All Articles Tagged - USDCAD

US Open Note – US stock futures lose upside momentum as market sentiment thins

Posted on April 4, 2022 at 1:47 pm GMT

Higher yields aid dollar, while euro remains heavy even as CPI spike jolts ECB A risk-off vibe seems to have overshadowed US stock futures as positive sentiment is lacking at the start of this week. The S&P 500 has managed to hold above its 200-day simple moving average (SMA) around 4,550, while the Dow Jones 30 and Nasdaq 100 composites have stabilized after a pullback below their respective longer-term 200-day SMAs at 35,057 and 15,167. Higher US yields are underpinning [..]

Technical Analysis – USDCAD moves sideways near 50.0% Fibonacci below 1.2500

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

USDCAD is consolidating around the 50.0% Fibonacci retracement level of the up leg from 1.2000 to 1.2940 at 1.2482 over the last ten days after the drop below the long-term ascending trend line. A bearish crossover occurred between the 20- and 40-day (simple moving averages) SMAs in trend indicators, as well as a bearish cross within the 20- and 200-day SMAs, confirming the short-term bearish outlook. Still stuck below the zero line, the MACD oscillator is making an attempt to break through [..]

Week Ahead – Fed and ECB minutes eyed as Ukraine war rages on, RBA to stand pat

Posted on April 1, 2022 at 11:16 am GMT

The minutes of the Federal Reserve’s and European Central Bank’s last policy meetings will likely grab the chunk of investors’ attention next week as the economic agenda quietens down somewhat. The Reserve Bank of Australia is not anticipated to announce any policy shifts at its meeting, but Canadian employment numbers might boost expectations of a 50-basis-points rate hike by the Bank of Canada. However, the evolving geopolitical situation with Ukraine will probably once again be a more important driver for [..]

Technical Analysis – USDCAD rebounds off 1.2450 but remains below and uptrend line

Posted on April 1, 2022 at 7:12 am GMT

USDCAD has been heading south over the last two weeks, reaching the 50.0% Fibonacci retracement level of the up leg from 1.2000 to 1.2960 at 1.2482. The price also declined beneath the long-term uptrend line and the 200-day simple moving average (SMA) but has found support at the 1.2450 barrier over the last couple of days. In trend indicators, the 20- and 40-day SMAs completed a bearish crossover, confirming the bearish view in the near term. The MACD oscillator is [..]

Technical Analysis – USDCAD dives below MAs and tests January lows

Posted on March 30, 2022 at 3:49 pm GMT

USDCAD is confronting the 1.2450 level being the lows from the beginning of the year, following the pair’s continued deterioration for around two-weeks now. Currently, the directionless simple moving averages (SMAs) are endorsing a neutral trend in the pair. That said, the falling Ichimoku lines indicate that bearish forces persist, while the short-term oscillators are conveying mixed messages in directional momentum. The MACD, south of the zero threshold, continues to fall below its red trigger line, while the RSI is [..]

US Open Note – Russia-Ukraine peace talks remain in focus; US ADP figure rise and GDP revised slightly down

Posted on March 30, 2022 at 1:01 pm GMT

US ADP and GDP figures come out The ADP employment figure was the main release out of the US today. Private payrolls rose by 455K people in March, slightly over market expectations of 450K and it follows an upwardly revised 486K in February. As a result, the unemployment rate is predicted to fall to 3.7% in the NFP report on Friday, while average hourly earnings are expected to increase by a few percentage points year-on-year, to 5.5%. The consensus forecast is for 490k jobs in March, down from 678k in [..]

US Open Note – Yen dives sharply as BoJ buys unlimited bonds; oil back below 110

Posted on March 28, 2022 at 12:53 pm GMT

Dollar/yen rises to a fresh 6-year high The Bank of Japan reaffirmed its support for its Yield Curve Control aim; a statement of its dovishness. A record was set by offering limitless 10-year JGB purchases for three consecutive days at the YCC trading band’s upper limit of 0.25%. As of February 14, this was the BOJ’s first action since 2018, which marked the beginning of such purchases. According to the BoJ, the three-day operation was aimed to bolster YCC, and the timetable and amounts might [..]

Daily Market Comment – Yen sinks again as soaring yields lift dollar; oil hit by Shanghai lockdown

Posted on March 28, 2022 at 9:29 am GMT

BoJ steps in to preserve yield target as US 10-year jumps to 2.55%, dollar/yen shoots up Equities mixed as tepid optimism for Russia-Ukraine talks overshadowed by recession fears Oil prices slip again as China locks down Shanghai amid virus spike Yen goes back into freefall as BoJ defends yield ceiling After a short-lived bounce-back, the Japanese yen resumed its freefall in currency markets on Monday, sinking against all of its major peers. The latest nosedive came after the Bank of [..]

Technical Analysis – USDCAD breaks long-term support, but wait a bit

Posted on March 24, 2022 at 8:01 am GMT

USDCAD closed marginally below the ascending trendline, which has been navigating the market since the plunge to a 3½-year low of 1.2006 in June 2021. While the RSI has dipped further in the bearish area, and the MACD has strengthened its negative momentum below its zero and signal lines, the trendline breakout was not sizable and therefore confirmation is required before the spotlight shifts lower to 1.2500. Note that the Stochastics, although below their 20 oversold level, seem to have found [..]

Technical Analysis – USDCAD slips near 200-day SMA and uptrend line at 1.2600

Posted on March 18, 2022 at 7:46 am GMT

USDCAD is currently challenging the long-term ascending trend line and the 200-day simple moving average (SMA) around the 1.2600 psychological mark. The price is showing some signs that it would be a penetration of the diagonal line, suggesting the start of a neutral outlook. According to the technical indicators, the MACD oscillator dived beneath its zero line, strengthening its momentum below trigger line, while the RSI is falling below the neutral threshold of 50. The 20- and 40-day SMAs are [..]

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