All Articles Tagged - USDCAD

European Open Preview – Pound under pressure as Tories trigger leadership contest

Posted on December 12, 2018 at 8:52 am GMT

Sterling near 20-month lows as Conservative lawmakers trigger no-confidence vote in Theresa May; ballot to be held today Risk appetite recovers as Trump and China stoke hopes for a deal Euro remains on the back foot ahead of tomorrow’s ECB meeting US inflation data on tap Sterling crumbles as Tories trigger leadership challenge The British pound sank to a fresh 20-month low versus the dollar on Tuesday, following reports that “rebels” within Theresa May’s Conservative party nearly have the numbers [..]

European Open Preview – Dollar moves off lows ahead of US jobs report but weighed by talk of Fed pause

Posted on December 7, 2018 at 9:13 am GMT

US dollar edges up from lows as risk sentiment improves, but expectations that the Fed could soon pause its rate hike cycle limit gains US Treasury yields fall sharply on Wall Street Journal report that Fed is considering “wait-and-see” approach Pound steady despite May pondering whether to delay Brexit vote Oil under pressure again as OPEC struggles to reach output agreement, awaits for Russia to join talks before making decision Dollar firmer ahead of nonfarm payrolls report The US dollar [..]

Technical Analysis – USDCAD increasingly bullish at 1 ½-year highs; could be overbought

Posted on December 7, 2018 at 8:03 am GMT

USDCAD pierced a key resistance around 1.3385 on Thursday and spiked to a 1 ½-year high of 1.3443, deviating further above its moving averages which are positively sloped, a sign that the uptrend could continue. Momentum indicators are also in bullish territory, with the MACD crossing above its red signal line and the RSI fluctuating well above its 50 neutral mark. Yet downside corrections cannot be ruled out in the short term as the latter is just about to touch [..]

Canadian jobs numbers up next as loonie awaits OPEC outcome – Forex News Preview

Posted on December 6, 2018 at 12:51 pm GMT

Canada’s latest employment figures will hit the markets on Friday, at 1330 GMT. Forecasts and gauges of the labor market point to another solid report, which may help the loonie recover some of its latest losses. In the bigger picture though, the direction of oil prices following the OPEC decision later today may prove even more important for the Canadian currency. The loonie recorded hefty losses this week, diving to a 1½-year low versus the dollar, after the Bank of [..]

European Open Preview – Risk sentiment sours; OPEC summit front and center

Posted on December 6, 2018 at 8:30 am GMT

Risk appetite crumbles as US arrests Huawei CFO, generating worries of re-escalation in the trade conflict Today, all eyes are on OPEC’s meeting (1200 GMT); expectations for a production cut are elevated Loonie nosedives to a 1½-year low as BoC shifts to a more cautious stance Risk appetite falters on fears of “trade war” re-escalation After a relatively calm Wednesday, risk appetite deteriorated once more during the Asian session on Thursday, following news that the CFO of the Chinese tech [..]

Oil rebounds ahead of OPEC meeting amid hopes for production cuts – Forex News Preview

Posted on December 5, 2018 at 11:17 am GMT

The Organization of Petroleum Exporting Countries (OPEC) and its allies will meet in Vienna on Thursday, and expectations for a production cut to stabilize oil prices are riding high. With investors appearing confident such a reduction will indeed take place, the impact on oil prices may depend mainly on the size of any cut. If producers fail to deliver entirely though, crude prices could well visit fresh lows for the year. OPEC and its allies, most notably Russia, are reportedly [..]

European Open Preview – Stocks sink amid trade woes; BoC decision eyed

Posted on December 5, 2018 at 8:46 am GMT

Trump’s trade posturing sinks stock markets Bank of Canada to stand pat (1500 GMT), but may appear a touch more cautious Dollar rebounds after Fed’s Williams reiterates “gradual hikes” Sterling remains turbulent as Parliamentary debate kicks off Equities sink on Trump’s trade posturing Wall Street plunged, with the S&P 500 falling by a whopping 3.24% and the tech-heavy Nasdaq Composite nosediving by 3.80%. Meanwhile, defensive assets like the Japanese yen outperformed. The mood was already sour before the US markets [..]

Loonie turns its gaze to BoC decision and OPEC meeting – Forex News Preview

Posted on December 4, 2018 at 10:18 am GMT

The Bank of Canada (BoC) will announce its rate decision on Wednesday at 1500 GMT, and expectations are for policymakers to take no action. The loonie will probably be driven by any signals regarding the likelihood of a rate hike at the next meeting, in January. Beyond monetary policy, the outcome of the OPEC gathering on Thursday may also prove crucial for the currency, via its impact on oil prices. The BoC is widely anticipated to keep interest rates unchanged [..]

European Open Preview – Markets retrace as trade optimism wanes

Posted on December 4, 2018 at 8:45 am GMT

Trade optimism fades as markets digest the agreement Dollar extends recent pullback Oil continues to recover amid speculation for an OPEC cut RBA slightly more upbeat, but no policy change in sight Stocks edge higher on trade relief, but optimism wanes The boost to global risk appetite following the US-China trade “ceasefire” seems to have been short-lived. Even though US stock markets closed higher, they did surrender a decent part of their gains late in the session, and futures tracking [..]

Week Ahead – Spotlight on US jobs report after ‘Powell Put’; RBA and BoC meet

Posted on November 30, 2018 at 1:56 pm GMT

The coming week will be significant both in terms of data releases as well as for central bank meetings. November nonfarm payrolls out of the US will likely be the most anticipated report but it’s going to be a big week for the Australian dollar too as Q3 GDP numbers are due along with an RBA meeting. The Bank of Canada will be the other central bank holding a scheduled meeting, though the Canadian dollar will probably be paying more [..]

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