All Articles Tagged - USDCAD

Technical Analysis – USDCAD sees increased downside risk below 50-day moving average

Posted on December 22, 2017 at 7:00 am GMT

USDCAD continues to move sideways in a range since late October. Near-term risk is tilted to the downside. The market is capped below the 200-day moving average and has dropped below the 50-day MA, sifting near-term risk to the downside. USDCAD is essentially in a consolidation phase between two key Fibonacci retracement levels of the 1.3793 to 1.2061 downleg. The 38.2% Fibonacci (1.2717) and 50% Fibonacci (1.2922) levels are providing support and resistance. The market moved into a neutral phase [..]

US Open Preview– Euro flat ahead of Catalonia’s vote; European stocks weaker

Posted on December 21, 2017 at 11:46 am GMT

Here are the latest developments in global markets: FOREX: Major currencies were range-bound during the early European session, with the euro being not much stressed ahead of a regional election in Catalonia. Euro/dollar changed hands at 1.1880 around 1000 GMT (+0.09%), while euro/yen edged up to a two-year high of 134.86 (+0. 12%).The dollar was flat versus the yen and the loonie at 113.44 and 1.2829 respectively as the passage of the US tax legislation was already highly priced in [..]

European Open Preview – Dollar gains versus yen on rising yields and dovish BoJ; Canadian CPI eyed

Posted on December 21, 2017 at 8:42 am GMT

Here are the latest developments in global markets: FOREX: The dollar edged slightly higher versus a basket of currencies but was still trading not far above a two-week low hit yesterday. The US currency continued gaining versus the yen, being supported by rising Treasury yields. STOCKS: The Nikkei 225 closed down by 0.1% and the Topix added 0.1% to renew its 26-year high. The Hang Seng was up by 0.5%. Euro Stoxx 50 futures were marginally lower at 0726 GMT, [..]

US Open Preview – Swedish krona gains following central bank meeting; kiwi eyed ahead of GDP data

Posted on December 20, 2017 at 11:44 am GMT

Here are the latest developments in global markets: FOREX: The dollar was not much changed versus other major currencies as trading is getting thinner ahead of the Christmas holidays and as the House of Representatives is anticipated to cast a final vote in favor of tax reforms later in the day. STOCKS: European equities were heading lower, though losses were limited for the most part. At 1120 GMT, the pan-European Stoxx 600 was down by 0.2% and the blue-chip Euro [..]

Week Ahead – BoJ meets amid normalization talk; US tax vote the main focal point

Posted on December 15, 2017 at 4:21 pm GMT

Central bank activity will continue next week with policy meetings of the Bank of Japan and Sweden’s Riksbank. It will be a relatively quieter one though for economic indicators, except in the United States, which will see several big data releases, including personal consumption expenditure figures, housing numbers and durable goods. But happenings in Capitol Hill could once again attract more attention as Congress votes on the final version of the tax bill. No change expected from Bank of Japan [..]

US Open Preview– Brexit clock ticks down but pound steady; H&M drags stocks

Posted on December 15, 2017 at 11:57 am GMT

Here are the latest developments in global markets: FOREX: The dollar continued to trade near yesterday’s lows versus its major peers as tax risks kept weighing on the currency after another US Senate Republican warned to give a “no-vote” on the promised tax cuts. Dollar/yen was weaker at 112.18 (-0.18%). Euro/dollar posted moderate gains, rising marginally above the 1.1800 key-level (+0.20%) as yesterday’s dovish ECB signals on eurozone’s inflation restricted larger gains. The pound was steady at $1.3418, while the kiwi remained the best performer, [..]

Technical Analysis – USDCAD remains neutral in medium-term; near-term risk is to the downside

Posted on December 15, 2017 at 7:17 am GMT

USDCAD remains neutral as it continues to trade in a range from late October. Near-term risk is tilted to the downside. The retracement of the longer-term downtrend from 1.3793 to 1.2061 has not reversed yet. However, the market is capped at the 200-day moving average. The bounce off the more than a 2-year low from 1.2061 in September to October has moved into a consolidation phase between two key Fibonacci retracement levels of the 1.3793 to 1.2061 downleg. The 38.2% [..]

Week Ahead – Fed to raise rates in busy week for central banks; EU summit decides on Brexit

Posted on December 8, 2017 at 3:41 pm GMT

Numerous central banks are scheduled to meet to set monetary policy next week. This includes the Federal Reserve, probably the world’s most closely watched central bank. It is also the one expected to make a move in the direction of policy normalization. Beyond this, major economies will see the release of important data, the UK being one of them with releases on inflation, wage growth and retail sales being eagerly awaited. In politics, the US tax story and the EU’s [..]

European Open Preview – Eyes on US jobs report and Brexit developments; Asian equities rally

Posted on December 8, 2017 at 8:46 am GMT

Here are the latest developments in global markets: FOREX: The dollar rallied overnight against its counterparts on news that US lawmakers agreed to temporarily extend the government spending bill, a day before the deadline on Friday. The pound was on track to post a second day of gains as concerns over a hard-Brexit calmed after the UK and the EU appeared to be reaching a preliminary deal on key elements of the divorce. On the other hand, the euro was heading [..]

Technical Analysis – USDCAD remains in range from late October

Posted on December 8, 2017 at 7:11 am GMT

USDCAD is rising back to the upper end of its range that has been forming since late October. Momentum strength is relatively weak as can be seen by the RSI. The short-term neutral phase is expected to continue as long as the pair is capped by the 200-day moving average. USDCAD has been unable to make a sustained break through the 50% Fibonacci retracement level (1.2922) of the downtrend from 1.3793 to 1.2061 and has been trading below this level [..]

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