All Articles Tagged - USDCAD

Forex Market Review (European Session) – Dollar holds strong despite Fitch raising debt ratio forecasts; euro dips further

Posted on November 7, 2017 at 4:38 pm GMT

Expectations that the Fed will proceed with a rate hike in December and an encouraging report on JOLTS job openings pushed the dollar higher during European trading hours, although Fitch raised its US medium-term debt-to-GDP forecasts. On the other hand, the euro was unable to find support on better-than-expected retail sales figures and despite the news that some key ECB officials opposed the central bank’s decision to continue buying assets until inflation improves. Fitch said on Tuesday that it expects a version of tax plans to pass the US Congress and push [..]

Forex Market Review (Asian Session) – Aussie gains little after RBA leaves rates unchanged; kiwi climbs on currency policy relief

Posted on November 7, 2017 at 8:33 am GMT

Early on Tuesday, the RBA decided to hold interest rates steady at record low levels, retaining its confidence on economic growth and the labour market. The aussie, however, posted short-lived gains following the policy statement as weak inflation continued to worry policymakers. Meanwhile, in New Zealand, the Finance Minister said that targeting the currency was not the new government’s monetary goal, lifting the kiwi higher for a while. In the wake of the RBA decision to keep rates at 1.5%, the aussie was [..]

Forex Market Review (European Session) – US dollar gains despite disappointing jobs report as broader picture supports December hike

Posted on November 3, 2017 at 3:51 pm GMT

The US dollar posted gains during today’s European session, despite a disappointing October employment report, which did little in dissuading the market to expect a rate hike at the next Fed meeting. In this week’s major economic release, the US labor market rebounded less strongly than expected from the hurricane-induced slowdown of September. The economy created a net 261 thousand jobs during October, missing analyst forecasts of 310 thousand. There was a positive revision of the previous month’s figures to [..]

Technical Analysis – USDCAD is neutral in short run; immediate risk tilted to downside

Posted on November 3, 2017 at 7:12 am GMT

USDCAD is neutral in the short term after a recent rally lost steam at a high of 1.2916. The underlying downtrend from 1.3793 is weaker after the strong rebound but the pair still remains under the 200-day moving average, keeping the bearish market structure still in place. The short-term technicals are neutral and suggest the rally is exhausted. RSI reached into overbought levels above 70. USDCAD is expected to consolidate in the near-term unless it can break above the 50% [..]

Forex Market Review (European Session) – Dollar and pound bolstered by upbeat data ahead of rate decisions

Posted on November 1, 2017 at 3:30 pm GMT

The prevailing risk-on mood ahead of key risk events in the next few days lifted the US dollar and weakened the yen in European trading on Wednesday. Upbeat economic data also boosted the greenback along with the British pound. The aussie and kiwi were other notable gainers, while the euro joined the yen in being the day’s worst performers. Manufacturing PMI out of the UK was the main data release in Europe. The index rose from an upwardly revised 56.0 [..]

Forex Market Review (European Session) – Loonie falls sharply on GDP miss; pound boosted on Barnier; Eurozone readings mixed

Posted on October 31, 2017 at 3:26 pm GMT

The Canadian dollar lost ground versus its US counterpart as GDP figures unexpectedly reflected a contraction in the Canadian economy. Eurozone data on inflation, economic growth and unemployment out during today’s session gave a mixed picture. The pound moved higher after some comments by Michel Barnier, the EU’s chief Brexit negotiator, which suggested that Brexit talks are getting on the right path, while the dollar advanced following upbeat figures on consumer confidence. The dollar’s index against a basket of currencies [..]

Week Ahead – Fed and BoJ meet but all eyes on BoE; US jobs also in focus

Posted on October 27, 2017 at 3:28 pm GMT

Central bank meetings will dominate the next seven days as the Bank of England, the Bank of Japan and the US Federal Reserve all hold their policy meetings. It will be a big week for economic indicators as well, as the Eurozone releases preliminary GDP figures and the October jobs report is out in the United States. Australian, New Zealand and Canadian data eyed after aussie, kiwi and loonie take a battering Political concerns in Australia and New Zealand have [..]

Forex Market Review (European Session) – Dollar flexes its muscles on GDP beat; euro headwinds on Catalan independence

Posted on October 27, 2017 at 2:59 pm GMT

The dollar was standing broadly higher relative to most other major currencies as US quarterly GDP estimates beat expectations. However, the US currency gave up part of its gains later in the session as, according to a report by Bloomberg, US President Donald Trump is leaning towards Federal Reserve Governor Jerome Powell – a perceived dove – to lead the Federal Reserve after current Fed Chair Janet Yellen’s term expires next year. News of Catalonia declaring independence from Spain during [..]

Technical Analysis – USDCAD bullish short-term outlook after rally extends higher

Posted on October 27, 2017 at 6:20 am GMT

USDCAD is trading higher and moving further away from the more than two-year low of 1.2061. After stalling at the key 1.25 level, the pair resumed its rise, with 1.30 now in sight. USDCAD looks set to extend its correction from the 1.20 area in the coming weeks as risk is clearly tilted to the upside. The bullish RSI and MACD are supporting this view. Immediate support is seen at 1.2780 (mid-August high). Falling below this would shift the bias [..]

Forex Market Review (European Session) – Euro slips as ECB halves QE but keeps it open ended; dollar firms on reports Yellen is out of Fed race

Posted on October 26, 2017 at 2:54 pm GMT

The euro reversed lower from a near one-week high after the ECB pledged to maintain easy monetary policy even as it announced a reduction in its monthly asset purchases. The single currency slipped back below $1.18, while the US dollar was once again eyeing the 114 yen level amid reports that incumbent Fed chief Janet Yellen was out of the race to lead the central bank. The European Central Bank announced it is extending its asset purchase program (APP) for [..]

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