All Articles Tagged - USDCAD

Weekly Technical Analysis – USDJPY, USDCAD, NZDUSD

Posted on July 10, 2023 at 12:46 pm GMT

Wednesday is when the RBNZ and BoC announce their interest rate decisions, so the New Zealand and Canadian currencies will attract special attention. US inflation data could make the FX market more volatile on the same day, shedding some extra light on whether the Fed will proceed with another rate hike this month. US CPI inflation –> USD/JPY Despite the significant spike in ADP employment data, Friday’s nonfarm payrolls report revealed a softer-than-expected job creation of 209k and a downward [..]

Week Ahead – US inflation report, BoC and RBNZ meetings eyed

Posted on July 7, 2023 at 10:49 am GMT

Another exciting week lies ahead for FX markets, before trading conditions start to wind down for the summer. The spotlight will fall on the latest US inflation report, which could help the dollar break out of its recent stalemate. Central bank meetings in New Zealand and Canada will also be closely watched, especially the Bank of Canada rate decision, which is currently priced as a coin toss. Dollar in limbo, awaits inflation test The second quarter of this year was [..]

Technical Analysis – USDCAD rebounds strongly from 9-month lows

Posted on July 7, 2023 at 8:00 am GMT

USDCAD had been in a steady downtrend since late May, generating a clear structure of lower lows. However, the pair found its feet at the nine-month bottom of 1.3115 and retraced back higher, with the price challenging the ascending trendline that connects the pair’s higher lows from November 2022 since early May. The momentum indicators currently suggest that near-term risks are tilted to the upside. Specifically, the RSI is flatlining comfortably above its 50-neutral mark, while the stochastics are positively [..]

Technical Analysis – USDCAD moves higher; it feels like an overdue correction

Posted on July 5, 2023 at 1:39 pm GMT

USDCAD is making small gains today but it remains close to the 2023 lows of 1.3116 recorded on June 27. The bulls are clearly trying to build upon the recent bounce higher from the 1.3190 level, getting strong support from the stochastic oscillator. This indicator is moving higher, building a gap between its moving average and thus pointing to a decent bullish momentum. However, the Average Directional Movement Index (ADX) does not share the bulls’ enthusiasm. It is edging lower, below [..]

Week Ahead – Will US nonfarm payrolls and RBA decision rock the boat?

Posted on June 30, 2023 at 11:44 am GMT

Markets have been left somewhat bruised from a fresh round of hawkish gunfire from central bank chiefs, so nerves are running high ahead of the June jobs report out of America. The ISM PMIs and the Fed meeting minutes are also expected to send speculation about a July rate hike into overdrive. However, Australia’s Reserve Bank might decide against raising interest rates thrice in a row. The yen, meanwhile, will be hoping that Japanese data will provide some relief from [..]

Technical Analysis – Has USDCAD started a new bullish cycle?

Posted on June 30, 2023 at 7:49 am GMT

USDCAD rose quickly above the tight bearish channel, but soon stopped around February’s lows and near its 20-day SMA on Thursday. The pair is set to close the month down by 2.3%, marking its worst monthly performance since 2021. That said, the recent bullish channel breakout continues to look promising as both the RSI and MACD are showing a convincing improvement, indicating an encouraging start to July. If the 20-day SMA at 1.3270 gives way, the price may advance straight to [..]

Daily Market Comment – Euro rebounds on hawkish ECB rhetoric, yen extends slide

Posted on June 28, 2023 at 8:11 am GMT

Euro rebounds as ECB officials appear in hawkish suits Yen extends slide, despite new intervention warnings Loonie and aussie slide on lower-than-expected CPI data Wall Street gains on upbeat US data ECB hawkish rhetoric boosts the euro The US dollar traded lower against most of the other major currencies on Tuesday, losing the most ground against the euro and gaining only against the Japanese yen and the Canadian dollar. The euro rebounded strongly after ECB policymakers appeared at the central [..]

Technical Analysis – USDCAD aims for bullish channel breakout

Posted on June 27, 2023 at 3:25 pm GMT

USDCAD recouped some lost ground to re-challenged the upper boundary of a tight bearish channel in the four-hour chart following the slide to a new 15-year high of 1.3115 earlier today. Despite the positive slope in the technical indicators, the RSI has yet to pierce through its 50 neutral mark, whilst the MACD remains attached to its red signal line, reflecting some persisting skepticism in the market. Traders would like to see a bullish break above the channel and the [..]

Weekly Technical Analysis – EURUSD, GBPJPY, USDCAD

Posted on June 26, 2023 at 9:30 am GMT

There are no central bank decisions on this week’s agenda, but we do get several data releases that could well affect expectations surrounding monetary policy. The main events this week are likely to be the Eurozone’s preliminary CPIs. Japan’s Tokyo CPIs, and the US core PCE index. So, we will be looking at how EURUSD, GBPJPY and USDCAD may perform. Eurozone CPIs -> EURUSD On Friday, preliminary data from the Eurozone are forecast to show that inflation slowed further in June, something that [..]

Will Canadian CPI data keep the loonie’s rally alive? – Forex News Preview

Posted on June 23, 2023 at 11:36 am GMT

Sticky inflation is prompting central banks to think twice about pausing and CPI numbers out of Canada on Tuesday (12:30 GMT) could determine whether the Bank of Canada decides to hike rates again after unpausing in June. The BoC’s hawkish tilt at its last meeting fuelled the Canadian dollar’s rally since the beginning of June even as crude oil prices remained muted, so the ground is ripe for further gains if the CPI data comes in hotter than expected. Inflation [..]

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