All Articles Tagged - USDCAD

Forex Market Review (Asian Session) – Safe-havens gain demand as North Korea fires a hydrogen bomb; Gold tops at 11-month high amid rising geopolitical risks

Posted on September 4, 2017 at 8:07 am GMT

It was another risk-off Monday for investors as North Korea was said to have fired its sixth and most powerful weapon on Sunday, driving the demand for safe-haven assets higher while the US markets were closed for the Labour Day holiday. Gold gained the most, hitting a fresh 11-month high during the Asian trading hours. Yesterday, the North Korean regime announced that it had successfully tested a hydrogen bomb as a response to the US-South-Korean military exercise conducted last week. Although there was no independent verification whether [..]

Week Ahead – Markets look to ECB meeting for euro and tapering guidance; RBA and BoC also meet

Posted on September 1, 2017 at 3:14 pm GMT

Monetary policy will dominate the coming week as the central banks of Australia, Canada, the Eurozone and Sweden hold their scheduled policy meetings. Data wise, the focus will be on trade and industrial output indicators, with a number of countries reporting, including Germany, France and the United Kingdom. However, it will be a slow start to the week with both US and Canadian markets closed on Monday for Labour Day. Important week for aussie with GDP and RBA meeting The [..]

Technical Analysis – USDCAD neutral in near-term; maintains underlying bearish picture

Posted on September 1, 2017 at 6:26 am GMT

USDCAD remains bearish in the medium-term and neutral in the short-term after the pause in the downtrend that started from the May 5 high of 1.3793 to the July 27 low of 1.2413. Technical indicators are confirming the bearish picture. The pair has been trading between 1.2413 and 1.2777 since the end of July as these two levels have provided support and resistance. A break below 1.2413 would deliver additional pressure and risk pushing USDCAD towards the next major trough at 1.1919 (May 2015 [..]

Forex Market Review (European Session) – ECB exchange rate concerns drag euro lower; Loonie jumps on Canada GDP beat

Posted on August 31, 2017 at 3:12 pm GMT

A busy economic data session had limited impact on the US dollar and the euro as the greenback maintained its steady recovery, while the euro extended its losses. Risk sentiment remained positive with major European stock indices gaining by almost 1%, though demand for gold held up, with the precious metal climbing 0.6% to $1316 an ounce. Traders chose to put aside their concerns over the heightened geopolitical risks relating to North Korea, while President Trump’s speech yesterday on tax [..]

Forex Market Review (European Session) – Dollar extends rebound on US data; euro runs out of steam

Posted on August 30, 2017 at 3:07 pm GMT

Risk sentiment improved notably on Wednesday as geopolitical risks ebbed, helping the US dollar extend its gains into the European session. The euro was the worst performing major currency as the three-day sharp rally ran out of steam. The commodity-driven Canadian, Australian and New Zealand dollars also came under pressure against the resurgent dollar but the pound was a surprise outperformer. The euro was unable to hold on to the $1.20 handle after rising above the level yesterday for the [..]

Forex Market Review (European Session) – Dollar remains under pressure; euro and gold extend gains

Posted on August 29, 2017 at 2:29 pm GMT

The US dollar remained under pressure in European trading today, extending its Asian session losses, while the euro and gold added to their earlier gains. The risk aversion brought on from North Korea’s latest missile tests, which violated Japanese airspace, showed little sign of dissipating, with major European indices falling deep into the red. Dollar weakness lifted other majors however, with sterling, and the Canadian, Australian and New Zealand dollars all rising on the back of the greenback’s slide. The [..]

Forex Market Review (European Session) – Majors move sideways ahead of busy weekly calendar; oil down as Texas energy refineries shut down

Posted on August 28, 2017 at 3:25 pm GMT

With today’s economic calendar lacking important data, major currencies were trading sideways during European trading hours, while market watchers were weighing the damage from the life-threatening tropical storm Harvey which forced the closure of the Texas oil industry on Monday. However, in the coming days, forex markets will be on the receiving end of important data releases from major economies. The dollar struggled to recover from the 2-½-year lows it recorded against its rivals during early Asian session after the Fed Chief [..]

Week Ahead – US data to dominate week; final PCE inflation and jobs numbers before September Fed meeting

Posted on August 25, 2017 at 2:58 pm GMT

The summer doldrums should be over next week as major data releases breathe some life into the forex market. The United States will by far have the busiest economic calendar as the Fed gets its hands on the last jobs report and PCE inflation figures before the September FOMC meeting. Outside of the US, manufacturing PMIs will be the main focus, while Japan will also have a relatively packed data release schedule. Australian data to be eyed ahead of Q2 [..]

Technical Analysis – USDCAD bearish with increasing risk for further downside

Posted on August 25, 2017 at 7:07 am GMT

USDCAD maintains a bearish market structure and is at risk of falling to the July 27 low of 1.2413, a level not seen since June 2015. The pair has been recording lower highs and lower lows since the May 5 high of 1.3793. The short-term picture is neutral to bearish. After USDCAD attempted to bounce from 1.2413, the rally faded roughly at the 23.6% Fibonacci retracement (1.2735) of the decline from 1.3793 to 1.2413. USDCAD is down over 2% so far after [..]

Forex Market Review (European Session) – Euro gains on PMI, hits fresh 10½-month high Vs sterling; dollar hurt by Trump, data misses

Posted on August 23, 2017 at 3:10 pm GMT

During today’s European session, forex market participants pushed the euro higher on the overall positive picture given by the PMI figures released earlier in the day. In the meantime, the dollar index was down with the US currency being on a negative footing in today’s trading after some comments made by the US President yesterday in Phoenix. Data releases falling short of forecasts also weighed on the US currency. Eurozone flash PMI figures for the month of August were released [..]

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