All Articles Tagged - USDCAD

Loonie may change direction due to labour data and OPEC meeting – Forex News Preview

Posted on November 30, 2022 at 2:27 pm GMT

A pressing concern for the Bank of Canada (BoC) is the tight labor market, putting more emphasis on the upcoming jobs report due out on Friday at 13:30 GMT. Should employment continue to climb at such a quick pace in November, the decision-makers at the BoC might rethink their plans to further reduce the speed at which interest rates are being increased. BoC expected to raise rates by 25bps; unemployment rate predicted to rise The BoC only increased interest rates by 50 basis points (bps) [..]

Daily Market Comment – Stocks, oil bounce back on China hopes, dollar’s Fed-led rebound falters

Posted on November 29, 2022 at 10:14 am GMT

Mood improves as China takes more baby steps to shift away from zero Covid But risk assets rebound only modestly as Fed hawks keep optimism in check Dollar pulls back, oil climbs on possible OPEC+ output cut Easing protests in China calm markets The unrest in China appears to be easing amid a massive police presence on the streets of Beijing, Shanghai and other major cities. But while the clampdown may by succeeding in deterring protestors to come out [..]

Week Ahead – Decisive week for the dollar as PCE inflation and NFP reports coming up

Posted on November 25, 2022 at 1:36 pm GMT

After the Thanksgiving downtime that generated some further weakness for the greenback, investors will be looking for fresh direction from the barrage of US economic data that will be dominating the agenda in the coming week. The latest payrolls report will be the main attraction along with PCE inflation readings. CPI data out of Australia, the Eurozone and Switzerland as well as Canadian GDP numbers will be important too, while OPEC’s monthly decision will be another one to watch amid [..]

Technical Analysis – USDCAD retreats as latest recovery fades

Posted on November 25, 2022 at 7:49 am GMT

USDCAD has been in an uptrend since March, storming to a fresh 29-month high of 1.3976 before experiencing a significant downside correction. Even though the pair managed to erase part of the recent pullback, it has been on the retreat again as its latest rebound failed to strengthen. The momentum indicators currently suggest that bearish forces are gaining control. Specifically, the RSI is retreating below its 50-neutral mark, while the stochastic oscillator is descending near the 20-oversold zone. To the downside, [..]

Technical Analysis – USDCAD gains ground as decline halts

Posted on November 21, 2022 at 3:49 pm GMT

USDCAD has been in an uptrend since March, storming to a fresh 29-month high of 1.3976. Even though the pair experienced a moderate pullback in the short term, it has been attempting a recovery in the past few daily sessions. The momentum indicators currently suggest that bullish forces are strengthening. Specifically, the MACD histogram is challenging its red signal line in the negative zone, while the stochastic oscillator is ascending near the 80-overbought zone. Should the buying interest intensify, initial resistance [..]

Technical Analysis – USDCAD still flattens above the 1.3225 key level

Posted on November 18, 2022 at 8:05 am GMT

USDCAD is hovering above the 1.3300 mark after several days of trying to break the 1.3225 support level. The short-term bias is neutral to bearish as the RSI is flattening below the neutral threshold of 50; however, the stochastic is showing positive signs as the %K and the %D lines posted a bullish crossover in the oversold zone. If the market rises, it may encounter opposition between the bearish cross of the 20-day and 50-day simple moving averages (SMAs) at 1.3530 and [..]

Technical Analysis – USDCAD ticks north beneath the bearish cross within SMAs

Posted on November 17, 2022 at 3:06 pm GMT

USDCAD is gaining some ground after the unsuccessful attempt to break the 1.3225 support level in the preceding days. The RSI is changing its direction to the upside in the negative region, while the %K line and the %D lines of the stochastic oscillator posted a bullish crossover, indicating the change of the short-term negative bias to positive. Should the market extend gains, resistance could be met between the bearish cross within the 20- and 50-day simple moving averages (SMAs) [..]

Technical Analysis – USDCAD consolidates after decline pauses

Posted on November 15, 2022 at 3:44 pm GMT

USDCAD has been in an uptrend since March, storming to a fresh 29-month high of 1.3976. However, the pair is experiencing a significant downside correction in the short term as negative momentum appears to be strengthening. The momentum indicators currently suggest that bearish forces have gained control. Specifically, the MACD histogram is retreating below zero and its red signal line, while the stochastic oscillator is hovering within the 20-oversold territory. Moreover, the price has crossed below the Ichimoku cloud, endorsing a [..]

Will Canadian CPI be a trigger for more interest rate increases? – Forex News Preview

Posted on November 14, 2022 at 3:55 pm GMT

The Canadian CPI report is coming out on Wednesday at 13:30 GMT and if it is strong, the Bank of Canada is more likely to increase rates by 50 bps than 25 bps at its meeting on December 7. The BoC became the latest central bank downshift recently, but the Canadian currency is still one of the best performers so far in 2022. BoC hikes rates by 50 bps At its meeting in October, the Bank of Canada (BoC) increased the overnight rate by 50 basis points, bringing it to 3.75%. This [..]

Week Ahead – Spotlight turns to pound and non-US data after dollar bruising

Posted on November 11, 2022 at 1:15 pm GMT

After another US inflation surprise, CPI data will be dominating the agenda in most other markets in the coming week, shifting the focus away somewhat from the greenback. The pound will likely attract the most attention in what will be a busy week for the United Kingdom, as apart from the economic releases, the budget statement will be watched amid lingering worries about high borrowing. Growth indicators will be important in China and Japan, while in the United States, the [..]

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