All Articles Tagged - USDCAD

US Open Note – Risk appetite improves on President’s Putin remarks

Posted on March 11, 2022 at 1:49 pm GMT

Alleged Putin comments improve market sentiment Global markets seem set to finish the week on a risk-on mode as the Russian President Vladimir Putin was reportedly cited saying that talks with Ukraine have been positive, offsetting yesterday’s defensive mood. This appears to have weighed on safe haven demand with the US dollar staying relatively flat against a basket of currencies, while the Japanese yen and gold have witnessed significant pullbacks on Friday. Moreover, US sovereign bond prices eased, sending the [..]

Technical Analysis – USDCAD deflects off 1.29 hurdle, soft uptrend still intact

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

USDCAD buyers have emerged around the Ichimoku lines at 1.2743 after the fresh pullback from the 1.2900 mark. Currently, the simple moving averages (SMAs) are endorsing a neutral-to-bullish trend in the pair. At the moment, the Ichimoku lines are not conveying any clear driving forces, while the short-term oscillators are transmitting mixed signals in directional momentum. The MACD, slightly in the positive zone, is holding above the red trigger line, while the RSI has started to turn higher just above [..]

US Open Note – US CPI and ECB meeting in the spotlight

Posted on March 10, 2022 at 2:36 pm GMT

US CPI ticks up to fresh 40-year high The annual rate of inflation in the United States increased to 7.9% in February 2022, the highest level since January 1982, in line with market predictions. Still, the worst effects of the Ukraine war and the resulting increase in energy costs are yet to come, and will be exacerbated by as a result of the sanctions against Moscow, including the US ban on Russian oil imports. Although inflation was expected to peak in March, recent events in Europe, along with persistent supply restrictions, strong demand, [..]

Daily Market Comment – Buoyed sentiment ahead of peace talks; oil sinks on UAE supply signals

Posted on March 10, 2022 at 10:29 am GMT

Equities rally on hopes of a ceasefire as Russian and Ukrainian foreign ministers meet Oil recoups some losses after tumbling on possible supply increase by OPEC Euro drifts lower ahead of crucial ECB meeting, firmer dollar eyes US CPI data Cautious optimism for talks supports mood The first high-level talks between Russian and Ukrainian diplomats are due to take place later today, spurring some optimism in hard-trodden markets. The foreign ministers of Russia and Ukraine are meeting in Turkey and [..]

Technical Analysis – USDCAD deflects off 1.29 mark, bullish tone at risk

Posted on March 9, 2022 at 4:44 pm GMT

USDCAD is nearing the mid-Bollinger band, which is a tad above the 1.2793 barrier, after a one-week rally rebounded off the 1.2900 handle. The gradual incline of the simple moving averages (SMAs) is reflecting the recent upward trend in the pair. Meanwhile, the short-term oscillators are suggesting that positive momentum is fading. The MACD, some distance above the zero threshold, is gliding beneath its red signal line, while the RSI is creeping lower in the bullish region. Furthermore, the strong [..]

Canadian unemployment rate may slip again after BoC raised rates; loonie eases – Forex News Preview

Posted on March 8, 2022 at 1:46 pm GMT

Oil prices have risen dramatically in recent months, while the Canadian dollar has had a more difficult time since the outbreak of the Ukraine crisis so it remains to be seen whether the October employment report on Friday at 13:30 GMT can provide any support. Investors had been concerned that the Bank of Canada might become more cautious, but their concerns were allayed last week when policymakers raised interest rates for the first time since the pandemic began, and they signalled that more [..]

Weekly Comment – ECB meeting and US CPI data eyed as the Russian invasion unfolds

Posted on March 4, 2022 at 2:05 pm GMT

The Russian invasion of Ukraine continues to drive the risk-off sentiment in global markets. However, during his Congressional testimony, Fed Chair Jerome Powell played down the prospect of a 50 basis points rate hike in March, lifting US equities. In the upcoming week, the European Central Bank monetary policy meeting together with inflation data from the US and China will take centre stage. Highlights: On Thursday, the ECB will conclude its monetary policy meeting as the war in Ukraine elevates energy prices, [..]

Technical Analysis – USDCAD reclaiming surrendered ground and buoyant above MAs

Posted on March 4, 2022 at 1:14 pm GMT

USDCAD has flicked the switch positive, nearing the lower band of the Ichimoku cloud after the pair found a foothold around a one-month low of 1.2586, prior to rallying back above the relatively neutral simple moving averages (SMAs). Despite upside forces dominating today, the short-term picture remains neutral between the broader trading range with the lower limit at 1.2450-1.2470 and an upper limit of 1.2940-1.2963. Presently, the Ichimoku lines are converging after a downward bearing, failing to reflect which directional [..]

Week Ahead – ECB to lay out ‘patient’ stimulus exit; another eye-watering US CPI print expected

Posted on March 4, 2022 at 12:48 pm GMT

The European Central Bank’s much anticipated policy meeting and the latest consumer price index out of the United States will take centre stage next week amid the ongoing conflict in Ukraine. The crisis may not necessarily derail the ECB’s plans to normalize policy and a middle ground will likely be plotted. An expected jump in US inflation might have less impact this time following Jerome Powell’s endorsement for a 25-basis-point rate rise in March. Canadian employment numbers will also gather [..]

Technical Analysis – USDCAD recovers from monthly lows but still in confusion

Posted on March 4, 2022 at 7:50 am GMT

USDCAD bounced up immediately after the dive to a one-month low of 1.2589 on Thursday, with the price currently pushing for an advance above the 1.2700 level and beyond the 20-day simple moving average (SMA). Although the price has rejected a close below the 50% Fibonacci retracement of the 1.2287 – 12962 upleg, the momentum indicators are still in confusion as the RSI is hovering around its 50 neutral mark, the MACD remains attached to its zero line, and the [..]

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