All Articles Tagged - USDCAD

Daily Market Comment – Stocks plunge, oil surges as Russian troops enter breakaway regions

Posted on February 22, 2022 at 10:27 am GMT

Escalating conflict in Ukraine ravages risk assets as stocks sink, Russian rouble tumbles Oil and metal prices soar on supply fears but gold stumbles FX markets relatively steady as Fed policy uncertainty holds dollar in tight range Equities tank as Russia, Ukraine on the brink of war Global stock markets sank deep into the red on Tuesday, extending Monday’s losses, with US equities likely joining the selloff today when Wall Street traders return from a long holiday weekend. US, UK [..]

Technical Analysis – USDCAD is found within a sideways channel; neutral outlook

Posted on February 22, 2022 at 9:13 am GMT

USDCAD has been trading sideways during the last month with an upper boundary the 1.2796 resistance and lower boundary the 1.2649 support. However, despite the neutral outlook there are some positive signs as the pair is trading above its 50- and 200-period simple moving averages (SMAs), with the former crossing recently above the latter, raising hopes that the outlook may soon turn bullish. Short-term momentum indicators are reflecting a cautiously positive bias as the RSI is found slightly above its [..]

Technical Analysis – USDCAD stuck in 3-week range as trend vanishes

Posted on February 18, 2022 at 10:01 am GMT

USDCAD is trading just beneath the horizontal 50-day simple moving average (SMA) around 1.2706 as a three-week consolidation period seems to have the pair chained between the 1.2635 and 1.2796 boundaries. The overall neutral trajectories of the SMAs suggest that the price trend has dissolved, hinting that the pair may continue to drift for a while longer. The short-term oscillators are conveying conflicting messages in directional momentum. The MACD, slightly north of the zero threshold, is trailing marginally underneath its [..]

Technical Analysis – USDCAD remains shackled in trading range

Posted on February 17, 2022 at 2:38 pm GMT

USDCAD is holding around the 1.2700 handle, having not managed to overstep the relatively horizontal Ichimoku cloud after its fresh footing off the hardened 1.2635-1.2661 base. The 200-period simple moving average (SMA) is adopting a sideways trajectory and the bullish bearing of the 50- and 100-period SMAs is waning, implying that there is no commanding trend in the pair. The Ichimoku lines are currently exhibiting inadequate directional forces, while the short-term oscillators are transmitting messages of weak positive momentum. The [..]

US Open Note – FOMC minutes next on the radar; Canada CPI surprises

Posted on February 16, 2022 at 2:05 pm GMT

US retail sales beat estimates; FOMC minutes next on the agenda The minutes of the Federal Reserve’s last meeting are on investor’s radar today and will be looking for details on its plans to reduce its enormous balance sheet and raise interest rates in 2022, as well as its evolving outlook on inflation. At the meeting on January 25-26, policymakers agreed that raising the Fed’s benchmark overnight interest rate from near-zero would be “soon appropriate” and discussed the future of the $9 trillion in securities owned by the central bank. [..]

Technical Analysis – USDCAD stays rangebound as MAs mute the negative pullback

Posted on February 15, 2022 at 2:19 pm GMT

USDCAD is trading around the 50- and 100-period simple moving averages (SMAs), which appear to have hindered the decline from the 1.2800 handle from diving towards the lower regions of the two-week sideways market. The 50- and 100-period SMAs are endorsing an upside trend in the pair. The Ichimoku lines confirm the neutral bearing and currently do not offer convincing directional forces in the pair, while the short-term oscillators suggest that driving momentum is weak. The MACD is below its [..]

US Open Note – As Russia-Ukraine tensions persist, the dollar strengthens

Posted on February 14, 2022 at 2:02 pm GMT

Ukraine tensions and FOMC minutes in focus; dollar rises As the United States fears that an invasion may be approaching, tensions over Russian forces stationed near Ukraine are entering what might be a pivotal week. The United States is warning of an imminent invasion, while President Vladimir Putin has accused America of failing to satisfy his demands. Russia has denied it is preparing to invade Ukraine, and Chancellor Olaf Scholz of Germany is travelling to Kyiv today, a day before visiting Moscow to calm the issue. This week’s focus is on the [..]

Technical Analysis – USDCAD unchanged in neutral trajectory

Posted on February 11, 2022 at 8:56 am GMT

USDCAD has been oscillating back and forth this week, unable to sustain its strength above the 1.2700 level. Yet the pair remained well supported around the 1.2665 floor, making another attempt to reach Monday’s high of 1.2755 above the 50-day simple moving average (SMA) today. The technical indicators are somewhat favoring the current upside pressure in the price, reflecting a neutral-to-bullish bias. The RSI has refused to cross below its 50 neutral mark and is gradually pushing for some recovery, [..]

Daily Market Comment – US stocks bounce back as bond selloff eases, oil slips again

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

Markets lifted by Wall Street rebound as bond yields pull back slightly Dollar loses ground as traders await direction from US CPI data Oil prices dip again as progress seen in Iran nuclear talks Stocks try to shrug off bond market rout The selloff in sovereign bonds paused for breath on Wednesday, pulling their yields slightly lower after the sharp spike that followed last week’s hawkish shift by the European Central Bank. But the rally in 10-year yields is unlikely [..]

US Open Note – Yields elevated but dollar struggles to hold onto minor gains

Posted on February 8, 2022 at 1:36 pm GMT

US stock futures shaky and hawkish Lagarde backtracks Market nerves are heightened at the start of this week as long echoed factors like supply disruptions, hot employment and wage growth, are clearly revealing strong developments in price pressures, which has had global central bank action shift up a gear in one way or another. The market feeling is that central banks have been nudged on to the wagon of vigilance, ready to pounce on inflation if it starts to seriously [..]

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