All Articles Tagged - USDCAD

Technical Analysis – USDCAD turns neutral; big picture remains bearish

Posted on October 13, 2017 at 6:12 am GMT

USDCAD is fading the recent rally from the 1.2061 low and is entering a consolidation phase around the 50-day moving average. The underlying bearish trend remains intact but a neutral bias is expected in the near term. A break below the 50-day MA at 1.2454 would find additional support at 1.2420. Near-term risk is tilted to the downside and further weakness in the market could see prices push lower towards the September 8 low of 1.2061. Beyond this point, the market would [..]

Forex Market Review (Asian Session) – Euro holds strong as Puigdemont delays Catalonia’s independence; dollar heavy amid concerns on tax legislation

Posted on October 11, 2017 at 7:48 am GMT

The Asian session was relatively quiet on Wednesday as economic releases were limited. Following a stressful day in Spain, where Catalonia’s independence was put on hold, the euro remained strong above the 1.18-key level overnight, while the dollar was under pressure against its peers amid escalating geopolitical risks and fears of tax overhaul failing to turn into law. While thousands of people and armed police forces were gathered in front of the Catalan parliament ready to counteract a possible “Yes vote” on Catalonia’s separation [..]

Forex Market Review (European session) – Dollar extends losses as North Korea story gets complicated; euro strengthens ahead of Catalonia’s possible independence declaration

Posted on October 10, 2017 at 3:57 pm GMT

The dollar tumbled to just a shade above the 93 key-level against a basket of major currencies in the wake of news that North Korean hackers had stolen military documents from the South Korean defence ministry in September 2016, including South Korean/US war plans which involved to some part the formation of a military unit to eliminate the North Korean leader, Kim Jong Un. Moreover, speculation over North Korea launching a long-range missile test over the coming days also weighed on the greenback. [..]

Forex Market Review (European Session) – Nonfarm payrolls turn negative but wages feed dollar bulls; oil gives up gains on Tropical Storm Nate

Posted on October 6, 2017 at 3:28 pm GMT

According to the widely-expected nonfarm payrolls report, 1.5mn people stayed out of work due to dangerous weather conditions in September, dampening the number of jobs added to the economy. This, however, was not the biggest surprise, as investors had been warned about the negative consequences arising from the devastating hurricanes. What was instead a more unexpected fact, was the upside change in wage growth which consequently pushed the dollar to fresh highs and boosted confidence in the US economy. In [..]

Forex Market Review (Asian Session) – Dollar rallies as US tax reforms head to Senate; pound tumbles to one-month low

Posted on October 6, 2017 at 7:58 am GMT

A stream of upbeat US economic data, as well as the approval of the 2018 fiscal budget in the US on Thursday, boosted the dollar to a 7-week high on Friday ahead of the widely expected nonfarm payrolls due later today. Meanwhile, the pound stretched its downtrend as concerns over May’s leadership continued to weigh on the currency. Late on Thursday, the Republican-led US House of Representatives gave the green light to the 2018 fiscal spending to set the stage for a tax overhaul which is expected [..]

Technical Analysis – USDCAD short-term bullish above 50-day MA; underlying trend remains bearish

Posted on October 6, 2017 at 6:19 am GMT

USDCAD is in a bullish phase in the short term after rebounding from its lowest level since May 2015. The pair broke above the 50-day moving average this week, giving a bullish signal. RSI has crossed above 50 into bullish territory. The market structure on the daily chart is still bearish, with lower highs and lower lows since the May 5 high of 1.3793. The crossover of the 50-day MA below the 200-day MA highlights the bearish picture. The pair has reached [..]

Forex Market Review (European Session) – Pound slides on political worries; euro weaker after ECB minutes

Posted on October 5, 2017 at 3:10 pm GMT

The pound was the worst performing major currency in Thursday’s European session as speculation mounted about whether the UK prime minister would resign. The euro also underperformed as the European Central Bank’s September meeting minutes showed policymakers wanted to maintain a “highly accommodative” monetary policy once tightening gets underway. The US dollar meanwhile was broadly firmer after another batch of solid US data. Fears about the possible resignation of British Prime Minister Theresa May were heightened today following a party [..]

Forex Market Review (Asian session) – Dollar holds strong amid rising economic confidence; aussie tumbles after retail sales shrink

Posted on October 5, 2017 at 8:01 am GMT

On Thursday, the dollar opened higher in the Asian session, gaining from investors’ increasing confidence on the US economy, while its Australian counterpart fell sharply after underpaid consumers tightened their spending, driving retail sales to the lowest level in five years. The dollar index moved from yesterday’s closing price of 93.28 to a high of 93.37 in Asia before it slipped back as upbeat US non-manufacturing data released on Thursday continued to support the dollar against its rivals and the Fed chair Janet Yellen failed to give any [..]

Forex Market Review (European Session) – Dollar shines on ISM non-manufacturing PMI numbers; oil up after Putin’s remarks and EIA report

Posted on October 4, 2017 at 3:21 pm GMT

Not long before the session-end, the dollar index shot higher against its peers, reversing daily losses after the ISM non-manufacturing PMI readings for the month of September posted the highest mark since August 2015. The index surged by 4.5 points to 59.8, whilst projections were for a smaller increase to 55.5. New orders, employment and price PMI indices within the services industry also touched fresh highs, with prices surging the most in five years. The Markit equivalent also came in [..]

Forex Market Review (European Session) – Dollar strengthens after manufacturing PMI beat; pound hits three-week low as manufacturing industry slows

Posted on October 2, 2017 at 3:22 pm GMT

The dollar continued its rally during the European session and managed to peak at a two-week high against its major peers following upbeat manufacturing PMI releases, although a music festival in Las Vegas turned into the deadliest mass shooting in US history. However, gains from positive data were short-lived following dovish remarks by the Minneapolis Fed President Neel Kashkari. The UK manufacturing PMI numbers failed to provide support to the pound, which was one of the worst performing currencies relative to the dollar during the day, hitting [..]

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