All Articles Tagged - USDCAD

Technical Analysis – USDCAD bulls’ patience could be rewarded if they break 1.3575

Posted on May 10, 2023 at 1:08 pm GMT

USDCAD is edging lower today, hovering below the 1.3375 level. This pair has been on a downwards path since the March 10, 2023 local peak of 1.3861, recording a series of lower highs and bringing joy to USD bears. However, the 1.3309-1.3375 area seems to trouble them more than anticipated. The stochastic oscillator though appears to be supportive of their intentions as it is moving lower and towards its oversold area in an almost vertical fashion. Should this trend continue, the bears’ [..]

Daily Market Comment – Dollar receives mild support ahead of CPI data

Posted on May 9, 2023 at 7:49 am GMT

Dollar rises as Fed survey eases recession fears Risk-linked currencies gain more on improving sentiment Spotlight turns to US CPI numbers Wall Street trades mixed ahead of the data Fed loan survey lends mild support to the US dollar The US dollar gained some ground versus the euro, the pound, and the yen yesterday, but underperformed against the risk-linked aussie, kiwi and loonie. The greenback is slightly outperforming most of its peers today. Traders may have decided to buy some [..]

Daily Market Comment – Dollar can’t catch a break despite solid NFP as CPI eyed

Posted on May 8, 2023 at 9:26 am GMT

US dollar stays on the backfoot even as jobless rate unexpectedly dips in April Fed rate cut bets still elevated; will inflation data alter anything? US bank stocks rebound but worries persist, debt ceiling standoff adds to jitters Markets unfazed by strong US jobs report It was another allrounder strong payrolls report on Friday as the US economy added an impressive 253k jobs in April, beating the consensus forecasts. More significantly, the unemployment rate unexpectedly edged lower to a five-decade [..]

Technical Analysis – USDCAD hovers near 1.3500 after the pullback from 1.3640

Posted on May 5, 2023 at 7:23 am GMT

USDCAD is diving beneath the 1.3500 psychological mark and the 20-day simple moving average (SMA) after failing to jump above the 1.3640 resistance. The MACD is moving sideways near its trigger and zero lines, while the RSI is falling beneath the neutral threshold of 50. In the long-term view, the market has been still holding within a descending triangle since October 2022. Any more losses could meet an immediate key level near the 200-day SMA at 1.3450, ahead of the [..]

Could Canadian employment data change loonie’s direction? – Forex News Preview

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

The Canadian employment report for the month of April is scheduled to be released at 12:30 GMT; however, it is possible that the report will not receive much attention as the Bank of Canada’s decision in April kept the target for its overnight rate steady at 4.5%. On Tuesday, the Canadian Dollar was one of the major currencies that performed the poorest relative to its peers. Canada’s unemployment rate expected to rise In March of 2023, the unemployment rate in Canada remained at 5% [..]

Technical Analysis – USDCAD brings weekly resistance back into play

Posted on April 28, 2023 at 8:52 am GMT

USDCAD bounced on the 50-day simple moving average (SMA) early on Friday to recoup Thursday’s losses and fight against the weekly resistance of 1.3650. The odds are leaning on the bullish side as the RSI is maintaining an upward trajectory above its 50 neutral mark and the MACD is trying to enter the positive area. Yet some caution is necessary as the stochastic oscillator seems to have already peaked in the overbought region. Should the bulls clear the 1.3650 resistance, the next [..]

Technical Analysis – USDCAD adds 2% after bounce off 1.3300

Posted on April 25, 2023 at 12:51 pm GMT

USDCAD added more than 2% over the last eight days, surpassing the short-term simple moving averages (SMAs) to the upside. The pair has been developing within a descending triangle over the last six months with the technical oscillators confirming the latest rebound off the 1.3300 psychological mark. Any move higher could take the pair until the immediate 1.3640 resistance. Should the price decisively close above the roof of the descending triangle, seen at 1.3760, bulls could extend the uptrend towards [..]

Technical Analysis – USDCAD rebounds strongly from April lows

Posted on April 21, 2023 at 7:21 am GMT

USDCAD had been trending lower after peaking at the 2023 high of 1.3860 in mid-March. However, the pair managed to halt its decline and has been gaining significant ground in the past few daily sessions, jumping above the 200-day simple moving average (SMA). The momentum indicators currently suggest that bullish forces are intensifying. Specifically, the RSI crossed above its 50-neutral mark, while the stochastic oscillator is ascending in the overbought zone. Should the rebound resume, initial resistance could be met at [..]

Technical Analysis – USDCAD bulls try to put a temporary stop to the recent sell-off

Posted on April 17, 2023 at 10:39 am GMT

USDCAD is higher today as USD bulls are trying to put a temporary stop to the most recent bearish move. Since the March 10, 2023 high of 1.3861, a series of lower highs and lower lows have been recorded, confirming that the short-term trend remains bearish and infusing further confidence in USD bears. Especially, the recent break of the busy 1.3500-1.3571 area was a key win for them, as they rightfully look for even lower prints. The bears’ next target [..]

Daily Market Comment – Dollar extends fall as CPI data and Fed minutes corroborate pivot bets

Posted on April 13, 2023 at 7:45 am GMT

Headline CPI rate drops by a full percentage point, core ticks up Investors still expect another 25bps hike, but maintain rate cut bets Fed minutes reveal that some officials considered pausing Dollar slips as investors continue to see rate cuts later this year The US dollar extended its slide against all the other major currencies yesterday after the March CPI data revealed that headline inflation in the US slowed by more than anticipated and after the minutes from the latest [..]

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