All Articles Tagged - USDCAD

Technical Analysis – USDCAD posts bearish cross within SMAs; next support at 1.3400

Posted on April 12, 2023 at 7:54 am GMT

USDCAD is plunging towards the long-term uptrend line that may act as a turning point for traders. The 20- and the 50-day simple moving averages (SMAs) are ready to post a bearish crossover, confirming the recent bearish movement from the 1.3800 psychological mark. The RSI indicator is moving sideways beneath the 50 level, while the MACD is moving below its trigger and zero lines. Any more losses could drive the market towards the immediate support of 1.3400, which overlaps with [..]

Daily Market Comment – Dollar slides ahead of US inflation data and Fed minutes

Posted on April 12, 2023 at 7:32 am GMT

Dollar slides as traders seem reluctant to buy ahead of CPI figures Wall Street mixed ahead of today’s data, bank earnings on Friday Gold climbs back above $2,000 on the back of a weak dollar Bank of Canada decision also on tap US CPI numbers and FOMC minutes enter the spotlight The US dollar traded lower against almost all the other major currencies on Tuesday and continued to underperform on Wednesday as well. With no clear catalyst behind the weakness, [..]

Technical Analysis – USDCAD recovery stops at the 1.3550 area

Posted on April 10, 2023 at 12:50 pm GMT

USDCAD bulls’ attempt to recover from the March woes appears to have hit a barrier at the 1.3550 area. The 50- and 100-day simple moving averages (SMAs) and the June 6, 2022 upward sloping trendline are all positioned in this area, thus increasing the possibility that USDCAD bears could have selected this area to mount their defense. USD bulls would love for some support from the stochastic oscillator at this stage. This is trying to break above its oversold territory, [..]

Can a sidelined Bank of Canada prove positive for the loonie? – Forex News Preview

Posted on April 10, 2023 at 10:36 am GMT

In March, the Bank of Canada became the first major central bank to stop raising interest rates, with investors now assigning a small probability for a rate reduction at Wednesday’s gathering. What will policymakers decide, what signals will they provide with regards to their future course of action, and how may the loonie respond? BoC expected to stand pat but to cut rates later this year At its last meeting in March, the Bank of Canada decided to keep its [..]

Weekly Technical Analysis – USDJPY, USDCAD, AUDUSD

Posted on April 10, 2023 at 9:50 am GMT

This week the focus of attention will be on the US CPI data and the FOMC minutes as well as on the BoC decision and the Australian employment report. So, the highlight will be how USDJPY, USDCAD and AUDUSD may react. US CPI → USDJPY In the US, the March reading on consumer prices is due out on Wednesday, and later that day, the FOMC will release the minutes from its latest meeting, at which they raised rates by 25bps [..]

Daily Market Comment – Muted response to solid jobs report as focus quickly shifts to US CPI

Posted on April 10, 2023 at 8:51 am GMT

Dollar firms as May rate hike seen more certain after another healthy gain in US jobs Yet, overall reaction has been muted amid thin trading during long Easter weekend But volatility set to return as US CPI report due this week, plus the BoC decision NFP report clears Fed path for May, still clouded thereafter The resilience of the US labour market was once again on full display on Friday after another solid payrolls print eased heightened recession fears that [..]

Week Ahead – US CPI data, Fed minutes, and BoC decision on investors’ radar

Posted on April 7, 2023 at 10:46 am GMT

Next week starts on a quiet note as Monday is Easter Monday for most economies on our radar. That said, the calendar becomes heavier as the days pass by, with the spotlight probably falling on the US CPI numbers for March, the minutes from the latest FOMC gathering, and the BoC decision. The US data will probably constitute another piece of information in the riddle of whether the Fed should hit the hike button one last time in May, while [..]

Technical Analysis – USDCAD recoups some losses after decline halts

Posted on April 6, 2023 at 9:56 am GMT

USDCAD has been in a steep downtrend after peaking at the 1.3850 region in mid-March. However, the pair managed to pause its retreat and pare some losses just shy of the 200-day simple moving average (SMA). Despite the minor bounce, the short-term oscillators remain deep in their negative territories, suggesting that the bearish bias is intact. Specifically, the RSI is flatlining beneath its 50-neutral mark, while the MACD histogram is softening below both zero and its red signal line. If the downtrend [..]

Technical Analysis – USDCAD bounces off 1.3400 and the uptrend line

Posted on April 5, 2023 at 1:48 pm GMT

USDCAD is finding a strong rebound off the ascending trend line and the 1.3400 psychological mark, indicating that the market may continue to hold within the triangle that has been forming since September 2022. The RSI is flattening in the oversold area but is showing some signs of a pullback to the upside; however, the MACD is still strengthening its negative momentum beneath its trigger and zero lines. If the market continues the upside movement, then it may challenge the [..]

Will the loonie continue the rise after the jobs report? – Forex News Preview

Posted on April 4, 2023 at 1:13 pm GMT

The Canadian employment report for March will be released on Thursday at 12:30 GMT, but it may not get as much attention as the Bank of Canada’s interest rate decision on April 12. The Canadian dollar is losing ground after several days of gains versus the US dollar, underpinned by a surprise production cut of more than 1 million barrels per day from OPEC+ announced on Monday. Canada’s unemployment rate expected to rise The jobs data will still be monitored by policymakers, [..]

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