All Articles Tagged - USDCAD

Weekly Technical Outlook – USDJPY, EURUSD, USDCAD

Posted on April 2, 2024 at 8:59 am GMT

USDJPY struggles below 34-year high as NFP report awaited European Flash CPI to fall but will EURUSD extend recent decrease? Canada unemployment number predicted to rise; USDCAD looks for a rebound NFP report –> USDJPY The labor market has predominantly exhibited a positive trend, albeit with a steady decline that has caused the Federal Reserve to be concerned about potential overheating. However, a deceleration became more evident in February as the jobless rate increased to 3.9% and pay growth fell [..]

Week Ahead – Rate cut hopes rest on US jobs report and Eurozone flash CPI

Posted on March 29, 2024 at 10:32 am GMT

Nonfarm payrolls report and European flash CPI to shape rate cut bets ISM PMIs to also be important for Fed expectations and US dollar Canadian employment and Chinese PMIs also on the agenda Fed hawks rear their ugly heads The March round of policy meetings reinforced June as the likely date when most central banks will begin cutting rates. Yet, doubts remain about whether or not inflation is on a sustainable path downwards, especially in the United States. Although FOMC [..]

Market Comment – Core PCE inflation takes center stage

Posted on March 29, 2024 at 9:10 am GMT

Dollar extends advance ahead of core PCE data Dollar/yen stays on intervention watch S&P 500 secures strongest Q1 in five years Gold stretches to new record high Will PCE data point to sticky inflation? The US dollar continued outperforming most of its major peers on Thursday as the upside revision of the US GDP data for Q4 added more credence to Fed Governor Waller’s view that the Fed should not rush into lowering interest rates. Today, dollar traders have turned [..]

Technical Analysis – USDCAD pauses four-day slide

Posted on March 29, 2024 at 9:00 am GMT

USDCAD pauses bearish correction near support area Technical signals are weak amid holiday-thinned liquidity conditions All eyes turn to the US core PCE inflation due at 12:30 GMT USDCAD was trading with soft positive momentum around 1.3547 during Friday’s early European trading hours as investors headed into the Easter holiday. Technically, the pair found support around its 20-day simple moving average (SMA) after a four-day decline. Notably, the SMA lines played a key role as pivot points during the [..]

Technical Analysis – Is there stronger bullish trend for USDCAD?

Posted on March 22, 2024 at 8:54 am GMT

USDCAD switches back to gains, surpasses SMAs Technical signals cannot warrant a bullish channel breakout USDCAD successfully recovered from a flash drop to 1.3454 and closed Thursday’s session above the 50- and 200-day SMAs, maintaining its position within the short-term bullish channel. Consequently, the bulls piled in on Friday to drive the pair above the 20-day SMA and the 50% Fibonacci retracement of the November-December downtrend, which has been a key resistance zone since the start of the year. [..]

Technical Analysis – Is it time for USDCAD to go for a higher high?

Posted on March 20, 2024 at 1:27 pm GMT

USDCAD rises after cooler than expected Canadian inflation A break above 1.3605 could signal uptrend continuation For the outlook to turn bearish, a dip below 1.3455 may be needed USDCAD rose yesterday after the Canadian CPI numbers came in lower than expected. However, the pair found resistance near the key barrier of 1.3605 that’s been preventing the price from moving higher since February 28, and then it pulled back. Today, the bulls retook charge, but they were stopped near the 1.3605 obstacle [..]

Market Comment – Dollar rises as Fed enters spotlight, yen plummets

Posted on March 20, 2024 at 8:56 am GMT

US dollar gains as traders brace for hawkish Fed Yen tumbles despite BoJ’s historic decision Loonie slides on cooler than expected Canadian inflation Wall Street gains ahead of Fed, oil extends advance Will the Fed revise its dot plot higher? The US dollar traded higher against its major counterparts yesterday, gaining the most versus the yen, the kiwi and the loonie in that order. The greenback continued trading on the front foot today as well. The buying of the dollar [..]

Will Canada’s CPI data rescue the wounded loonie? – Preview

Posted on March 15, 2024 at 1:39 pm GMT

BoC sounds less dovish than expected Investors pencil in a first 25bps cut in July Canada’s CPI numbers could affect market expectations The data is scheduled for Tuesday at 12:30 GMT Will the BoC cut interest rates after the Fed? At its latest gathering on March 6, the Bank of Canada (BoC) decided to keep interest rates unchanged at 5% as expected, but the statement accompanying the decision and Governor Tiff Macklem himself signaled concerns about high underlying price pressures, [..]

Technical Analysis – USDCAD eases but stands above SMAs

Posted on March 15, 2024 at 12:10 pm GMT

USDCAD remains within ascending channel Stochastics still move higher USDCAD surpassed the simple moving averages (SMAs) in the short-term view, remaining within the upward sloping channel. The MACD oscillator is indicating weak momentum as it is holding beneath its trigger line and near the zero level, while the stochastic is pointing slightly up. More upside pressure could open the way for a retest of the 1.3600 round number before testing the upper boundary of the channel at 1.3630. Alternatively, in case of a dive below [..]

Week Ahead – Five central banks: who will hike, who will not cut?

Posted on March 15, 2024 at 11:26 am GMT

Fed meets on Wednesday with focus on new dot plot Will the Bank of Japan finally end negative rates on Tuesday? BoE and RBA to stick with patience, SNB might be in more of a rush to cut Flash PMIs plus inflation data in the UK, Japan and Canada will also be crucial Fed decision: hoping for the best The upcoming week will undoubtedly be one of the busiest, not to mention the most important, of the year for investors [..]

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