All Articles Tagged - USDCAD

Week Ahead – More inflation data on the way as rate cut bets thrown into disarray

Posted on April 12, 2024 at 10:53 am GMT

CPI numbers due in the UK, Japan, Canada and New Zealand China to also come into the spotlight as Q1 GDP eyed US retail sales to kickstart the week as earnings season gets underway CPI figures to headline UK data flurry After yet another hot CPI report in the United States, inflation data will remain at the forefront of the upcoming week’s releases, including in the United Kingdom. But first up on the UK agenda will be the February employment [..]

Technical Analysis – USDCAD reaches new 2024 high; could this move continue?

Posted on April 12, 2024 at 7:09 am GMT

USDCAD trades higher again, tests strong resistance level It is the bulls’ first attempt to break above the current trend channel Momentum indicators are mixed with a possible bearish divergence developing USDCAD is trading higher again today, recording its fourth consecutive green candle and reaching a new 5-month high. USDCAD is trying to break decisively above the upward sloping trend channel that has been in place since the start of 2024 and it is now testing the resistance set at [..]

Technical Analysis – USDCAD surges to new almost 5-month high

Posted on April 11, 2024 at 12:21 pm GMT

USDCAD meets the upper boundary of ascending channel MACD extends its upside momentum above trigger line USDCAD skyrocketed to a fresh almost 5-month high of 1.3700 on Wednesday after the US CPI release. The market is challenging the upper boundary of the ascending channel and any movements even higher could endorse the bullish outlook in the short-to-medium-term timeframe. Technically, the MACD is strengthening its momentum to the upside above the zero level, while the RSI is moving horizontally marginally beneath [..]

Market Comment – Dollar surges across the board on hot inflation data

Posted on April 11, 2024 at 7:37 am GMT

Dollar rallies on hotter-than-expected US CPI numbers Dollar/yen breaks above 152 and triggers fresh warnings BoC opens the door to June rate cut ECB to stand pat; likely to signal June cut as well Is June off the Fed’s rate-cut map? The US dollar skyrocketed yesterday against all its major peers as the US CPI data for March revealed hotter-than-anticipated inflation. Investors rushed to scale back their rate cut bets, taking the probability of a June cut down to 20% [..]

Market Comment – Dollar and equities trade higher in anticipation of US CPI release

Posted on April 10, 2024 at 8:05 am GMT

US dollar and stocks are in the green today ahead of the key US CPI report All eyes will be on equites if CPI surprises on the upside RBNZ remains hawkish; BoC could show a dovish tilt Dollar and stocks in the green ahead of US CPI The US dollar is higher today as the market is preparing for this week’s key event. While Thursday’s ECB meeting is crucial, today’s US inflation report could determine the wider market performance until [..]

BoC to put June rate-cut on the map-tentatively – Preview

Posted on April 9, 2024 at 11:44 am GMT

BoC monetary report due on Wednesday 13:45 GMT, press conference at 14:30 GMT Interest rates to remain steady this time, but policymakers might support a June rate cut USDCAD maintains soft uptrend, needs a clear close above 1.3600 to rally BoC closer to its inflation goal than its major peers The Bank of Canada (BoC) will probably stick to the sidelines during its coming policy meeting on April 10, leaving interest rates unchanged at 5.0%. Like its peers, the [..]

Weekly Technical Outlook – USDJPY, EURGBP, USDCAD

Posted on April 8, 2024 at 12:50 pm GMT

USDJPY has been quiet within a range for a while. Is it time for action? EURGBP keeps looking for a bullish trend reversal as ECB rate decision looms USDCAD maintains positive structure ahead of an interesting BoC meeting US CPI inflation –> USDJPY Wednesday will be an inflation day in the US. The new CPI data will cover March and will give a comprehensive overview of the first quarter. Inflation has been surpassing expectations this year, which is why [..]

Week Ahead – ECB decision and US inflation to fuel FX volatility

Posted on April 5, 2024 at 11:05 am GMT

Central bank decisions in Eurozone, Canada, and New Zealand Highlight will be the ECB – likely to signal a rate cut in June In US, the dollar will be driven by inflation stats and Fed minutes ECB meeting – Nearly time to cut The Eurozone economy has gone through a rough patch over the last year. Growth has been almost stagnant, held back by Germany, which fell into contraction as a slowdown in global trade suppressed demand for exports [..]

Technical Analysis – USDCAD ticks higher within ascending channel

Posted on April 5, 2024 at 6:38 am GMT

USDCAD bounces off 200-day SMA MACD and RSI are still weak USDCAD is moving slightly higher following the rebound off the simple moving averages (SMAs), remaining within a short-term ascending channel. Technically, the MACD oscillator is holding beneath its trigger line and near the zero level, weakening its momentum, while the RSI is pointing marginally up above the neutral threshold of 50. If the market extends its advance higher, then the restrictive region within 1.3610-1.3655 could halt bullish actions. However, [..]

Will Canadian jobs data help the loonie? – Preview

Posted on April 3, 2024 at 12:07 pm GMT

Canada’s economy likely added fewer jobs in March Ivey PMI expected to rise further Loonie loses momentum ahead of Friday’s data due at 12:30 GMT Introduction In Canada, only a few data releases are scheduled for this week. On Friday, the Ivey PMI is coming out along with the employment report. Another major central bank that will begin its easing cycle in June is the Bank of Canada. Inflation decreased more than predicted in February, falling below 3.0%, making a cut more likely. [..]

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