All Articles Tagged - USDCAD

Forex Market Review (Asian Session) – Dollar continues gaining against yen after yesterday’s surge on upbeat retail sales

Posted on August 16, 2017 at 7:42 am GMT

The US dollar continued gaining during the Asian session following yesterday’s spike versus the yen on upbeat retail sales. Sterling was also down against the greenback during morning trading, while other majors including the euro, aussie, kiwi and the Canadian dollar managed to recoup some of the losses against the US currency. The dollar index was broadly flat at 93.84. In terms of economic data, today’s first session of the day was relatively quiet. The wage price index for the [..]

Forex Market Review (European session) – Dollar climbs as war tensions calm; euro drifts lower after poor industrial performance

Posted on August 14, 2017 at 3:05 pm GMT

During European trading hours, the dollar managed to reverse partially from losses made on Friday, after comments by two US civil officials and the South Korean president on Monday eased war tensions between the US and North Korea. Meanwhile, the euro weakened as data out of the eurozone showed that industrial output in the area missed expectations. Following Trump’s comments on Friday, who warned that the US army was “locked and loaded” if North Korea acted unwisely, the South Korean president, Moon Jae-in, said on Monday in a meeting [..]

Week Ahead – Japan GDP, UK and US retail sales, Aussie jobs in focus

Posted on August 11, 2017 at 3:39 pm GMT

Major data releases next week should help divert some of the attention away from the geopolitical risks back to the outlook for monetary policy. Second quarter GDP growth figures out of Japan will be the main item to watch, followed by retail sales releases in the UK, the US, and China. Inflation data will be out in Canada, the Eurozone and the UK, while the latest employment numbers are due in Australia and the UK. Chinese industrial output and retail [..]

Forex Market Review (European Session) – US-North Korea dispute remains on the forefront; dollar weakens on inflation

Posted on August 11, 2017 at 2:53 pm GMT

Rising tensions between North Korea and the United States were once again the theme of the day with only the release of much-awaited inflation figures out of the US managing to divert attention away from developments on that front. Inflation numbers surprised to the downside, leading the dollar to post considerable losses relative to other major currencies within the first minutes of data release. The all-important July inflation numbers out of the US failed to satisfy dollar bulls’ hopes of [..]

Technical Analysis – USDCAD extends rise from 2-year low; no change in underlying downtrend

Posted on August 11, 2017 at 7:08 am GMT

USDCAD rose to a one-month high of 1.2752 as it continues to extend the bounce from the two-year low of 1.2413. The price action turned bullish in the short-term since the rise from the July 26 low and it appears that a base may be developing around the 1.2400 area. Daily momentum indicators are bullish – MACD turned back up and RSI rose to break above 50. Prices reached the 1.2700 handle and are testing the first major retracement level [..]

Forex Market Review (European Session) – Risk-off weighs on euro; pound up after UK data; dollar mixed

Posted on August 10, 2017 at 2:52 pm GMT

Market sentiment remained largely in risk-off mood on Thursday as the latest escalation of tension between North Korea and the United States showed no sign of dissipating. North Korea said today it plans to fire four missiles near the US territory of Guam in the Pacific Ocean, branding President Trump’s warning that North Korean threats will be met with “fire and fury” as “a load of nonsense”. The heightened geopolitical anxiety continued to drive gold and the Japanese yen higher [..]

Forex Market Review (European Session) – Safe havens benefit on geopolitical uncertainty; dollar touches 3-week high

Posted on August 9, 2017 at 3:07 pm GMT

Rising tensions between North Korea and the US led traditional safe havens to post gains today. Meanwhile, the few data releases during the day failed to cause much of a reaction in currency markets. The Swiss franc, which as of recently was hitting headlines on continuing weakness, surged today on the back of safe haven demand. In particular, euro/franc fell to as low as 1.1259 after starting the day at 1.1447. It was last down 0.9% on the day. Dollar/franc [..]

Forex Market Review (European Session) – Dollar’s weekly losses cut down by solid employment report

Posted on August 4, 2017 at 2:48 pm GMT

The July employment report provided much-needed relief to the beleaguered greenback on Friday, while the pound continued to lose ground on fears the Bank of England would keep rates near record lows for longer. The main highlight of the day was the July jobs numbers out of the United States. The market is keeping a close eye on US economic numbers as they will likely determine whether an additional Fed rate hike will take place by the end of the [..]

Forex Market Review (Asian Session) – Dollar in doldrums ahead of NFP data; most other majors and gold firm up

Posted on August 4, 2017 at 7:14 am GMT

The greenback had yet another setback overnight ahead of the eagerly-anticipated non-farm payrolls data out today. Following yesterday’s disappointing ISM non-manufacturing PMI, the dollar slid on an alleged grand jury issuance of subpoenas about a June 2016 meeting President Trump’s son and his son-in-law held with a Russian lawyer. The dollar index weakened about a tenth-of-a-percent to last trade at 92.74. In Asia, forex markets had a mixed reaction against the dollar. The yen and the aussie firmed up against the greenback, [..]

Technical Analysis – USDCAD stalls rally to 2-week high; overall bearish market structure intact

Posted on August 4, 2017 at 6:27 am GMT

USDCAD bounced to a two-week high of 1.2618 after rising for four consecutive days from a multi-year low below 1.2500. Momentum signals are shifting from bearish to neutral, suggesting a weakening in downside pressure. RSI has moved out of oversold territory to rise above 30 while MACD has flattened out and is no longer sloping down. The market was unable to record a daily close above the key psychological 1.2600 level yesterday. This is now a strong resistance level. Breaking [..]

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