All Articles Tagged - USDCAD

Technical Analysis – USDCAD consolidates after bullish rally

Posted on May 12, 2017 at 8:19 am GMT

USDCAD is neutral in the near-term and pivoting around the key 1.3700 level. After rallying to a more-than 14-month high of 1.3792 on May 5, the market corrected and edged lower to find support at 1.3638. This support has held since May 5 and could lead to prices rebounding to re-test the 1.3792 high. The medium-term outlook is bullish especially after USDCAD broke above the key 1.3500 level on April 24. The technicals are supporting a bullish picture. MACD is [..]

Forex Market Review (Asian Session) – Kiwi drops to 11-month low after RBNZ; pound steady ahead of BOE

Posted on May 11, 2017 at 7:32 am GMT

The New Zealand dollar under-performed after a neutral RBNZ policy outlook. Sterling was steady ahead of the Bank of England meeting and the release of the BOE quarterly inflation report. The kiwi tumbled to an 11-month low against the greenback as the RBNZ noted a lack of inflation pressure in the economy and indicated it would keep rates low for an extended period of time. The Bank left rates at 1.75%, which was widely expected, but the markets were hoping [..]

Investment Theme – Bearish bets against Canadian dollar surge as oil and trade concerns mount

Posted on May 9, 2017 at 3:25 pm GMT

Investor sentiment has been turning increasingly bearish against the Canadian dollar over the past month as sluggish oil prices and growing concerns of a major trade spat between Canada and the United States weigh on the loonie. The bearish outlook drove the Canadian currency to a more than 14-month low against its US counterpart last week, coming close to breaching the C$1.38 level. The loonie was last trading near such levels in February 2016 when crude oil had just started [..]

Forex Market Review (European Session) – Dollar hits 8-week high versus yen, boosted by strong JOLTS data; aussie falls further after budget

Posted on May 9, 2017 at 3:00 pm GMT

The Australian dollar and the yen were some of the worst-performing major currencies today on improving risk appetite in the markets. The US dollar gained for a second day relative to a basket of major currencies on rising expectations for a June Fed rate hike and solid JOLTS data. The greenback rose for the third day against the yen to hit an eight-week high of 114.21 yen during the European session. Rising US bond yields have had an impact on [..]

Forex Market Review (European Session) – Euro pulls back from 6-month highs; Sterling holds within sight of $1.30

Posted on May 8, 2017 at 2:55 pm GMT

The euro’s relief rally from the French presidential result faded in European trading on Monday as profit taking set in, while the safe-haven yen recovered from its earlier weakness. The US dollar also gave up its earlier gains versus the yen but was firmer when measured against a basket of currencies. The single currency hit a 6-month high of 1.1022 dollars at the Asian open but had retreated to 1.0940 by late European session. A win for the centrist candidate [..]

Forex Market Review (European Session) – US job growth recovers; dollar fails to gain

Posted on May 5, 2017 at 3:14 pm GMT

The all-important non-farm payrolls number out of the US was released during today’s European session trading hours. The number showed a rebound from March’s underwhelming figure but failed to lift the dollar. Other important news pertained to Canada’s jobs report, which was also released today. The dollar index, measuring the greenback against the currencies of six major US trading partners, was more or less flat in late European session trading after falling to a near six-month low of 98.68 earlier [..]

FX Daily Outlook | 04-05-17

Posted on May 4, 2017 at 9:44 am GMT

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Technical Analysis –USDCAD bullish in the short- and medium-term; price close to 14-month high

Posted on May 4, 2017 at 7:16 am GMT

USDCAD is marginally up from the day’s open. Should the price finish the day higher, it would constitute an impressive ninth day in a row of up movements for the pair. Last week’s alignment resulting from the Tenkan-sen line (red) crossing above the Kijun-sen (blue) is indicative of the bullish bias that is in place. The RSI indicator reinforces this signal as it is currently well into bullish territory at 78. Do note though that the Kijun-sen is flat at [..]

Forex Market Review (European Session) – Euro and pound shine; dollar firm despite disappointing US GDP data

Posted on April 28, 2017 at 2:31 pm GMT

The euro and the pound outperformed other currencies in Friday’s European session, while dollar traders looked beyond disappointing US GDP figures to drive it higher versus the yen. The euro rebounded sharply from yesterday’s ECB-induced losses after stronger-than-expected inflation data for the Eurozone revived expectations that the ECB may soon begin to withdraw monetary accommodation. Headline inflation jumped from 1.5% to 1.9% year-on-year in April according to the flash estimates, just shy of February’s four-year high of 2.0% and above [..]

Forex News – Trump tax plan fails to lift markets; dollar pulls back

Posted on April 27, 2017 at 1:33 pm GMT

The US Treasury Secretary, Steven Mnuchin, yesterday announced the much-anticipated details on one of President Trump’s main election campaign pledges to cut taxes for businesses and individuals. Dubbed by Mnuchin as “one of the biggest tax cuts in history”, the tax plan provided few surprises as much of the details had already been circulating in the media in the prior days. The main highlights of the tax plan are simplifying income tax by cutting the number of tax brackets from [..]

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