All Articles Tagged - USDCAD

Technical Analysis – USDCAD rebounds off 1.3520; oscillators suggest bullish bias

Posted on March 31, 2023 at 10:35 am GMT

USDCAD is bouncing off the 1.3520 support level and is battling with the 50-day simple moving average (SMA) near 1.3550 after four consecutive red days. The RSI is turning higher again in the negative region, while the stochastic is trying to post a bullish crossover within its %K and %D lines in the oversold zone, suggesting that the market may change its bias to positive. Traders will be eagerly looking for a break above today’s top of 1.3463 in order to increase buying orders. If that’s the case, [..]

Technical Analysis – Is the sell-off in USDCAD overdone?

Posted on March 31, 2023 at 8:04 am GMT

USDCAD is set to close the month on a negative note despite the rally to a five-month high of 1.3860 on March 10th. Having dived back below its 20- and 50-day simple moving averages (SMAs) after the formation of a bearish doji candlestick near the 61.8% Fibonacci retracement of the 2020-2021 downtrend, the pair is currently eyeing the important support trendline that connects all the lows from June at 1.3485. Meanwhile, the Stochastic oscillator is trying to bounce from multi-year lows, [..]

Daily Market Comment – Equities extend cautious rebound, dollar slips as bank stocks rally

Posted on March 28, 2023 at 9:06 am GMT

Banking turmoil subsides further, sparking rotation away from tech into financials Deutsche Bank joins in the rally as officials play down concerns Dollar stays pressured as Fed rate cut bets remain in play, US data eyed Banking jitters ease again as mood improves Fears about a deeper banking crisis receded further on Tuesday, giving risky assets another leg up as beaten down bank stocks attempted a rebound. Concerted efforts by the US Treasury and Federal Reserve to prop up the [..]

Technical Analysis – USDCAD looks for recovery after peaking at 1.3860

Posted on March 24, 2023 at 8:24 am GMT

USDCAD has been consolidating losses since the day it surged to 1.3860 and holds near the 20-day simple moving average (SMA). The momentum indicators, though, are currently suggesting that the sell-off may have found a bottom and the pair may be pushing for some recovery. The RSI and the Stochastics are pointing up, with the former standing in the positive region and the second one posting a bullish crossover between its %K and %D lines. A closing price above 1.3860 could boost buying interest and confirm additional gains [..]

Technical Analysis – USDCAD extends sideways move as rebound falters

Posted on March 20, 2023 at 3:55 pm GMT

USDCAD has been in a steady uptrend after finding its feet at the 2023 low of 1.3262 in late January. However, the pair experienced a downside correction and has been rangebound since the 1.3850 ceiling rejected its advance. The short-term oscillators currently suggest that the bullish pressures are fading but sellers have not taken control yet. Specifically, the RSI is pointing downwards above its 50-neutral mark, while the MACD histogram has softened below its red signal line in the positive region. [..]

Technical Analysis – USDCAD stuck in range after advance gets rejected

Posted on March 17, 2023 at 8:08 am GMT

USDCAD has been in a steady uptrend after bouncing off its 2023 low of 1.3262 in late January. However, the pair experienced a pullback and has been trading sideways since the 1.3850 ceiling capped its upside trajectory. The short-term oscillators currently suggest that the positive momentum is waning but the bears have not taken control yet. Specifically, the RSI is pointing downwards above its 50-neutral mark, while the MACD histogram has softened below its red signal line in the positive region. [..]

What do higher US interest rates mean for the risk-linked currencies? – Special Report

Posted on March 10, 2023 at 11:15 am GMT

With expectations about the Fed’s future course of action changing radically lately, the commodity-linked or risk-sensitive currencies aussie, kiwi, and loonie have been under strong pressure. But why are those currencies suffering and how could they perform in the near future? What does commodity-linked currencies mean? Commodity currencies are the currencies of economies that are sensitive to changes in commodity prices and usually rely on commodity exports for growth. Among the major ones, the three that fit that description are [..]

Technical Analysis – USDCAD tests a make-or-break point

Posted on March 9, 2023 at 9:13 am GMT

USDCAD skyrocketed in the wake of Powell’s hawkish rate hike comments, with the Bank of Canada adding more fuel to the rally on Thursday after saying that inflation may decelerate significantly in the middle of the year. The pair rallied by 1.4% over the past two days to pause at a three-month high of 1.3816. This is where the uptrend from 2021 stalled last fall and a similar episode could play again as the RSI and the Stochastic oscillator flag overbought [..]

Daily Market Comment – Dollar awaits the NFPs, BoC leaves rates untouched

Posted on March 9, 2023 at 9:08 am GMT

Fed Chair Powell reiterates hawkish message Data points to tightening US labor market BoC becomes the first major central bank to pause BoJ takes the central bank torch US data points to still-tight labor market, focus turns to NFPs In his second day of congressional testimony, Fed Chair Jerome Powell reiterated his message that interest rates may need to rise more and possibly faster than previously estimated, but he also added that officials have not yet made a call on [..]

Daily Market Comment – Dollar rallies as Powell appears in a hawkish suit

Posted on March 8, 2023 at 8:40 am GMT

Fed Chair Powell stresses the need for higher rates Dollar rallies across the board, as Fed hike bets surge BoC is widely anticipated to stand pat today Wall Street feels the heat of Powell’s hawkish remarks Powell opens the door to higher and faster rate hikes The US dollar outperformed every other major currency on Tuesday and continued to gain against most of them today as well. The person responsible for the dollar’s rally was Fed Chair Jerome Powell, who [..]

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