All Articles Tagged - USDCAD

Forex Market Review (European Session) – Euro falls on fears of cooling German economy; dollar rallies across board

Posted on August 22, 2017 at 2:24 pm GMT

The dollar continued strengthening against most majors during the European session as geopolitical tensions have been out of the spotlight and the euro and sterling weakened, with the latter ignoring upbeat industrial data. Oil prices continued gaining ahead of an oil inventories report by the API. The euro lost ground and fell below the $1.1175 level following a disappointing set of data out of Germany that got investors worried over the eurozone’s largest economy. The ZEW economic sentiment index, which gauges [..]

Technical Analysis – USDCAD extends bearish run; falls to 2-week low

Posted on August 22, 2017 at 7:27 am GMT

USDCAD is showing little sign of ending the current bearish run that began on August 15, with the pair hitting a 2-week low of 1.2546 earlier today. This low is just below the 61.8% Fibonacci retracement level of the July-August uptrend from 1.2413 to 1.2777. Technical indicators remain in bearish area with the MACD deep below zero and still declining. However, the stochastics are in oversold territory and the %D line is attempting to cross above the %K line, suggesting [..]

Forex Market Review (European Session) – Dollar under fresh pressure; euro back above $1.18 as Draghi speech eyed

Posted on August 21, 2017 at 2:53 pm GMT

Major pairs were locked in tight ranges on Monday as a light economic calendar and thin summer trading volumes, as well as caution ahead of the Jackson Hole gathering of central bankers prevented traders from placing large bets. Keynote speeches by both Fed Chair Janet Yellen and ECB President Mario Draghi later in the week kept traders wary despite there being a consensus that neither will deliver any new policy messages at the event in Wyoming, United States on August [..]

Forex Market Review (Asian Session) – Washington drama continues to weigh on markets, investors await Jackson Hole

Posted on August 21, 2017 at 7:40 am GMT

In the absence of any significant economic data releases during today’s Asian trading, the political drama surrounding President Trump continued to take central stage. The President fired his chief strategist Steve Bannon on Friday and in that way continued the string of staff shake up in the White House. The key event of this week will be the meeting of central bankers in Jackson Hole towards the end of the week. Late on Friday, markets got another news out of [..]

Week Ahead – Yellen and Draghi at Jackson Hole to take centre stage in quiet data week

Posted on August 18, 2017 at 3:28 pm GMT

All eyes will be on the central bankers gathering in Jackson Hole, Wyoming in the United States where the heads of the Federal Reserve and the European Central Bank will be making keynote speeches. The event will likely dominate traders’ attention in an otherwise muted week for data releases. The main data to watch out for will be flash PMIs out of the Eurozone, Japanese inflation figures and durable goods orders in the US. Eurozone business surveys in focus It [..]

Forex Market Review (European Session) – Loonie spikes on rising inflation; consumer sentiment provides some relief to weak dollar

Posted on August 18, 2017 at 2:56 pm GMT

Ahead of the US session open, a jump in the Canadian dollar was one of the biggest moves of the day following the inflation figures out today. The release of the Michigan consumer sentiment index that surprised to the upside provided an early lift to the weak dollar. However, the greenback was still down against most majors due to a heavy plunge in the prior few sessions. The dollar index fell around 0.30% to last trade at 93.36. The Canadian [..]

Forex News – Loonie hits fresh two-week high as consumer prices bounce on an annual basis

Posted on August 18, 2017 at 2:53 pm GMT

On Friday, figures out of Canada showed that inflation in July strengthened year-on-year in line with expectations, increasing the odds for another rate hike this year. As a result, the loonie extended its uptrend against its US counterpart. Based on Statistics Canada, consumer prices in the last twelve months grew as expected by 1.2% as six out of the eight major CPI components showed improvement during the month – this followed a rise by 1.0% in June. Particularly, increases in transportation and shelter costs contributed the [..]

Technical Analysis – USDCAD shifts to more bearish stance following recent bounce

Posted on August 18, 2017 at 7:30 am GMT

USDCAD maintains a bearish market structure on the daily chart. Following a drop from a multi-month high of 1.3793, the pair attempted to bounce from a more than one-year low of 1.2413. The rally faded after retracing about 23.6% of this May 5 to July 26 downtrend. The last two days of declines resulted in a break of the recent consolidation range that took place around this 23.6% Fibonacci level at 1.2736, which appears to have held in terms of [..]

Forex Market Review (Asian Session) – Geopolitical issues command forex markets again in absence of economic data

Posted on August 18, 2017 at 7:30 am GMT

In the absence of any significant economic data releases during the Asian session, political turmoil out of Washington and a terrorist attack in Spain dominated the news-flow in forex markets. The dollar weakened against most major currencies, with the yen getting a relatively significant boost. Investors’ concerns over the Trump administration’s ability to realize any of the campaign-promised agenda were renewed this week. Following President Trump’s remarks on violence in Virginia, many CEO’s stepped down from business councils run by [..]

Forex Market Review (European session) – Sterling heads up as UK unemployment hits 42-year low; dollar reaches fresh three-week high

Posted on August 16, 2017 at 3:44 pm GMT

With North Korea and the US pulling back from their confrontation stance, the focus turned back to economic releases. The dollar followed an upward path despite weaker housing data, while better than expected labor figures in the UK pushed sterling higher. The lowered US crude inventories published during late European session lifted oil prices. The dollar index peaked at a fresh three-week high of 94.14 during the European session, ignoring today’s disappointing US data on building permits and housing starts. [..]

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