All Articles Tagged - USDCAD

Technical Analysis – USDCAD climbs beyond 1.30 mark, logs 17½-month high

Posted on May 13, 2022 at 8:19 am GMT

USDCAD’s fresh advances have breached the broader 1.2927-1.2986 resistance barrier that extends back to early November of 2020. The longer-term 100- and 200-day simple moving averages (SMAs) are discreetly sponsoring the upside, while the rising 50-day SMA is endorsing the recent pickup in positive impetus. The Ichimoku lines are indicating a pause in upward drive, while the short-term oscillators are advertising conflicting messages in directional momentum. The MACD is implying that bullish forces are strengthening, meanwhile the dipping RSI and [..]

US Open Note – Dollar unlocks 20-year high; euro breaks $1.04

Posted on May 12, 2022 at 12:57 pm GMT

Dollar surges but dips against yen The dollar touched a two-decade high against a basket of currencies after US inflation fell less than expected in April. Dollar/yen is declining by 1%, meeting the 129.40 level. Despite increasingly hawkish ECB rhetoric, the euro is trading below $1.0400, falling by 1.0%, with the next key support coming at $1.0340. Euro/yen and pound/yen are plummeting over 2% today. US stock futures are suggesting a strong negative open, continuing the several days of losses. The safe-haven greenback gained support from a worldwide equity sell-off because of investor concerns that central banks are behind the curve [..]

US Open Note – US CPI beats expectations and rises by 8.3%; dollar moves up again

Posted on May 11, 2022 at 1:36 pm GMT

The CPI rate ticked up by 8.3% in the year that ended in April. The annual CPI decrease was the first since August, but it was the eighth month in a row of gains of more than 6%. In March, the Consumer Price Index (CPI) rose 8.5% year-over-year, the highest increase since December 1981. After the release of higher-than-expected CPI figures, the dollar initially rose. The dollar index is showing positive signs as it jumped beyond 104.00; however, US futures are leading lower, suggesting a [..]

Daily Market Comment – Mood brightens slightly ahead of US CPI as investors eye peak

Posted on May 11, 2022 at 9:25 am GMT

Dollar stays subdued as US CPI data awaited for clues on peak inflation Euro edges up as ECB preps for summer rate hike Equities attempt a rebound, falling infections in China lend some support Dollar slips before US inflation reveal Markets were in a cautiously optimistic mood ahead of the April inflation report out of the United States later on Wednesday, as investors geared up for a possible soft print this time after months of acceleration in the headline figure. [..]

US Open Note – Dollar steadies as it awaits US CPI data

Posted on May 10, 2022 at 12:50 pm GMT

Fed speakers today and US CPI tomorrow in focus This week, Fed speakers will be out in full force to disseminate the latest views of the central bank. Each one of these officials has a chance to share their thoughts on current policy. Barkin did this last week and put 75 bp back on the table, stressing that he wants to raise rates “as quickly as possible.” Others at the Fed are also likely to adopt a more hawkish outlook in the coming days. But the main thing to [..]

Daily Market Comment – Stocks steadier after Wall Street selloff, dollar eases

Posted on May 10, 2022 at 9:10 am GMT

S&P 500 plunges below 4,000, Nasdaq crashes 4%, but futures turn positive today Dollar edges down as yields cool off slightly ahead of Fed speakers, US CPI Oil remains under pressure as EU waters downs Russian oil embargo Stock market rout deepens Equity markets have steadied on Tuesday as investors licked their wounds following the heavy losses at the start of the week that extended the post-Fed meeting selloff. Growth and mega-cap tech stocks led the carnage on Wall Street [..]

US Open Note – Stocks remain heavy, failing to form foothold after Fed vibe

Posted on May 9, 2022 at 1:38 pm GMT

Rising US yields feed dollar resilience as FOMC meeting in rear-view mirror In the previous week, we had the US central bank chief, Jerome Powell reiterate that the Federal Reserve will in June begin to reduce the close to $9 trillion hoard of assets gathered throughout the pandemic period, in an attempt to help bring inflation to the desired levels. While the Fed delivered a 50-basis points hike, raising the benchmark overnight rate to 1.00% last Wednesday, markets are still [..]

Technical Analysis – USDCAD shows positive signs after breaking sideways channel

Posted on May 9, 2022 at 11:58 am GMT

USDCAD is advancing beyond the four-month trading range of 1.2450-1.2875. Currently, the price is flirting with the 14-month high of 1.2960 and more increases could shift the neutral outlook to bullish, moving towards the 1.3175 resistance. The technical indicators are feeding prospects for more bullish actions as well. The MACD is stretching its positive momentum above its trigger and zero lines, while the RSI is heading towards the overbought region. The simple moving averages (SMAs) are also ready to confirm [..]

Technical Analysis – USDCAD heads for sixth weekly gain ahead of jobs data

Posted on May 6, 2022 at 8:46 am GMT

USDCAD came to the defence of the bulls on Thursday after clinging to a footing near the 23.6% Fibonacci retracement of the 1.2006 – 1.2962 upleg at 1.2736. The price has almost reversed its weekly losses to turn neutral, refusing to abandon its five-week rally, but the 1.2850 area, which includes the downward-sloping resistance trendline from 1.2962, seems to be problematic for the pair. Nevertheless, the momentum indicators are currently keeping the risk tilted to the upside as the RSI remains elevated [..]

Technical Analysis – USDCAD surges off lower Bollinger band; bearish risks questioned

Posted on May 5, 2022 at 2:30 pm GMT

USDCAD continues to generate positive traction from the 1.2718 vicinity but despite the optimistic move, the negative pressures have yet to fully subside. Currently, the simple moving averages (SMAs) are endorsing a bullish trend. The short-term oscillators are suggesting mixed signals in directional momentum. The MACD is reflecting negative impetus, while the RSI is implying an increase in positive momentum. Meanwhile, the positively charged stochastic oscillator is promoting additional upside traction in the pair. In the positive scenario, immediate resistance [..]

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