All Articles Tagged - USDCAD

Forex Market Review (Asian Session) – Dollar gets back on feet as risk-off sentiment eases; oil jumps on potential extension of supply cut

Posted on September 11, 2017 at 7:47 am GMT

On Monday, investors had a bit more appetite for risk in Asia, giving some support to the dollar, as North Korea celebrated the anniversary of its founding without any additional missile tests. In energy markets, oil prices showed some recovery after ministers from Saudi Arabia, Venezuela and Kazakhstan discussed the potential of extending the period of supply cuts ahead of the OPEC meeting in November. The US was in a state of emergency during the weekend as thunderstorm Irma passed [..]

Forex Market Review (European Session) – Sterling breaks 1.32 ahead of BOE meeting; yen extends gains as North Korean risks linger

Posted on September 8, 2017 at 3:14 pm GMT

The dollar continued to trade weak during the European session with most of its peers hovering near fresh highs they reached in the Asian session. The pound and the yen extended their earlier gains, with the former hitting above the 1.32 key level against the greenback, while the latter reached the price of 107 per dollar for the first time since November 2016. With Hurricane Irma heading towards Florida, after it devastated the Caribbean islands and while other two hurricanes have been observed moving in the [..]

Technical Analysis – USDCAD strongly bearish after break below key support

Posted on September 8, 2017 at 6:16 am GMT

USDCAD is strongly bearish as it extends its slide to a more than 2-year low of 1.2063. The overall technical structure is indicating weakness in the market, especially after the bearish crossover of the 50-day with the 200-day moving average in July. Momentum signals are bearish. The downtrend that started from the May 5 high of 1.3793 remains intact and is gaining traction. The break of very strong support at 1.2400 this week has increased downside pressure. Only a move back above [..]

Forex Market Review (European Session) – Euro shines despite Draghi’s warning about FX volatility; dollar tanks

Posted on September 7, 2017 at 2:48 pm GMT

The euro rose higher on optimism that the ECB would soon taper its QE program while the dollar dropped on weak economic data and as another major hurricane is set to hit the United States. In the day’s most anticipated event, the European Central Bank refrained from changing policy although some analysts were expecting an announcement regarding the tapering of its asset purchase (QE) program. Despite the dovish outcome, euro/dollar rose sharply, rising north of 1.20 to 1.2058, just shy [..]

Forex Market Review (Asian Session) – Dollar fails to rise on higher US debt ceiling; focus on ECB

Posted on September 7, 2017 at 7:40 am GMT

After a surprise rate hike from the Bank of Canada, US Congressional leaders and the president decided unexpectedly on late Wednesday to raise the government’s debt limit. However, the dollar failed to strengthen, as geopolitical risks continued to weigh on the markets, while the Fed’s Vice Chairman surprised markets by submitting his resignation. The euro was also in focus, as investors are widely expecting the European Central Bank to kick off its policy meeting later today. On Wednesday, the US [..]

Forex Market Review (European Session) – Loonie shines as BOC raises rates; oil prices hit fresh highs ahead of API

Posted on September 6, 2017 at 3:18 pm GMT

Although the North Korean story is still in progress, spreading fears to the international community and forcing investors to give up high-yield assets and buy less risky ones, the focus during the European trading hours turned back to the economic calendar. Trade and non-manufacturing PMI data were out of the US, while Canada released trade figures prior the BOC’s surprising decision to raise rates. The loonie climbed to a fresh 2-year high versus the greenback, while oil peaked at new [..]

Forex Market Review (Asian Session) – Dollar tumbles as North Korea promises a “gift of packages”; aussie retreats on disappointing GDP growth

Posted on September 6, 2017 at 7:36 am GMT

On Wednesday, markets continued being in a risk-averse mood as a North Korean diplomat warned the day before that more is coming from his country. However, in the US the focus turned to domestic policies, as Fed policymakers are preparing for their next meeting in two weeks’ time. With geopolitical risks in the background, the dollar weakened further following the dovish comments made by the Minneapolis Fed President Neel Kashkari. Meanwhile, the aussie lost steam after the GDP growth data appeared lower than expected. Late on Tuesday, comments by a [..]

Forex Market Review (European Session) – Dollar drifts lower vs majors amid war risks; aussie, kiwi posts fresh highs

Posted on September 5, 2017 at 3:45 pm GMT

The dollar extended its losses against a basket of major currencies during the European session as US markets returned from holidays, pricing the heightened geopolitical risks as well as the dovish comments from the Fed’s Lael Brainard. While the dollar was losing ground, the aussie and its cousin the kiwi hit fresh highs after the RBA governor Philip Lowe supported that the current monetary policy is appropriate given the risks of the already overloaded household debt. Geopolitical risks continued weighing heavily on [..]

Forex Market Review (Asian Session) – Dollar consolidates; aussie retreats as RBA holds rates at record lows

Posted on September 5, 2017 at 7:53 am GMT

The dollar entered a consolidation phase in Asia as investors remained nervous about North Korea’s possible future nuclear actions, while US markets provided little direction as they were closed for the Labour Day Holiday. Meanwhile, in Australia the RBA decided to keep its monetary policy unchanged, holding cash rates at record lows, but concerns over an appreciating exchange rate pushed the aussie down. Investors preferred to put their money in safe-haven assets during the Asian trading hours and avoid riskier assets as they were worried that [..]

Forex Market Review ( European Session) – Risk-off sentiment pushes dollar down as North Korea said to launch another ballistic missile test

Posted on September 4, 2017 at 3:30 pm GMT

While markets were focused to see whether geopolitical risks would ease later on Monday after North Korea announced its successful test of a powerful weapon on Sunday, risk-off sentiment rose again instead, following rumors that North Korea was preparing for another intercontinental ballistic missile test. The dollar dipped into further losses, unable to find support as US and Canadian markets were closed for the Labor Day holiday. According to South Korea’s central news agency, the North Korean regime was speculated to be planning another intercontinental ballistic missile test into the [..]

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