All Articles Tagged - USDCAD

Week Ahead – US and Canadian jobs data eyed amid rate hike talk; RBA and UK PMIs also in focus

Posted on June 30, 2017 at 10:38 am GMT

Employment reports out of the United States and Canada will be scrutinized as the Fed eyes a third rate hike and the Bank of Canada moves closer to a tightening cycle. Central bank meetings will include the Reserve Bank of Australia and the Riksbank, while PMI data out of the United Kingdom, the Eurozone, China, Canada, and the United States will also be watched. RBA set to maintain neutral stance The Reserve Bank of Australia is expected to hold rates [..]

FX Daily Outlook | 29-06-17

Posted on June 29, 2017 at 8:26 am GMT

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Forex Market Review (Asian Session) – Dollar index hits 9-month low; other majors strengthen on hawkish central bankers

Posted on June 29, 2017 at 7:49 am GMT

The dollar index, a broad measure of the greenback’s strength, hit a nine-month low, as other major currencies strengthened on the back of their central banks preparing to scale back the accommodative monetary policies. While yesterday’s forex trading session was mostly dominated by central bankers’ speeches, whose comments drove most of today’s Asian session, the rest of the trading day will likely be commanded by a heavy flow of data releases out of both the eurozone and the US. The [..]

Technical Analysis – USDCAD declines for fourth straight day, remains close to 4-month low

Posted on June 29, 2017 at 7:08 am GMT

USDCAD has been in a downtrend since May. Yesterday the pair declined by a sizable 1.4%, reaching 1.3012 at its lowest, a four-month low. Should it finish the day lower, it would mark the fourth consecutive day of declines for the pair. The RSI is projecting a negative short-term picture. The indicator is deep into bearish territory at 28. The MACD histogram supports this negative view, as it is below zero and the red signal line. It should be noted [..]

Forex Market Review (European Session) – Euro hits one-year high; sterling jumps on Carney; dollar posts 7-month low

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

The euro picked up from yesterday’s gains as today’s European session got underway. Its advance was temporarily halted though after anonymous sources out of the European Central Bank made reference to markets overinterpreting the ECB President Mario Draghi’s comments the day before. Investors were also paying close attention to the ECB’s forum in Sintra, Portugal, as major central bank heads, including Bank of England Governor Mark Carney, were participating in a panel discussion. Some remarks by Carney led sterling post [..]

Forex Market Review (European Session) – Loonie suffers on inflation; dollar down; sterling maintains positive momentum

Posted on June 23, 2017 at 2:56 pm GMT

Among the highlights in today’s European session were flash Markit PMI estimates out of the eurozone and the US, Canadian inflation figures and US new home sales data. Beyond economic releases, the pound maintained yesterday’s momentum on rising expectations of a rate hike by the Bank of England. Flash eurozone PMI numbers for the month of June showed the manufacturing sector performing strongly and the services sector surprising to the downside. Specifically, the manufacturing PMI number came in at the [..]

FX Daily Outlook | 23-06-17

Posted on June 23, 2017 at 8:09 am GMT

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Forex Market Review (Asian Session) – Oil-linked currencies gain with the commodity’s rise; dollar retreats

Posted on June 23, 2017 at 7:43 am GMT

As the Asian trading session is coming to a close, the dollar is modestly down while commodity-linked currencies, such as the loonie, are gaining ground versus the greenback on the back of oil rising. The dollar index, a broader gauge of the US currency’s strength, was last down two-tenths of a percent on the day. Dollar/yen was slightly down at 111.25. If it closes the day lower, it would be the fourth consecutive day of declines for the pair. The [..]

Technical Analysis – USDCAD short-term bearish below 200-day MA; neutral in medium-term

Posted on June 23, 2017 at 7:08 am GMT

USDCAD has been in a downtrend since falling from the May 5 high of 1.3792. There is risk to the downside since the momentum indicators are bearish. RSI is below 50 and MACD is below zero and trending down. Other bearish signals were given when the tenkan-sen crossed below the kijun-sen on May 24. Trend indicators are also showing a bearish picture, as the market is below the Ichimoku cloud and below the 200-day moving average. Major resistance is now [..]

Forex Market Review (European Session) – Loonie boosted by strong Canadian retail sales; oil makes some recovery

Posted on June 22, 2017 at 2:55 pm GMT

Major currencies were mostly range-bound in a relatively quiet session due to a light news flow and few data releases. The UK published the CBI industrial orders expectations data for June, which rose to +16 versus an expectation for a fall to +7 from a reading of +9. This was the highest number in 30 years, reflecting strength across most sectors of the economy. A weaker pound since the Brexit vote has helped. Meanwhile, UK Prime Minister Theresa May went [..]

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