All Articles Tagged - USDCAD

Canadian employment report release may boost loonie – Forex News Preview

Posted on May 4, 2022 at 12:41 pm GMT

Canadian employment report will be published on Friday at 12:30 GMT and a positive outcome is expected as it’s too early to see the effects of either increased interest rates or the heightened global concerns. The Canadian dollar has been trying to gain more ground over the last couple of days and more positive moves are expected after the release of the employment data. Canada’s unemployment rate dropped from 5.5% to 5.3% in March, confirming expectations. Since similar statistics began [..]

US Open Note – Falling dollar breathes life into the euro; Wall Street in the red

Posted on April 29, 2022 at 1:50 pm GMT

3Dollar loses steam but is still the king The king dollar cooled off against a basket of six major currencies in the last trading day of April, having previously rapidly advanced to a two-decade high of 103.93 on the back of persisting calls for higher interest rates in the US and Ukraine-related economic risks in Europe. Still, a fourth consecutive weekly gain is more than secured for the greenback ahead of a busy week of central bank meetings and data [..]

Week Ahead – Fed and BoE rate hikes on the horizon; will RBA join in?

Posted on April 29, 2022 at 12:37 pm GMT

The Federal Reserve and Bank of England are both expected to raise interest rates in the upcoming week, though the former will likely do so by a larger increment. However, it’s much more of a puzzle what the Reserve Bank of Australia will do as pressure is mounting on the central bank to get the rate hike ball rolling in May rather than in June. It will also be a busy week for jobs data as apart from the all-important [..]

Technical Analysis – USDCAD eases as it fails to clear the upper boundary of the channel

Posted on April 29, 2022 at 6:39 am GMT

USDCAD was stubbornly fighting near the 1.2875 resistance, which is the upper boundary of the consolidation area of 1.2450-1.2875, but failed to jump above it. The area has been holding since December 2021 and only a violation of 1.2875 or below 1.2450 may change the neutral view. The technical picture, however, suggests a bearish bias at the moment as the MACD remains positively charged above its red signal line but with weak momentum, while the RSI is currently pushing efforts [..]

US Open Note – Market sentiment soft and dollar two steps ahead

Posted on April 26, 2022 at 1:47 pm GMT

Dollar remains sturdy despite retreat in US yields The key US stock indices have failed to retain their yesterday’s bounce and are aiming lower again as the resilient greenback manages to stay buoyant despite the fresh dwindling in US treasury yields. The US 10-year yield has eased to 2.77%, the 5-year yield to 2.80% and the 2-year yield to 2.56%. Even though markets have priced in an aggressive Fed and upcoming rate hike action for the United States, it seems [..]

Daily Market Comment – Safe havens jump, stocks tank as China and inflation fears intensify

Posted on April 25, 2022 at 9:40 am GMT

Dollar stretches bull run, yen and bonds rise too as China races to contain Covid outbreak Aussie leads the FX losers, Macron victory limits euro’s losses Stocks and oil plunge, no safe-haven boost for gold China struggles with zero-Covid policy A worsening outbreak of Covid-19 in China dragged risk assets lower at the start of the new trading week as stocks extended Friday’s losses while the US dollar scaled a fresh two-year high against a basket of currencies. Restrictions in [..]

Daily Market Comment – Powell reignites dollar bulls, sinks Wall Street

Posted on April 22, 2022 at 9:41 am GMT

Dollar regains the upper hand after Powell makes another hawkish shift Pound plummets on cautious Bailey, euro resumes downfall too Equites get knocked back as central bankers’ inflation alert pushes yields to new highs Powell backs 50-bps rate hike, dollar likes it Fed Chair Jerome Powell stole the limelight at the IMF’s spring meetings yesterday, as he reinforced expectations that the Federal Reserve will hike rates by 50 basis points when it meets in early May. Powell admitted that the [..]

Technical Analysis – USDCAD bounces back from dip but neutral outlook unchanged

Posted on April 22, 2022 at 6:58 am GMT

USDCAD has bounced back towards its 50- and 200-day moving averages (MA) after dipping to a more than two-week low of 1.2458 on Thursday. The price is currently testing the 38.2% Fibonacci retracement June-December 2021 uptrend at 1.2597 and there is a strong prospect of further gains in the short term. The RSI is in the process of climbing above the 50-neutral point, while the MACD histogram is continuing to advance higher above its red signal line and could soon [..]

Technical Analysis – USDCAD neutral, positive gains capped by 200 MA

Posted on April 21, 2022 at 2:37 pm GMT

USDCAD is confronting the 1.2450 support and the lower Bollinger band at 1.2422 after the pair’s recent up wave was curbed by the converged simple moving averages (SMAs). The directionless SMAs are suggesting that the pair is lacking the drive to form a more convincing trend, signalling that the pair is rangebound between the lower limit of 1.2251-1.2308 and the upper limit of 1.2927-1.2986. The short-term oscillators are skewed to the downside, implying that negative forces in the pair may [..]

Daily Market Comment – Euro perks up, fends off steadier dollar amid growing ECB rate hike talk

Posted on April 21, 2022 at 8:46 am GMT

Euro extends gains as ECB policymakers increasingly in favour of raising rates soon Dollar mixed despite higher Treasury yields; yen settles around 128 per dollar US and European stock futures edge up after Tesla earnings beat, China slips ECB rate hike chatter buoys euro The euro is gaining traction on Thursday, extending this week’s rebound to flirt with the $1.09 level, as investors ratchet up their bets that the European Central Bank is getting closer to hiking rates soon. Several [..]

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