All Articles Tagged - USDCAD

Technical Analysis – USDCAD tests 20-month high again, failing to run above it

Posted on September 15, 2022 at 12:50 pm GMT

USDCAD is heading north following the notable buying interest on Tuesday, but it is remaining marginally beneath the 20-month peak of 1.3225. In the short-term, the market could maintain an upward move if the RSI keeps moving above 50 and the MACD surpasses its trigger line in the positive region. Moreover, the stochastic oscillator is approaching the overbought zone, suggesting more gains. Regarding the trend, this is likely to remain on the upside in the near-term as the 20-day simple moving average (SMA) [..]

Technical Analysis – USDCAD loses shine below July’s peak

Posted on September 9, 2022 at 7:00 am GMT

USDCAD flipped backwards after its bullish efforts fizzled out just beneath July’s top of 1.3222, with the price plunging towards the key 1.3026 level ahead of Canada’s employment report early on Friday. The momentum indicators have all changed direction to the downside, endorsing the negative momentum in the price. However, with the RSI holding above its 50 neutral mark and the price facing support around the key 1.3026 level, where the 20-day simple moving average (SMA) resides, sellers may wait [..]

Daily Market Comment – Euro eyes jumbo ECB rate hike; pound awaits Truss’ energy plan

Posted on September 8, 2022 at 9:35 am GMT

Softer dollar bolsters euro as ECB anticipated to frontload rate hikes But pound remains pressured amid angst about Truss’ energy bailout Aussie dips after RBA’s Lowe makes dovish tilt; loonie firmer after BoC Wall Street in surprise bounce back as yields and oil prices take a plunge Euro flirts with parity ahead of ECB decision The energy crisis and the pace of monetary tightening look set to dictate market sentiment once again as a busy day looms with a policy [..]

Daily Market Comment – Dollar smashes yen as forceful Fed bets increase

Posted on September 7, 2022 at 8:47 am GMT

ISM PMI beats estimates, dollar/yen accelerates rally Wall Street returns wounded after holiday BoC to hike by 75bps, focus to fall on future moves ISM non-manuf. PMI reinforces aggressive Fed narrative After taking a breather on Monday, the US dollar recharged again yesterday, with dollar/yen skyrocketing to levels last seen 24 years ago. What added fuel to the greenback’s tank may have been the better-than-expected ISM non-manufacturing PMI. Instead of sliding, the index rose further, reinforcing the view that the [..]

Bank of Canada to hike again but could be nearing end of cycle – Forex News Preview

Posted on September 6, 2022 at 2:00 pm GMT

The Bank of Canada is almost certain to raise interest rates again on Wednesday when it announces its latest monetary policy decision at 14:00 GMT. After July’s jumbo-sized rate increase when the Bank lifted borrowing costs by a full percentage point, investors are anticipating another big, though slightly smaller, rate hike of 75 basis points. However, when it comes to the Canadian dollar’s reaction in the FX market, what will be more relevant is any clues that there may not [..]

Week Ahead – ECB decision highlights central bank trifecta

Posted on September 2, 2022 at 11:21 am GMT

An action-packed week lies ahead, featuring central bank meetings in the Eurozone, Canada, and Australia, an output decision from the OPEC cartel, and the selection of the next UK prime minister. The ECB will likely steal the show, as policymakers seem prepared to roll out the big guns to defend the sinking euro. Euro squeeze? There has been a striking change in tone from the European Central Bank lately. Several officials have stressed the need to raise interest rates forcefully, [..]

Daily Market Comment – Financial world locks gaze on US employment data

Posted on September 2, 2022 at 8:11 am GMT

Dollar hits 20-year high ahead of the NFPs Strong report could justify aggressive Fed hikes Yen, euro lose the most; loonie takes the first place Dollar climbs higher as data support forceful Fed The US dollar continued flexing its muscles against all but one of the other major currencies on Thursday and during the Asian trading session Friday, with the dollar index hitting a 20-year high. Dollar traders kept adding to bets for another triple hike by the Fed at [..]

Technical Analysis – USDCAD weakens after bullish rally in near term

Posted on September 2, 2022 at 7:36 am GMT

USDCAD is showing some signs of weakness after three straight green days and a spike near the 20-month peak of 1.3225. In trend indicators, the 20- and 50-day simple moving averages (SMAs) posted a bullish crossover, confirming the bullish bias in the short- and long-term timeframe. The technical oscillators are presenting some contradicting signs. The MACD is holding well above its trigger and zero lines; however, the stochastic created a bearish crossover within its %K and %D lines in the [..]

Daily Market Comment – Euro sustains a close above parity ahead of inflation data, equities keep falling

Posted on August 31, 2022 at 8:50 am GMT

Euro/dollar above parity ahead of Eurozone inflation data Equities stay wounded as central banks show more teeth Canada’s GDP to add to the case of a 75bps hike by the BoC ECB remarks and natural gas setback hoist euro The euro was the main gainer against all the other major currencies in the last 24 hours, with king dollar settling in second place. Concerns expressed by several ECB rate-setters over its depreciation, their willingness to take rates higher than previously [..]

Loonie awaits Q2 GDP data after depressing week; OPEC in focus as well – Forex News Preview

Posted on August 29, 2022 at 4:18 pm GMT

Canada will report GDP data for the second quarter on Wednesday at 12:30 GMT as investors largely expect a bold rate increase in September. The figures will follow another depressing week for the loonie versus the US dollar, but even if they are arrive encouraging, they may not be able to provide a strong helping hand to the currency. The US nonfarm payrolls report due on Friday and next week’s OPEC meeting will be the next highlights in the calendar. [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

USDCAD

XM Live Chat