All Articles Tagged - USDCAD

Week Ahead – RBA and BoC to kick-start key round of central bank meetings

Posted on September 1, 2023 at 10:06 am GMT

After a barrage of US data hurt the dollar this week, with investors having second thoughts as to whether another Fed hike may be needed, the US agenda will become lighter next week with the spotlight turning to the ISM non-manufacturing PMI. Elsewhere, the RBA and the BoC are holding their interest rate decisions, kick-starting a round of pivotal meetings by major central banks, which could well impact forthcoming directions of major currency pairs. Light US agenda, focus on ISM [..]

Technical Analysis – USDCAD pulls back from 3-month peak

Posted on September 1, 2023 at 8:15 am GMT

USDCAD had been stuck in a steep uptrend after finding its feet at the 11-month low of 1.3091 in mid-July. However, the pair has been undergoing a downside correction since its rejection at a fresh three-month peak of 1.3638 on Tuesday. The momentum indicators currently suggest that the bullish forces are fading. Specifically, the MACD is softening below its red signal line in the positive zone, while the stochastics are descending sharply near the 20-oversold mark. Should the bears attempt to [..]

Technical Analysis – USDCAD in a sustained rally, eyeing April highs

Posted on August 25, 2023 at 7:22 am GMT

USDCAD had been stuck in a steep uptrend after finding its feet at the 10-month low of 1.3091 in mid-July. Moreover, the pair has sliced through important technical zones such as both the 50- and 200-day simple moving averages (SMAs), while posting consecutive fresh two-month highs in the last few daily sessions. The momentum indicators currently suggest that the recent rally could be overstretched. Specifically, the MACD is strengthening above zero and its red signal line at its highest level since March, [..]

Technical Analysis – USDCAD extends steep advance to 2-month peak

Posted on August 18, 2023 at 7:52 am GMT

USDCAD had been trending higher in the short term after finding its feet at the 10-month low of 1.3091 in mid-July. Moreover, the pair has sliced through important technical zones such as both the 50- and 200-day simple moving averages (SMAs), while posting a fresh 2-month high in today’s session. The momentum indicators currently suggest that the recent rally could be overstretched. Specifically, the MACD is strengthening above zero and its red signal line at its highest level since March, while the [..]

Week Ahead – Fed minutes, US retail sales and UK CPIs the highlights of a packed week

Posted on August 11, 2023 at 9:30 am GMT

The dollar pulled back after the miss in the US inflation data, but traders may have another opportunity to adjust their dollar positions as next week’s agenda includes the minutes from the latest Fed meeting and the retail sales for July. The pound will also enter the limelight as the UK CPIs could confirm whether investors were correct to slash their hike bets following the latest BoE gathering. Other releases include the RBNZ decision, where no action is expected, and [..]

Technical Analysis – USDCAD bullish reversal faces major test

Posted on August 11, 2023 at 8:20 am GMT

USDCAD has been fighting for a close above the 200-day simple moving average (SMA) at 1.3450 and the five-month-old bearish channel without success over the past few days despite the recent spike to 1.3500. The pair is exhibiting its best monthly performance since February, and this week’s bounce off 1.3370 helped the pair to stay in the green area. However, the chances of a market correction are now looking larger because the RSI is closer to its 70 overbought mark and the stochastic oscillator [..]

Technical Analysis – Does the current impressive USDCAD rebound have legs?

Posted on August 9, 2023 at 1:07 pm GMT

USDCAD is moving higher again today, but the 200-day simple moving average (SMA) appears to limit the bulls’ appetite. This is actually the seventh consecutive green candle recorded since August 1. This is a rare event for this pair but clearly reflects the prevailing bullish sentiment. Additionally, the recent bearish series of lower lows and lower highs has been broken and, instead, a double bottom pattern has formed with a tentative target in the 1.3690 region. In the meantime, most [..]

Market Comment – Dollar pulls back after weaker US jobs growth

Posted on August 7, 2023 at 8:39 am GMT

US NFPs increase by less than expected in July Dollar, Treasury yields slide, traders add to rate cut bets Loonie suffers, BoJ debates prospect of sustained inflation Wall Street extends correction after US employment report Dollar comes under pressure as NFPs miss estimates The US dollar slid against all but one of the other major currencies on Friday, but it is showing signs of stabilization at the start of this week. What prompted dollar traders to liquidate their long positions [..]

Technical Analysis – USDCAD rebounds strongly, crucial trendline in sight

Posted on August 4, 2023 at 7:52 am GMT

USDCAD had been in a steady downtrend since early March, generating a clear structure of lower lows. However, the pair found its feet at the 10-month bottom of 1.3091 and attempted to recoup some losses, with the price testing the ascending trendline that connects the pair’s higher lows from November 2022 until early May. The momentum indicators are endorsing this latest rebound. Specifically, the MACD is strengthening above zero and its red signal line at its highest level since June 1, [..]

Technical Analysis – USDCAD is one of the best performers today

Posted on August 1, 2023 at 3:01 pm GMT

USDCAD started the month on the right foot, speeding towards the 50-day simple moving average (SMA) and closer to the 1.3300 round-level during the early US trading hours. It’s the second best performer among major dollar pairs, gaining 0.82% on the day. The positive trajectory in the momentum indicators is an encouraging sign that buying confidence is improving, though a sustainable recovery cannot be taken for granted as the stochastic oscillator is marginally below its 80 overbought mark. The price [..]

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