All Articles Tagged - USDCAD

Forex Market Review (Asian Session) – Dollar tumbles on rising US – North Korea tensions; pound flat ahead of May’s Brexit speech

Posted on September 22, 2017 at 8:05 am GMT

The risk-off sentiment reemerged on Friday in Asia, as the North Korean leader Kim Jong Un delivered another threatening message to the US following Trump’s warning at his debut speech at the UN General Assembly on Monday. The dollar lost ground against a basket of major currencies, paring gains made after the Fed’s decision to start unwinding its balance sheet on Wednesday. Meanwhile, the pound remained steady ahead of the widely expected speech by the British Prime Minister on Brexit later today. Investors were in a risk-averse mode during the [..]

Technical Analysis – USDCAD in downtrend since May; near-term risk to the downside

Posted on September 22, 2017 at 6:11 am GMT

USDCAD maintains a bearish market structure on the daily chart. The pair is clearly in a downtrend and making lower peaks and lower lows since the high of 1.3793 on May 5. The market paused a corrective move from the more than 2-year low of 1.2061 and is putting in a top at 1.2390. USDCAD will likely remain under pressure as long as it trades below key resistance at 1.2400. The recent upside momentum from the bounce off 1.2061 on September [..]

Forex Market Review (Asian Session) – Dollar climbs vs yen ahead of FOMC; pound loses ground after Carney speaks on rates and Brexit

Posted on September 19, 2017 at 8:06 am GMT

On Tuesday, the dollar hit a fresh eight-week high against the yen in Asia with investors widely expecting the Fed policymakers to announce the start of monetary tightening later this year in their two-day meeting that concludes on Wednesday. Its British counterpart was in an uptrend as well following a deep fall on Monday after the BOE Governor, Mark Carney, talked down the country’s post-Brexit trade prospects and argued that rates should rise moderately, giving no clues on when the [..]

Week Ahead – FOMC: balance sheet announcement and rate projections eyed; BoJ to stand pat

Posted on September 15, 2017 at 2:59 pm GMT

The Federal Reserve is expected to make its long-awaited announcement on its balance sheet reduction plan next week, though investors will probably be more interested in the FOMC’s latest dot plot chart. The Bank of Japan also holds a monetary policy meeting but it will likely be a less exciting event than the Fed’s. On the data front, Eurozone flash PMIs, UK retail sales, Canadian inflation and New Zealand GDP will be the highlights. Eurozone data unlikely to shift euro [..]

Forex Market Review (Asian Session) – Dollar posts short-lived losses after North Korea’s missile; focus on US retail sales

Posted on September 15, 2017 at 8:01 am GMT

North Korea carried a second missile test in less than a month early on Friday, lifting risk-off sentiment and pushing the dollar lower against its safe-haven counterparts. However, the currency managed to reverse its losses immediately, with investors turning their focus on US retail sales after CPI readings came in higher than expected on Thursday. During early Asian trading hours, officials from South Korea and Japan reported that North Korea fired a ballistic missile that crossed over Japan’s northern island [..]

Technical Analysis – USDCAD retains bearish technical picture; more downside seen after brief corrective move

Posted on September 15, 2017 at 6:24 am GMT

USDCAD maintains a bearish trend but its downward trajectory has slowed after touching a more than 2-year low of 1.2061 on September 8. The market became overextended as indicated by the RSI oscillator which reached oversold conditions below 30 last week. This suggested that prices were due for a pullback or a consolidation phase in the near term. The underlying downtrend remains intact as trend indicators are bearish. The 50-day and 200-day moving averages are negatively aligned after a bearish [..]

Forex Market Review (European Session) – Pound jumps after BoE signals rate hike; dollar also up on strong US inflation

Posted on September 14, 2017 at 1:27 pm GMT

Central bank meetings dominated today’s European session, while US CPI was the main data in focus. The pound soared to a fresh one-year high against the dollar after the Bank of England signalled rates could go up within months. The US dollar also shined as the greenback was lifted by stronger-than-expected inflation data. In contrast, the Swiss franc ended up as one of the worst performers after the Swiss National Bank slightly altered its view on the Swissie’s value. The [..]

Forex Market Review (European Session) – Dollar breaks 92 level as rivals weaken; pound drops below 1.33 as wage growth disappoints

Posted on September 13, 2017 at 3:23 pm GMT

During the European trading, the focus turned back to the economic calendar and specifically to the US PPI figures and the UK labor data, leaving geopolitical issues out of the spotlight for the moment. The dollar crossed above the 92-key level as risk appetite returned and developments on the US fiscal front, such as on tax reform, seemed to give reasons to investors to buy the dollar. The dollar surged to 92.27 against its major rivals, ignoring the weaker-than-expected US [..]

Forex Market Review (Asian Session) – Dollar builds on gains as risk sentiment rises; pound vs euro hits 1-month high

Posted on September 12, 2017 at 7:54 am GMT

The dollar maintained its strength against its rivals during the Asian trading hours as experts downgraded the impact of Hurricane Irma, while the UN Security Council approved a lighter package of sanctions on North Korea. Meanwhile, the British government won the vote on the EU withdrawal bill, lifting the pound to a one-month high versus the euro. With the economic calendar lacking significant releases, the greenback continued its uptrend in Asia as, for the moment, investors ruled out extreme weather in the US and fresh tensions in the Korean peninsula. [..]

Forex Market Review (European Session) – Euro pulls back as ECB’s Coeure questions inflation path; pound holds onto gains ahead of a busy week

Posted on September 11, 2017 at 2:46 pm GMT

While investors were looking for riskier purchases after North Korea confounded rumors of an intercontinental ballistic missile test on Saturday, the euro retreated following the dovish remarks made by ECB member, Benoit Coeure, in Frankfurt. Meanwhile, the pound drifted higher during the European trading ahead of a busy data week and before the BOE policy meeting on Thursday. The dollar continued gaining against its rivals in Europe as geopolitical risks eased on Monday. However, investors were focused on the outcome [..]

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