bank of Canada (BOC) left its benchmark interest rate unchanged at 1.75%, after raising it by 25bps in the preceding meeting as was widely expected. It remained the highest rate since December 2008. Policymakers mentioned that more interest rate hikes will be needed to keep inflation into a range of 2% target [..]

European Open Preview – Dollar softer on bets volatility will stay Fed’s hand

Posted on December 18, 2018 at 8:45 am GMT

Risk sentiment in dire straits; US stocks close at fresh lows, yen shines Dollar drops as Fed rate-hike expectations fade even further Kiwi buoyant after New Zealand’s business sentiment recovers S&P 500 closes at 14-month low as fear dominates greed Risk sentiment remained sour to start the week, in the absence of any clear catalyst, other than a flurry of headlines suggesting a US government shutdown may be on the cards this holiday season. The benchmark S&P 500 index fell [..]

European Open Preview – US dollar index near highs as Fed week begins

Posted on December 17, 2018 at 8:14 am GMT

US dollar not far from highs as Fed poised to hike later in the week Risk sentiment under pressure from signs of global slowdown Volatile sterling in wait-and-see mode on possible Brexit holiday pause US dollar keeps most of its gains on robust retail sales The US dollar was helped by a buoyant November retail sales report on Friday, which were in contrast to weaker-than-expected data and business surveys out of Europe and China. A strong consumer should help the [..]

Week Ahead – Fed decides as pressure grows to pause rate hikes; BoE and BoJ meet too

Posted on December 14, 2018 at 1:27 pm GMT

The Federal Reserve’s policy meeting will be the main attraction next week as speculation grows the US central bank could signal slowing down the pace of rate hikes. Policy meetings by the Bank of England and Bank of Japan are not expected to draw as much attention. Instead, economic data will be grabbing the headlines for the rest of the week as inflation, retail sales and GDP figures are due for a number of major markets, including, Canada, Japan, the [..]

European Open Preview – Euro softens as ECB ends QE, but turns cautious

Posted on December 14, 2018 at 8:38 am GMT

Euro ticks down as ECB ends QE, but downgrades balance of risks Aussie and kiwi fall sharply after key Chinese data disappoint EU refuses to renegotiate Brexit deal; sterling rallies may remain short-lived US retail sales data due out today Euro inches lower despite Draghi trying his best not to seem dovish The European Central Bank (ECB) officially announced the end of its crisis-era QE program yesterday, as expected. The Bank revised down its growth and inflation forecasts, though that [..]

Technical Analysis – USDCAD loses momentum below 18-month high; retains bullish outlook

Posted on December 14, 2018 at 7:32 am GMT

USDCAD is losing momentum after the aggressive upside run towards the 18-month high of 1.3443 on December 6. The price is developing well above its moving averages which are positively sloped, a sign that the uptrend could continue and remains in an ascending movement in the short- and long-term timeframes. Momentum indicators are also in bullish territory, with the MACD crossing above its red signal line and the RSI fluctuating well above its 50 mark. An extension to the upside would likely [..]

European Open Preview – Pound advances as May survives; ECB meeting eyed

Posted on December 13, 2018 at 8:27 am GMT

Sterling advances as PM May survives leadership contest, but sustained rally unlikely ECB meets today; Draghi’s tone will be crucial for the euro SNB meets as well, likely to maintain a dovish stance Meanwhile, reports China may open its economy boost risk sentiment Pound soars as May survives, but odds of a sustained rally slim Sterling surged on Wednesday, as it became increasingly clear throughout the session that PM May would survive the no-confidence motion, amid a plethora of Tory [..]

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