All Articles Tagged - USDCAD

Week Ahead – US inflation on the menu, BoC and RBNZ to raise rates

Posted on July 8, 2022 at 10:15 am GMT

The summer calm will have to wait a little longer as the coming week is filled with crucial events. Canada and New Zealand are geared to raise interest rates, although their currencies are ultimately at the mercy of global recession risks. In China, it’s a close call whether the economy contracted in Q2. Most importantly, US inflation might finally be losing its punch. The dollar show The US dollar rally went into overdrive this week, leaving a trail of destruction [..]

Technical Analysis – USDCAD forms triple top near 1.2960; positive bias

Posted on July 8, 2022 at 7:40 am GMT

USDCAD posted a triple top around the 18-month high of 1.2960, failing to create a higher high to continue the buying interest. However, the MACD oscillator surpassed its trigger and zero lines, while the RSI is sloping upwards in the positive region. Both are suggesting that the structure is still bullish in the near-term. In the positive scenario, traders would be eagerly looking for a break above the recent top of 1.2960 to increase buying orders. If that’s the case, [..]

Daily Market Comment – Dollar shoots higher, euro sinks as recession fears return, stocks reverse gains

Posted on July 5, 2022 at 9:46 am GMT

Dollar surges to fresh two-decade high as euro crumbles on recession jitters Aussie plunges too after RBA rate decision, stock rebound falters But some optimism as Biden mulls easing Chinese import duties, Asian PMIs jump Risk appetite falters as spike in natural gas prices dents optimism Recession worries took a bit of a backseat at the start of July as the selloff paused for breath, but the panic crept back in on Tuesday as a fresh surge in natural gas [..]

Week Ahead – RBA to hike again but spotlight on NFP amid recession angst

Posted on July 1, 2022 at 12:42 pm GMT

Worries about a looming recession are dragging stock markets lower again. There’s a raft of data on the way that could lessen or heighten those concerns, most notably, the latest jobs report in the United States. But even if there is some possibility of positive relief from next week’s releases, central banks pose a downside risk to sentiment. The minutes of the Federal Reserve’s and European Central Bank’s policy meetings will likely reiterate their hawkish stance, while the Reserve Bank [..]

Technical Analysis – USDCAD picks up momentum as July’s trading kicks off

Posted on July 1, 2022 at 7:14 am GMT

USDCAD started July’s trading on a positive note on Friday after halting its latest bearish correction around June’s support zone of 1.2863, and marginally above its 20- and 50-day simple moving averages (SMAs). The RSI has avoided a drop below its 50 neutral mark and is currently looking for a rebound, while the Stochastics have also shifted northwards, both endorsing the bullish action in the price. On the other hand, the MACD is still slightly below its red signal line, [..]

Technical Analysis – USDCAD slips further, meeting 40-day SMA

Posted on June 28, 2022 at 1:16 pm GMT

USDCAD has been diving with strong momentum over the last couple of sessions and is approaching the 40-day simple moving average (SMA) around 1.2830. Technically, the MACD oscillator is losing ground below its trigger line but is still above the zero level. Moreover, the RSI indicator is falling further, meeting the neutral threshold of 50, both suggesting that the next move may be to the downside in the very short-term. Should bearish dynamics dominate, the market might revisit the 20-day [..]

Technical Analysis – USDCAD shows weak signs below double top at 1.2960

Posted on June 24, 2022 at 7:38 am GMT

USDCAD is showing some weak signs today with the technical indicators confirming this view. The RSI indicator is moving south in the positive region, while the MACD oscillator is holding above its trigger and zero lines, but with softer momentum than before. The price posted a double top around the 18-month high of 1.2960 in the previous weeks and any moves higher could boost the long-term bullish outlook. Moving up, the price may meet the 1.3175 barrier, taken from the peak of November 2020, [..]

Daily Market Comment – Wall Street bounces back but recession fears return to haunt markets

Posted on June 22, 2022 at 8:58 am GMT

US stocks join global stock rebound but rally fizzles out already Recession fears intensify again ahead of Powell testimony Oil sinks as White House gets serious about lowering gasoline prices Dollar firmer, euro and pound find some support as aussie and kiwi sink Risk appetite fades amid renewed growth jitters Worries about soaring inflation and stalling growth were weighing on the market mood again on Wednesday as an increasing number of investors, including high-profile names such as Elon Musk, upped [..]

Daily Market Comment – Stocks extend gains, dollar retreats as recession angst tempered

Posted on June 21, 2022 at 8:29 am GMT

Market panic continues to ease, stocks claw higher, but mood is subdued Euro and pound nudge up on ECB and BoE comments, RBA caps aussie gains Powell testimony and data awaited for more direction Equities stage a cautious rebound The market turmoil sparked by last week’s round of central bank rate hikes receded further on Tuesday, as worries about a recession were put on hold while investors weighed the risks ahead of some key data and a congressional testimony by [..]

Technical Analysis – USDCAD capped by the May highs; bias still positive

Posted on June 20, 2022 at 2:59 pm GMT

USDCAD eased back to 1.3000 on Monday after barely surpassing May’s top of 1.3075 last Friday. The bulls also failed to close above the 1.3026 bar for the second time in two months, strengthening the case for a bearish correction. That said, the RSI is still comfortably elevated above its 50 neutral mark despite today’s weakness, the Stochastics have yet to exit the overbought territory below 80, while the MACD remains positively charged above its red signal and zero lines, [..]

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