All Articles Tagged - USDCAD

Week Ahead – Flash PMIs, UK & Japan CPIs in focus; RBNZ to hold rates

Posted on May 17, 2024 at 10:20 am GMT

After cool US CPI, attention shifts to UK and Japanese inflation Flash PMIs will be watched too amid signs of a rebound in Europe Fed to stay in the spotlight as plethora of speakers, minutes on tap No fireworks expected from RBNZ policy decision Will CPI report bring BoC nearer to a rate cut? Inflation data will dominate the economic agenda once again in the coming week as CPI numbers are due in Canada, Japan and the United Kingdom. The [..]

Technical Analysis – USDCAD bounces off medium-term uptrend line

Posted on May 17, 2024 at 7:07 am GMT

USDCAD recovers some ground above 1.3600 Oscillators suggest upside correction in short-term USDCAD has gained little over the last couple of sessions, and it managed to hold above the medium-term ascending trend line and re-enter the 1.3600 area, with the technical oscillators feeding prospects for possible positive short-term trading; the RSI is moving sideways slightly beneath its trigger line, while the stochastic posted a bullish crossover within its %K and %D lines in the oversold area. Yet, the pair is facing strong [..]

Technical Analysis – USDCAD trades higher but remains under pressure

Posted on May 16, 2024 at 2:43 pm GMT

USDCAD is in green today after six negative sessions Pair is in the middle of the developing ascending channel Momentum indicators acknowledge the bearish pressure USDCAD is in the green today, recording the first reaction from dollar bulls after six sizeable red candles as the recent set of weaker US data releases is keeping the dollar under pressure. USDCAD is currently trading in the middle of an ascending channel, around 2% below the recent 2024 high of 1.3845 and battling [..]

Technical Analysis – USDCAD slips beneath 20-day SMA

Posted on May 10, 2024 at 7:38 am GMT

USDCAD may retest the uptrend line MACD and RSI lose steam USDCAD is sliding beneath the 20-day simple moving average (SMA) and is approaching the medium-term ascending trend line around the 1.3630-1.3610 support region. Technically, the MACD oscillator is holding beneath its trigger line in the positive area; however, the RSI is weakening and is moving horizontally near the neutral threshold of 50. In case of steeper decreases the market may rest near the 50-day SMA at 1.3618 and any [..]

Technical Analysis – USDCAD enjoys renewed strength

Posted on May 8, 2024 at 1:15 pm GMT

USDCAD is in green again today, but still far from its recent 2024 high Dollar is recovering after the last week’s underperformance Momentum indicators remain mixed, all eyes on the stochastics USDCAD is trading higher again today, recording its second consecutive green candle and almost erasing last week’s losses. USDCAD has managed to climb above the December 16, 2022 high at 1.3704, but the bulls need to stage a move above 1.3783 in order to negate the developing series of [..]

Weekly Technical Outlook – USDJPY, GBPUSD, USDCAD

Posted on May 7, 2024 at 3:01 pm GMT

Strengthening rate cut projections weigh on USDJPY; upward pattern intact above 151.90 GBPUSD faces rejection near familiar resistance of 1.2630 ahead of BoE policy announcement USDCAD trends within a short-term bearish channel; key support level at 1.3530 Intervention risks, Fed talk –> USDJPY The week ahead will be light in terms of US data releases, but a couple of Fed speakers will be on the wires to comment on monetary policy and perhaps fuel fresh volatility in the greenback. Meanwhile [..]

Technical Analysis – USDCAD retreats beneath 20-day SMA

Posted on April 26, 2024 at 6:18 am GMT

USDCAD is in bearish correction mode MACD and RSI suggest weak momentum USDCAD is heading south erasing the rally towards the 1.3845 peak, slipping beneath the 20-day simple moving average (SMA). However, the broader outlook remains positive as the price is posting higher highs and higher lows above the 200-day SMA. Technically, the MACD oscillator is holding beneath its trigger line in the positive area, while the RSI is moving horizontally near the neutral threshold of 50. If the market [..]

Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone

Posted on April 19, 2024 at 8:37 am GMT

USDCAD pauses aggressive bull run near five-month high Faces resistance around 1.3800, but remains supported above 1.3690 USDCAD attempted to re-enter the 1.3800 territory earlier today after its pullback from a five-month high of 1.3844 on Wednesday. But upside forces faded soon, forcing the price to pull back to Thursday’s closing price of 1.3765. The RSI and the stochastic oscillator have exited the overbought territory, justifying the latest negative turn in the price. That said, the RSI is still comfortably elevated [..]

Market continues to price in a plethora of rate cuts for 2024 – Special Report

Posted on April 17, 2024 at 1:03 pm GMT

Market is still in monetary easing mode despite fewer rate cuts priced in across the board Divergent cut expectations for the Fed and the ECB, reflecting economic conditions The ECB and the BoC are seen cutting in July; the RBA might not cut rates this year BoJ is seen hiking again during 2024 The market is digesting both the latest geopolitical developments and the recent rally in oil prices as the countdown to the May 1 Fed meeting has begun. [..]

Technical Analysis – USDCAD blossoms ahead of central bank speeches

Posted on April 16, 2024 at 1:48 pm GMT

USDCAD rises rapidly; reverses November-December downtrend Risk of profit-taking increases as a familiar resistance area comes into sight Fed and BoC governors scheduled to speak at 17:15 GMT USDCAD sped up to unlock a new five-month high of 1.3820 on Tuesday despite the release of stronger-than-expected Canadian CPI data. Having enjoyed their best weekly session so far this year, the bulls are dreaming of more gains after exiting the four-month-old bullish channel on the upside. Some caution, however, is [..]

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