All Articles Tagged - USDCAD

Week ahead – NFP report, Eurozone inflation under the microscope as markets wobble

Posted on August 26, 2022 at 9:43 am GMT

The US nonfarm payrolls report will take centre stage next week as speculation about the size of the Fed’s next rate hike goes into overdrive. Investors will also be keeping a close eye on the latest inflation readings in the euro area ahead of the September rate decision amid growing gloom about the bloc’s economic outlook. PMI indicators out of China and as well as quarterly data from Australia and Canada will be important too in helping to gauge the [..]

Technical Analysis – USDCAD stuck below 1.3026 for another week

Posted on August 26, 2022 at 7:29 am GMT

USDCAD could not find enough buyers to sustain Monday’s bullish extension above the flattening 200-weekly simple moving average (SMA) at 1.3026, with the price gearing down to meet support near its 20- and 50-day SMAs at 1.2894 on Thursday. Recall that the pair has been constantly fighting the 200-weekly SMA since May without success despite some strong flash upside spikes. The pair is currently trying to recoup some ground ahead of Powell’s Jackson Hole speech, but the momentum indicators are sending only poor [..]

Technical Analysis – USDCAD strengthens its momentum over 1.2985 key level

Posted on August 19, 2022 at 12:35 pm GMT

USDCAD has climbed above the shorter-term SMAs and is now going higher, after reversing on the 200-day SMA near the 1.2730 support level. The MACD has been steadily rising above its trigger and zero lines, while the RSI has climbed over the 50 level. Additional value might be added by traders, driving the market up to 1.3175, should the price close securely over the 1.2985 barrier. With further gains, bulls may see a return to the 20-month high of 1.3225. [..]

Technical Analysis – USDCAD gives signs for more advances; 1.2985 next pause

Posted on August 19, 2022 at 7:04 am GMT

USDCAD is heading north above the short-term simple moving averages (SMAs) after a bounce off the 200-day SMA, which holds near the 1.2730 support level. In momentum indicators, the MACD is gaining ground above its trigger and zero lines, while the RSI has successfully surpassed the neutral threshold of 50. Should the price close comfortably above the 1.2985 resistance, which has been unbreakable over the past month, traders could add more value to the pair, pushing the market up to 1.3175. [..]

Daily Market Comment – Markets struggle for direction as Fed keeps its options open

Posted on August 18, 2022 at 8:59 am GMT

Fed minutes lean hawkish, signal ‘restrictive’ policy, but open door to slower pace Dollar stays on the front foot, Wall Street bounces off lows but then starts drifting Euro holds within range as European gas prices surge to record highs Fed pushes back on rate cut bets, markets don’t listen The Federal Reserve warned that moving to a “restrictive stance of policy” was essential in the minutes of the July meeting, as it fights to get inflation down to its [..]

Will Canada’s CPIs impact BoC rate expectations? – Forex News Preview

Posted on August 16, 2022 at 9:10 am GMT

The Bank of Canada is the only G7 central bank to deliver a whole percentage-point rate increase in this post-pandemic hike race, and it did so just at its latest gathering, in July. However, the aftermath revealed another month of job losses for Canada, and with that in mind, market participants may keep a close eye on the CPIs today, due out at 12:30 GMT, as they try to figure out how the Bank is likely to move forward with [..]

Daily Market Comment – Oil sinks, dollar surges as growth fears return but stocks keep partying

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

Dismal data out of China and the US stifle risk appetite as recession risks return But Wall Street immune to the doom and gloom as tech stocks rally Dimming outlook weighs on commodities as oil hits 6½-month low Dollar powers ahead on fresh growth scare The month-long risk rally suffered a major setback on Monday after economic indicators out of the world’s two biggest economies did anything but shore up confidence in the growth outlook, reviving fears about a [..]

Technical Analysis – USDCAD plummets but 200-day SMA caps downside

Posted on August 12, 2022 at 8:46 am GMT

USDCAD has been losing ground in the short term since it peaked at the 20-month high of 1.3222 in mid-July. Moreover, in the last few sessions, the technical picture has deteriorated further, with the price crossing below both its 50-day simple moving average (SMA) and the Ichimoku cloud. The momentum indicators are reflecting that the latest downside move could resume as near-term risks are tilted to the downside. Specifically, the stochastic oscillator is sloping downwards in the 20-oversold zone, while [..]

Technical Analysis – USDCAD clears 1.29 hurdle as rebound gathers steam

Posted on August 5, 2022 at 1:09 pm GMT

USDCAD is gaining upside momentum following the rebound off the 1.2765 level – a heavily congested support and resistance region. The price has just cracked the 1.2900 handle, which was being shielded by the 20-day moving average (MA). The momentum indicators point to a continuation of this bullish wave. The %K and %D lines of the stochastic oscillator are rising and positively aligned but have not yet reached overbought territory. The RSI, on the other hand, has just crossed above [..]

Technical Analysis – USDCAD holding steady ahead of jobs data

Posted on August 5, 2022 at 7:36 am GMT

USDCAD shifted to the sidelines immediately after charting a new lower low at 1.2766 in the short-term picture, unable to reach the constraining 20-day simple moving average (SMA). The technical indicators state a bearish-to-neutral bias as the RSI keeps flattening marginally below its 50 neutral mark and the MACD is extending its short horizontal move slightly below zero around its red signal line. Hence, traders may keep directing the market sideways unless they see a break above the 20-day SMA [..]

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