All Articles Tagged - USDCAD

Technical Analysis – USDCAD retreats to 9-month low, confirming bearish breakout

Posted on June 23, 2023 at 7:49 am GMT

USDCAD has been in a steady downtrend since late May, generating a clear structure of lower highs and lower lows. Moreover, the technical picture deteriorated even further when the price broke below the base of the symmetrical triangle pattern, which triggered a massive decline towards a fresh 9-month low of 1.3137. The momentum indicators currently suggest that near-term risks are tilted to the downside. Specifically, the RSI bounced off the oversold zone but remains deep in the negative territory, while the [..]

Technical Analysis – USDCAD faces new bearish risks

Posted on June 16, 2023 at 8:04 am GMT

USDCAD corrected sharply lower to a nine-month low of 1.3200 on Thursday, following the close below the support trendline, which had been buffering downside movements since November. The pair is in the third week of declines and could keep going down despite today’s lack of selling pressure. The RSI and stochastic oscillator are close to oversold levels, suggesting a sideways move or upside reversal, but they are not changing direction to the upside yet. The falling MACD is also reflecting [..]

Technical Analysis – USDCAD may enter a new bearish phase

Posted on June 15, 2023 at 2:25 pm GMT

USDCAD dipped below the November support line, raising worries that selling pressures may strengthen. The bearish breakout is still being studied, as the price is still hovering nearby. The RSI and MACD, however, remain bearish, playing down any price increases in the immediate term. In other warning signals, the 50- and 200-day SMAs have posted a death cross, indicating a potential worsening of the market trend. The 20-day SMA has also slid below longer-term SMAs. Should sellers push the market below [..]

Daily Market Comment – Stocks resume climb after uptick in jobless claims, dollar tumbles

Posted on June 9, 2023 at 9:09 am GMT

US weekly jobless claims hit highest in 1½-years, boosting Fed pause bets Tech stocks find reason to celebrate as yields decline but China weakness weighs Dollar skids but steadier today, aussie leads FX weekly gains Jobless claims lift spirits ahead of big week Market expectations for a Fed pause received a slight boost on Thursday, reviving hopes ahead of next week’s FOMC decision after hawkish turns from the RBA and Bank of Canada had dented them. Initial claims for unemployment [..]

Technical Analysis – USDCAD challenges symmetrical triangle’s base

Posted on June 9, 2023 at 7:48 am GMT

USDCAD has been generating a structure of lower highs but higher lows after peaking at the 2023 high of 1.3860 in mid-March. Even though the price broke below the base of the symmetrical triangle pattern following the unanticipated rate hike by the BoC, it failed to decisively close below it and post a lower low. The momentum indicators currently suggest that near-term risks remain tilted to the downside. Specifically, the RSI descends below the 50-neutral mark, while the MACD is softening [..]

Daily Market Comment – Dollar gets sidetracked as BoC joins RBA’s hawkish tilt

Posted on June 8, 2023 at 8:46 am GMT

BoC delivers second surprise hike of the week, aussie and loonie shine Markets forced to reassess their understanding of a ‘pause’ Dollar slips amid confusion over Fed policy, tech rally hit by un-pause fears Markets rattled by renewed higher-for-longer push The Bank of Canada became the second central bank to hike interest rates this week, joining Australia’s Reserve Bank in upping the battle against persistently high inflation. More significantly, Wednesday’s 25-basis-point hike marked an end to the Bank of Canada’s [..]

Technical Analysis – USDCAD breaks descending triangle’s base after BoC hike

Posted on June 7, 2023 at 2:33 pm GMT

USDCAD has been generating a structure of lower highs and lower lows after peaking at the 2023 high of 1.3860 in mid-March. In today’s session, the price pierced through the base of the triangle following the unanticipated rate hike by the BoC. The momentum indicators currently suggest that near-term risks remain tilted to the downside. Specifically, the RSI descends steeply below the 50-neutral mark, while the MACD is softening below both zero and its red signal line. Should the decline resume, [..]

Daily Market Comment – Dollar mixed amidst increasing chances of a Fed skip

Posted on June 7, 2023 at 7:42 am GMT

The probability of a Fed pause next week rises to 80% Dollar gains the most against euro, loses versus the aussie Investors are split on whether the BoC should hike today Wall Street enjoys another day of gains Investors more convinced that the Fed will pause The US dollar traded mixed against the other major currencies on Tuesday, gaining some ground against the euro, the yen, and the Swiss franc, and underperforming versus the aussie, the kiwi and the loonie. [..]

Weekly Technical Analysis: 06/06/2023 – USDCAD, AUDUSD, Oil

Posted on June 6, 2023 at 11:48 am GMT

After a surprise rate hike by the Reserve Bank of Australia (RBA), the spotlight will fall on the Bank of Canada (BoC) on Wednesday. The central bank is expected to keep rates steady, while Friday’s Canadian jobs data could generate fresh volatility in USDCAD. Australian GDP growth figures may challenge AUDUSD earlier on Wednesday. Meanwhile in commodity markets, oil prices could not sustain OPEC-led gains. USD/CAD–> BoC rate decision The BoC will review its rate policy on Wednesday at 14:00 [..]

Daily Market Comment – Surprise RBA hike lifts aussie but Fed pause bets weigh on dollar

Posted on June 6, 2023 at 9:10 am GMT

Aussie jumps after RBA’s shock hike, loonie buoyed ahead of BoC decision US dollar on the backfoot after disappointing ISM services PMI Oil and stocks struggle amid economic and rate path uncertainty RBA shocks again, puts spotlight on BoC The Reserve Bank of Australia caught markets off guard for a second straight meeting on Tuesday, hiking the cash rate to a new decade high of 4.10%. The decision comes after inflation in Australia began to creep up again in April, [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

USDCAD

XM Live Chat