All Articles Tagged - USDCAD

US Open Note – Greenback still in positive mode as US government shutdown averted

Posted on September 30, 2021 at 1:10 pm GMT

Dollar completes green days; initial jobless claims and GDP published The dollar is still in a surging mode, with dollar index being in positive green for the fifth day in a row, hitting fresh one-year highs of 94.50. Also, dollar/yen is completing a new 20-month high at 112.07. Euro/dollar is hovering near the 20-month trough of 1.1567, posting aggressive losses in the last days. Finally, cable found support near $1.34 and is returning north. US futures are pointing for a positive open [..]

US Open Note – Stocks struggle as upbeat dollar endures, gold recoups some losses

Posted on September 29, 2021 at 1:50 pm GMT

Market tone sparks concerns around high inflation and lagging growth Although the global energy crisis is putting pressure on economies resulting from China’s coal shortages, as well as rising natural gas prices and disruptions in oil production in the US, investors’ focus will shift towards the virtual panel discussion at the ECB Forum on Central Banking scheduled at 15:45 GMT, where central bank governors will participate. Yesterday, Chair Powell and Secretary Yellen touched on the fact that failing to raise [..]

US Open Note – Market sentiment dulls; dollar aided by climb in yields

Posted on September 28, 2021 at 1:40 pm GMT

Stocks pull back and dollar firms, ready to digest central bank speeches The US major indices are retreating as a result of a dampened market mood on the back of global energy uncertainties and rising yields, which have simultaneously underpinned the king dollar. Currently the 10-year yield is at 1.53% and may be adding to the haven appeal of the reserve currency, reinforcing its latest resilience. The dollar index floated up until 93.65. The greenback has strengthened across a basket [..]

Technical Analysis – USDCAD rises in negative tendency in near term

Posted on September 28, 2021 at 8:53 am GMT

USDCAD has finally reversed to the upside in the very short term after printing lower highs and lower lows in the preceding week. However, the downward pattern may not change unless the market crawls substantially above the 1.2895 resistance. The momentum indicators in the 4-hour chart though, currently support that positive momentum is likely to strengthen in the short-term. Specifically, the RSI is picking up speed below the 50 level and the stochastic oscillator posted a bullish crossover within the %K and %D lines. Should the [..]

US Open Note – Dollar gains notable ground; oil continues the rise

Posted on September 27, 2021 at 12:44 pm GMT

Euro eases further after German elections The current week begins with traders’ attention on the German election results, but it serves as a reminder that politics is in full swing this week. The results of the German federal election showed that the centre-left SDP party won a small plurality, as expected. The government negotiations are expected to go until Christmas, according to some estimates. As a result, Merkel may keep her job as Chancellor for a few more months. The [..]

Daily Market Comment – Bond markets come alive as tighter policy looms, stock rally eases

Posted on September 24, 2021 at 9:27 am GMT

Sovereign bond yields jump on optimism and rising prospect of policy tightening Equities rebound fizzles out as lingering doubts about Evergrande cuts party short Dollar gives up all post-Fed gains but limited bounce back for riskier currencies Bond markets finally wake up to the sound of central banks US Treasury yields led the surge in global government bond yields amid a delayed response to the flagging of an imminent taper announcement by the Federal Reserve on Wednesday. Bond traders finally [..]

Technical Analysis – USDCAD loses battle with key resistance; uptrend stagnates

Posted on September 24, 2021 at 7:39 am GMT

USDCAD saw its bullish efforts evaporate near the tough resistance of 1.2824 for the second time at the start of the week despite the peak at 1.2895, with the price aggressively slumping to 1.2832 in the aftermath. The short-term risk is currently viewed as neutral as the RSI has paused its downfall around 50, while the MACD has pulled lower within the positive area to test its red signal line. As regards the market trend, the bullish intersections between the [..]

US Open Note – BoE cheers pound bulls; stocks maintain post-Fed advances

Posted on September 23, 2021 at 1:42 pm GMT

BoE sends some bullish shockwaves The Bank of England (BoE) left its policy settings unchanged as expected with a vote of 9-0 to keep interest rates steady at 0.1% on Thursday but provided some hawkish tilts for the pound to distance itself from the key 1.3600 support level and drift above 1.3700 against the US dollar. The BoE committee judged that despite some uncertainties that remain to be tacked, price developments over the forecast period have strengthened the case for [..]

Daily Market Comment – Hawkish Fed brings out the bulls as dollar and stocks rise

Posted on September 23, 2021 at 9:27 am GMT

Fed signals November taper and early rate hike, but slow timeline lifts markets Dollar jumps in response before pulling back, Wall Street buoyed too Evergrande fears ease further, boosting sentiment Pound bounces off one-month lows, awaits BoE decision Powell outlines taper roadmap The Federal Reserve took its biggest step yet towards scaling back its pandemic stimulus on Wednesday following the conclusion of its two-day policy meeting. As expected, the Fed kept its policy unchanged but signalled that “a moderation in [..]

US Open Note – Stocks’ positive tone pauses but commodities keep minor upbeat vibe

Posted on September 22, 2021 at 2:37 pm GMT

Market jitters evident prior to Fed decision; dollar stabilizes While the suspension of the debt ceiling may hit a snag in the US Senate and somewhat cause disorder in global financial markets at a time of uncertainty, investors’ eyes have turned to the FOMC meeting decision scheduled today at 18:00 GMT, for laying the groundwork regarding the taper timeline and a possible hawkish comment. Asian session gains in US stock futures have steadied ahead of the Fed, while the greenback’s [..]

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