All Articles Tagged - USDCAD

Technical Analysis – USDCAD moves sideways in a tight range

Posted on December 23, 2022 at 8:34 am GMT

USDCAD has been moving sideways over the last three weeks within a tight range with the upper boundary at the 1.3700 psychological mark and the 1.3510 support level. In trend indicators the 20-and 50-day simple moving average (SMAs) posted a bullish crossover, suggesting more upside moves. However, the MACD oscillator is moving sideways above the zero level, while the RSI is pointing slightly down in the positive region, indicating a weak bias. If the market extends its gains above the 1.3700 mark, [..]

Daily Market Comment – Yen holds onto gains as stocks catch a bid

Posted on December 21, 2022 at 10:29 am GMT

Yen rally eases but maintains bullish momentum JGB yields spike again, hitting BoJ’s new upper cap Stocks perk up as Wall Street ends losing streak Yen has best day since 1998 The Japanese yen enjoyed its best day since 1998 on Tuesday following the Bank of Japan’s surprise move to widen the yield cap on 10-year bonds. Although the BoJ has been careful to present the shock decision as a necessary tweak to improve the functioning of the bond market, [..]

Will Canadian CPI give the hammered loonie a reprieve? – Forex News Preview

Posted on December 20, 2022 at 3:55 pm GMT

The next central bank meeting in Canada is a month away and rumours are coming and going about whether there will be a pause in the monetary tightening campaign. Wednesday’s CPI inflation data could provide some direction at 13:30 GMT, while monthly GDP figures due on Friday can also be used as a reference guide. A downbeat dataset may weigh on the battered loonie. Confusion around BoC’s next policy decision The Bank of Canada (BoC) was the first among its [..]

Week Ahead – Bank of Japan highlights a data-heavy week

Posted on December 16, 2022 at 9:18 am GMT

The central bank torch will pass to the Bank of Japan next week. Even though the consensus is for no policy changes, the prospects for the yen have started to improve heading into a potentially stormy year. There’s also a heavy dose of data releases from Canada and the United States. BoJ to tighten next year? Economic developments in Japan have been encouraging lately, raising speculation that the central bank might finally consider an exit from its decade-long stimulus program. [..]

Technical Analysis – USDCAD stuck in range, supported by 50-day SMA

Posted on December 16, 2022 at 9:03 am GMT

USDCAD has been in an uptrend since March, storming to a fresh 30-month high of 1.3976 before experiencing a downside correction. Even though the pair erased part of its recent pullback, it has been rangebound in the last few daily sessions, with the 50-day simple moving average (SMA) capping its downside. The momentum indicators currently suggest that bullish forces are intensifying. Specifically, the stochastic oscillator is ascending after posting a bullish cross, while the MACD histogram is strengthening above both [..]

Technical Analysis – USDCAD rests near 50-day SMA above downtrend line

Posted on December 9, 2022 at 8:36 am GMT

USDCAD is still trading above the short-term descending trend line and the strong 50-day simple moving average (SMA), which lies near the 1.3570 support. The MACD oscillator is holding above its trigger and zero lines; however, the stochastic posted a bearish cross within its %K and %D lines near the overbought territory, indicating that the next move may be to the downside. Should the price close comfortably above the 1.3700 handle, which has been unbreakable over the past month, traders could [..]

Daily Market Comment – Dollar extends jump, Wall Street ends another day in the red

Posted on December 7, 2022 at 9:25 am GMT

Dollar recoups more losses after better ISM services index S&P 500 extends its losing streak to four sessions Bank of Canada decides on interest rates Is the dollar making a comeback? The US dollar outperformed most of its major peers on Tuesday and continued to trade higher today. With no clear catalyst to boost the dollar yesterday, this suggests that there was fuel left in its tanks from Monday, when the US ISM services PMI showed further improvement in November [..]

Can the BoC meeting deliver any surprises? – Forex News Preview

Posted on December 5, 2022 at 10:26 am GMT

The Bank of Canada is about to announce another rate hike on December 7. The market expects a 25bps rate increase despite the upside surprise in the Q3 GDP and the tight labour market. Chances of a bigger rate hike appear slim, but such an announcement could have a sizable impact on the loonie. BoC defied market pricing at the October meeting The BoC holds its eighth and final interest rate setting meeting for 2022, a week ahead of the Fed and ECB meetings on December [..]

Week Ahead – Australia and Canada kick off central bank bonanza

Posted on December 2, 2022 at 12:02 pm GMT

A litany of central bank meetings lies ahead in the first half of December. The ball will get rolling with the Reserve Bank of Australia and the Bank of Canada next week, both of which are expected to raise interest rates again, albeit at a slower pace. Meanwhile in America, business surveys and producer prices will shape expectations around Fed policy, helping investors decide whether the dollar’s best days are behind it. RBA shifts into lower gear The Australian economy [..]

Technical Analysis – USDCAD steps on 20-SMA; bears still present

Posted on December 2, 2022 at 9:50 am GMT

USDCAD had a lukewarm start to December, barely gaining bullish traction despite taking support from the 20-day simple moving average (SMA) at 1.3394. The pair has completed two consecutive negative months, charting a bearish head and shoulders pattern around the 29-month peak of 1.3976. Even though the bulls attempted to deactivate the bearish structure above the 1.3500 neckline this week, the 50-day simple moving average (SMA) pressed the price aggressively lower, keeping negative trend risks alive. In momentum indicators, the [..]

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