All Articles Tagged - USDCAD

Technical Analysis – USDCAD edges sideways as negative forces ebb

Posted on November 2, 2021 at 9:28 am GMT

USDCAD is once again making efforts to improve by prodding above the Ichimoku cloud and the 100-period simple moving average (SMA) to face the 1.2400 handle in a ranging market environment that has lasted for a little more than two-weeks. The lagging longer-term oscillators are still sponsoring the negative picture, while the recent upturn in the 50-period SMA is reflecting buyers’ battle to regain a slight lead. The Ichimoku lines are indicating that driving forces have lost their potency and [..]

US Open Note – Stocks near highs, dollar licks its ECB wound

Posted on October 29, 2021 at 1:35 pm GMT

Infrastructure negotiations to delay Biden’s deal a bit and September PCE in focus US stock futures and the dollar have been trying to make sense of all drivers in the market, with a packed week of data, central bank decisions, earnings making their mark, an energy crisis hurting China, the eurozone and the UK, and infrastructure talks in its final stages. Despite Thursday’s miss in US Q3 GDP results, the recently elevated dollar seems to have kept its resilience and [..]

Week Ahead – Dollar braces for Fed and NFP but will BoE steal the limelight?

Posted on October 29, 2021 at 12:58 pm GMT

The Fed’s long awaited tapering announcement will headline the coming week, with the October jobs report adding to the excitement. The Reserve Bank of Australia also has scheduled a regular meeting. However, it is the Bank of England that could roil markets the most as it ponders whether to raise rates early to fight burgeoning inflation. Employment data in Canada and New Zealand will be the other highlights on the data front, while OPEC’s monthly get-together is unlikely to yield [..]

Technical Analysis – USDCAD is on the sidelines but indicators suggest bullish action

Posted on October 29, 2021 at 7:36 am GMT

USDCAD has been moving sideways over the last few days, remaining above the 1.2285 support and below the simple moving averages (SMAs). Technically, the MACD oscillator is jumping above its trigger line, holding well below the zero level, while the RSI is pointing marginally up in the negative territory. If the price extends the move up, immediate resistance could come from the 200-day SMA, which overlaps with the 1.2490 barrier. Climbing higher, the 40-day SMA at 1.2555 may halt the [..]

ECB plays down rate hike scenario but euro flies to fresh session highs – US Open Note

Posted on October 28, 2021 at 2:21 pm GMT

Global flattening of yield curves A flattening of global bond yield curves gained momentum on Thursday, ratcheting concerns about the pace of economic growth as more central banks start to signal higher interest rates in the foreseeable future amid the persisting inflationary pressures. Specifically, the 2-year Treasury yield climbed to the highest since March 2020 on Wednesday, narrowing the gap with the 10-year yield, while the Canadian and Australian equivalents marked a multi-year daily increase following the hawkish rate statement from [..]

Daily Market Comment – Will ECB fight market pricing for early rate hikes?

Posted on October 28, 2021 at 8:18 am GMT

ECB could tone down market expectations today, hurting euro Loonie jumps after BoC terminates QE program but oil prices weigh Stocks retreat amid worries of central bank error, US GDP eyed Euro reality check? The spotlight will fall on the European Central Bank (ECB) today, which will conclude its latest meeting at 11:45 GMT. Stagflation risks have engulfed the euro area economy lately with the mayhem in supply chains, collateral damage from China, and the calamity in energy prices threatening [..]

US Open Note – Bank of Canada takes center stage; dollar loses momentum

Posted on October 27, 2021 at 1:11 pm GMT

BoC rate decision coming up The Bank of Canada’s interest rate decision is the main event of the day. Policymakers are predicted to leave rates unchanged at 0.25%. Economic growth has fired up, inflation is hot, businesses are feeling optimistic, the housing market is booming, and oil prices continue to climb. Macroeconomic projections that will be updated may provide some hints. The CPI for September came in at 4.4% year on year, more than double the target of 2% and significantly higher than the intended range of 1-3%. Retail sales and employment data [..]

US Open Note – Stocks around highs, dollar flat, and gold’s resilience tested

Posted on October 26, 2021 at 2:04 pm GMT

Sentiment improves but focus remains on BOC, ECB, and US GDP figures The dollar seems to be flat ahead of Thursday’s GDP figures, scheduled for 12:30 GMT. Even if the GDP figures disappoint, the damage could be largely short-lived because on the horizon is an FOMC meeting on November 3, expected to signal the start of tapering and possibly depict a clear tapering timeline. Moreover, an imminent huge infrastructure bill is on the cards, which the US Congress is working [..]

US Open Note – Calm day ahead of busy week; oil around $85

Posted on October 25, 2021 at 1:00 pm GMT

US futures near new highs; Facebook releases its earnings Today’s economic calendar is light, but the rest of the week promises to be very interesting, with central bank meetings in the Eurozone, Canada, and Japan, as well as earnings reports from the technology industry’s heavy hitters. Facebook will launch the earnings campaign immediately following Wall Street’s closing bell. It is somewhat bizarre to watch US futures trading marginally lower from their all-time highs, even as inflation predictions continue to rise. If the tech sector earnings approve, the [..]

Daily Market Comment – Stocks defy gravity, oil storms higher, dollar retreats

Posted on October 25, 2021 at 8:52 am GMT

Stock markets hover near record highs despite mounting risks Dollar pulls back, sterling in BoE limbo, Turkish lira collapses Action-packed week ahead with three central banks and tech earnings It’s still about inflation The overarching market theme continues to be how persistent this inflation episode will be and whether central banks will go into battle to suppress it. Hopes that price pressures will fade by themselves have all but vanished as the energy crisis burst into the spotlight, propelling inflation [..]

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