All Articles Tagged - USDCAD

US Open Note – Stocks give up ground amid covid curbs; pound remains muted near 2021 lows

Posted on December 9, 2021 at 3:02 pm GMT

Equities take a breather European stock indices returned to negative territory as infections remained elevated in the region and governments reintroduced new mild measures to counter the spread of the omicron variant despite drug makers defending the efficacy of their vaccines in the past few days. Energy shares drove losses in the pan-European STOXX 600, but the decline is moderate so far in the day, and negligible compared to Monday’s impressive rally. Likewise, the UK’s FTSE 100 pulled below yesterday’s [..]

Daily Market Comment – Equities stay cheery but dollar creeps up, pound hits new low

Posted on December 9, 2021 at 10:11 am GMT

Stock market party continues as virus risks sidestepped, though US futures dip slightly But Omicron begins to bite as UK’s Johnson brings in Covid Plan B, pound takes a knock Loonie also slips as BoC cites Omicron danger; all eyes now on US inflation data Stocks remain optimistic but rally cools There were few signs of worry about the Omicron outbreak in equity markets as traders remained hopeful that the economic disruption from this new variant will be kept to [..]

Daily Market Comment – Stocks soar as markets look past Omicron; BoC meeting eyed

Posted on December 8, 2021 at 9:55 am GMT

Optimism prevails as investors see glass half full over Omicron threat Asia lifted by Wall Street jump but futures point to some easing in rally FX markets mostly steady, loonie at 2-week high ahead of BoC decision Fading Omicron risks boost sentiment Pre-Christmas cheer came early for equity markets as investors celebrated the growing view that the newly discovered Omicron variant is not more dangerous than the Delta strain. Early evidence suggests that Omicron causes less severe illness than the [..]

Technical Analysis – USDCAD suffers firm retreat as sellers dominate

Posted on December 7, 2021 at 2:48 pm GMT

USDCAD has logged eight successive red candles, causing a deep retracement, which has driven the pair beneath the Ichimoku cloud as well as the 50- and 100-period simple moving averages (SMAs). The rising SMAs have yet to confirm any waning in the uptrend, despite the pullback. The Ichimoku lines are suggesting a slight pause in downward forces, while the short-term oscillators are tilting negative. The MACD, beneath its red trigger line, is falling further in bearish territory. The RSI and [..]

Daily Market Comment – Stocks rally, dollar slips as Omicron fears subside, China eases policy

Posted on December 7, 2021 at 9:58 am GMT

Wall Street bounces back as investors shrug off inflation and Omicron concerns US yields also rebound but dollar pressured by improved sentiment Aussie climbs on upbeat RBA, oil rally lifts loonie, BoE uncertainty caps pound’s gains Risk appetite returns as Omicron gloom recedes further Equity markets were in a buoyant mood on Tuesday following a strong rebound on Wall Street yesterday. US stocks staged an impressive rally, with the Dow Jones gaining 1.9% and the S&P 500 1.2%, recouping last [..]

Bank of Canada meets as Omicron hits loonie – Forex News Preview

Posted on December 6, 2021 at 3:01 pm GMT

Not much is expected from the Bank of Canada when it concludes its meeting at 15:00 GMT Wednesday. The domestic economy is absolutely booming, setting the stage for several rate increases next year. However, most of that is already priced in and uncertainty around Omicron could keep policymakers sidelined for now. As such, the Canadian dollar will be driven mostly by oil prices, although eventually, it could shine as carry trades come back in fashion. Firing on all cylinders The [..]

US Open Note – Risk sentiment rebounds on omicron relief; RBA policy decision looms

Posted on December 6, 2021 at 2:16 pm GMT

Omicron concerns ease after volatile week While the omicron variant keeps spreading rapidly around the globe, headlines that its symptoms are not as severe as previously feared, provided a breather to global markets on Monday after a bumpy week. Of course, it is too early to draw final conclusions, and the Covid news will probably keep everyone on their toes for longer amid fears stricter lockdown measures could roll in again ahead of the holiday season. Yet, the less risks the [..]

Daily Market Comment – Equities perk up as Omicron panic eases; Fed liftoff in focus

Posted on December 6, 2021 at 10:00 am GMT

Positive start for US and European stock futures, Asia mixed as mood brightens But still plenty of caution amid Omicron unknowns and central bank policy shifts Busy week lined up – US CPI the highlight; dollar edges higher Is the Omicron scare over? After a gruesome two weeks, US equities may be at a turning point as markets digest the growing expectation that the Fed will remove stimulus at a faster pace and amid encouraging signs that the Omicron variant [..]

US Open Note – Dollar stabilizes, equity volatility subsides

Posted on December 3, 2021 at 2:27 pm GMT

Dollar calm after disappointing November US jobs report; ISM services PMI up next Despite comments from Fed Chair Powell regarding omicron variant risks to inflation and employment, and how this could ultimately slow the progress in the labour market and reinforce supply disruptions, the markets seem to have brushed off these underlying threats for now, with US stock futures and the forex arena in a calmer mood even after today’s key US employment data. A faster taper narrative seems to [..]

Week Ahead – US inflation to fire up again, watch out Fed

Posted on December 3, 2021 at 1:22 pm GMT

Riskier assets have been under pressure ever since Omicron entered the equation, fearful that central banks cannot ride to the rescue this time because inflation is so hot already. This puts even more emphasis on the next edition of US inflation, which could accelerate towards 7% in yearly terms. The Bank of Canada and Reserve Bank of Australia will also hold policy meetings. Fed hits panic button The Fed chief dropped a bombshell on financial markets this week by signaling [..]

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