All Articles Tagged - USDCAD

Week Ahead – French and UK elections on the horizon, US jobs report eyed too

Posted on June 28, 2024 at 10:32 am GMT

France and UK go to the polls; will elections bring chaos or order? US payrolls report for June awaited as Fed hawks don’t budge Eurozone CPI, Fed minutes and ECB forum also on investors’ radar Macron’s gamble set to backfire Political risks came back to haunt the euro in June as the resurgence in popularity for far-right parties sparked jitters in financial markets. France has been at the centre of this resurgence where Marine Le Pen’s National Rally party is [..]

Market Comment – Stocks’ asthmatic reaction keeps dollar in demand

Posted on June 26, 2024 at 7:22 am GMT

US stocks edge higher amidst quiet newsflow French elections are around the corner Aussie and loonie benefit from hotter CPI reports Yen remains under pressure Dollar records small gains against the euro The US dollar is trying to find its footing as the market prepares for Thursday’s presidential debate between Trump and Biden and Friday’s PCE inflation report. Yesterday’s Fedspeak did not hold any surprises with the Fed’s Cook talking vaguely about the possibility of rate cuts at some point. [..]

Weekly Technical Outlook – EURUSD, USDCAD, AUDUSD

Posted on June 25, 2024 at 8:34 am GMT

US Core PCE index could affect EURUSD’s performance Canadian CPI expected to fall; USDCAD still falling AUDUSD may remain in range after Australian CPI US Core PCE price index –> EURUSD The main focus for traders this week will be the US core PCE price index for May, which is coming out on Friday. Also, the personal income and spending data and the final GDP figure will be released this week. The core PCE index is expected to have slid to 2.6% from 2.8% y/y. The sluggish retail sales figures hint [..]

Technical Analysis – USDCAD bears could remain in control

Posted on June 21, 2024 at 8:45 am GMT

USDCAD eases below 1.3700; could attract new sellers in short-term Next support could emerge within 1.3600-1.3622 territory US S&P Global PMIs, Canadian retail sales on the agenda USDCAD has been tiptoeing to the downside for five consecutive trading days, increasing speculation that some stability could soon occur. The technical picture, however, suggests that the bears have more to accomplish. Thursday’s close below the 20- and 50-day simple moving averages (SMAs) and the drop back into the short-term falling channel [..]

Week Ahead – US PCE inflation the highlight of a relatively light agenda

Posted on June 21, 2024 at 7:25 am GMT

Core PCE inflation to test bets of two Fed rate cuts in 2024 Yen awaits BoJ Summary of Opinions, Tokyo CPI Canadian CPI data also enters the spotlight Will PCE data confirm Fed rate cut bets? Although the Fed’s updated dot plot pointed to only one quarter-point reduction by the end of the year, the softer-than-expected CPI numbers a few hours ahead of last week’s decision did not convince market participants about officials’ intentions. The weaker-than-expected retail sales numbers [..]

Technical Analysis – USDCAD remains bullish with weak momentum

Posted on June 14, 2024 at 7:44 am GMT

USDCAD fails to extend above 1.3785 Stochastics suggest bearish retracement USDCAD is still developing above the short-term simple moving averages (SMAs), which are ready for a bullish crossover, and above the medium-term uptrend line. Technically, the MACD oscillator is moving sideways above the zero level; however, the stochastic oscillator is indicating a negative movement as it posted a bearish cross with %K and %D lines in the overbought region. If there are some negative retracements, immediate support could come from [..]

Technical Analysis – USDCAD still above uptrend line

Posted on June 7, 2024 at 11:48 am GMT

USDCAD looks neutral in short-term ahead Canadian employment report MACD and stochastics move horizontally USDCAD is moving back and forth of the 20- and the 50-day simple moving averages (SMAs), finding strong support at the medium-term ascending trend line. Momentum oscillators are confirming the sideways movement in the market. The MACD is losing steam near its trigger and zero lines, while the stochastic is flattening within the 20 and 80 level, failing to show any direction signs. Immediate strong resistance [..]

Technical Analysis – USDCAD holds within recent range

Posted on June 7, 2024 at 8:04 am GMT

USDCAD constrained within a range as US & Canadian jobs data awaited at 12:30 GMT Bulls need a rally above 1.3775; bears could take control below 1.3578 USDCAD has been swinging sideways over the past two weeks between 1.3740 and 1.3600, unable to reverse the short-term downtrend from April’s peak of 1.3844. The technical signals are currently uncertain, lacking a clear indication as the RSI continues to hover near its neutral mark of 50 and the stochastic oscillator maintains a flat trajectory. Perhaps [..]

Market Comment – Fed rate cut bets grow but dollar steadies, BoC to likely cut

Posted on June 5, 2024 at 9:01 am GMT

Soft US data continues to pile up, boosting Fed rate cut bets But dollar on steadier footing ahead of ISM services PMI Bank of Canada expected to cut rates today, loonie slips Oil slide deepens, stocks struggle for direction All eyes on ISM services PMI after soft data run After repeated setbacks, the needle finally seems to be shifting for the Fed to start cutting rates soon, with bets for a September move gaining significant traction in recent days. Last [..]

Will Canadian employment report shake the market after BoC decision? – Preview

Posted on June 4, 2024 at 11:43 am GMT

Canada’s unemployment rate likely to rise to new 2-year high BoC on Wednesday expects to cut rates Loonie gains some ground ahead of important releases Employment report due on Friday at 12:30 GMT The focus of considerable attention has been on the European Central Bank and the US Federal Reserve as their battle to reduce interest rates approaches its peak. Nevertheless, the Bank of Canada may steal the show by cutting first, surpassing both central banks, and is expected to [..]

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