All Articles Tagged - USDCAD

Canadian CPI and retail sales will shift loonie back to gains? – Forex News Preview

Posted on October 18, 2021 at 1:08 pm GMT

Canada will announce its inflation data of September at 12:30 GMT on Wednesday ahead of Friday’s retail sales release at 12.30 GMT. The Canadian dollar has benefited from the weakening of the US dollar, but increased oil prices have also helped to strengthen the commodity-linked currency. If the data shows that inflation rose higher in September, the Bank of Canada (BoC) is expected to begin tapering again at its next meeting, which will take place at the end of the [..]

US Open Note – Yen still plunges; oil heads towards $82.00

Posted on October 15, 2021 at 1:07 pm GMT

Dollar index on mute today; US retail sales surprised The dollar index is hovering around 94.00 today, following two red days; however, dollar/yen is heading sharply higher towards a fresh three-year high around 114.20 due to a weakened Japanese yen. US retail sales unexpectedly rose 0.7% for September versus an upwardly revised 0.9% the prior month. A dovish Bank of Japan and growing 2-year U.S.-Japan rate differentials continue to be important factors. US futures are suggesting another positive day, after strong earnings releases. The single currency [..]

Week Ahead – Inflation, supply chain fears to persist as China GDP, flash PMIs eyed

Posted on October 15, 2021 at 12:44 pm GMT

Inflation data will grab the headlines for another week as more countries publish CPI numbers. But concerns about global growth will also preoccupy investors’ minds as China reports its GDP estimate for the third quarter and flash PMI figures for October are released. With the major central banks preparing to pull back their pandemic-era stimulus just as supply constraints are adding to businesses’ pain, there is heightened sensitivity in the markets about the growing threat of persistently high inflation. Will [..]

Weekly Comment – Risk appetite returns but China GDP could revive slowdown fears

Posted on October 15, 2021 at 12:03 pm GMT

Stocks staged a mid-week comeback after fears about surging inflation and worsening supply shortages had pummelled risk assets. But easing concerns have put a stop to the spike in government bond yields, with USD also pulling back. However, those fears could quickly return as a raft of inflation and PMI data are on the way and China reports its GDP numbers. The highlights: China’s economy will be in the spotlight on Monday as GDP figures are expected to show growth [..]

Technical Analysis – USDCAD on a slippery slope; 1.23 next in focus

Posted on October 15, 2021 at 7:54 am GMT

USDCAD bears show no sign of abating as the sell-off continues for the fourth week, with the price crossing aggressively through the 1.2400 area to hit an almost three-month low of 1.2349 on Friday. The sharp downfall follows the confirmation of a bearish head and shoulder pattern (H&S) below the neckline at 1.2588 – a sign that the previous upward pattern has completed its cycle. The recent crossover of the 20-day simple moving average (SMA) by the 50-day SMA also came to signify [..]

US Open Note – Stocks buoyant, dollar flashes green and commodities resilient

Posted on October 14, 2021 at 1:55 pm GMT

Market sentiment intact after cheery jobless claims and miss in US PPI Sentiment remains upbeat as US stock futures are extending their recent buoyancy after a drop in longer-term yields. The Fed’s meeting minutes published yesterday echoed the recent hawkish rhetoric, signalling that the taper timeline is likely to begin before the end of the year and fuelling expectations of an earlier rate hike. However, investors are now eyeing a lower terminal rate as a result of earlier action by [..]

Technical Analysis – USDCAD aims lower as bearish intentions persist

Posted on October 13, 2021 at 9:54 am GMT

USDCAD’s two-week decline from 1.2774 is currently testing the support base of 1.2422-1.2433 that has withstood downside pressures from early July. The simple moving averages (SMAs) are validating the pair’s plunging trajectory and the recent bearish crossover of the 200-period SMA by the 100-period one could further boost the descent. The Ichimoku lines are indicating a pause in downward forces, while the short-term oscillators are demonstrating that bearish momentum is escalating again. The MACD some distance below zero is looking [..]

Technical Analysis – USDCAD signals trend deterioration; focus turns to 1.2421

Posted on October 11, 2021 at 1:12 pm GMT

USDCAD added more fuel to the bearish run after fracturing the neckline of a head and shoulder pattern at 1.2588 last week, sending the price to a new two-month low of 1.2445 on Monday. The pair is currently hovering around the 50% Fibonacci of the 1.2006 – 1.2947 up leg, but with the RSI still some distance above its 30 oversold level and the Stochastics maintaining a downward slope below 20, the sell-off could get more legs in the short term. [..]

US Open Note – Yen is in vertical fall; oil surpasses $82

Posted on October 11, 2021 at 12:57 pm GMT

Yen plunges driving dollar/yen sharply higher As a new week begins, the yen continues to plunge, pushed lower by a comeback in Asian stocks despite a rise in Japanese yields. Indeed, the 10-year JGB yield, which is currently at 0.093%, is on its way to 0.1%. The pound is currently the strongest, thanks to hawkish statements from Bank of England officials over the weekend. The Australian Dollar is closely following, and it is leading other commodity currencies higher as well. The US dollar index is weakening, [..]

Daily Market Comment – Fed taper bets alive and well after NFP miss

Posted on October 11, 2021 at 9:27 am GMT

Treasury yields keep climbing after big miss in US payrolls, pressuring stocks Dollar mixed but steady, may get more direction from Fed and CPI data Pound edges up as BoE flags rate hike again but EU row casts shadow Is it still all systems go for Fed taper? The much anticipated jobs report on Friday raised a lot of question marks about how strong the momentum really is in the US labour market as nonfarm payrolls increased by just 194k [..]

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