All Articles Tagged - USDCAD

US Open Note – Dollar ticks green as markets eye central banks this week

Posted on September 7, 2021 at 1:51 pm GMT

Dollar demand weighs on major peers; US yields assist It appears markets have already forgotten Friday’s disappointing data regarding new jobs created. The somewhat upbeat market mood has lifted the US 10-year yield to 1.3664% and aided the greenback in its comeback today. The dollar index is pushing higher, currently at 92.40 and its renewed strength is reverberating across the forex arena in major pairs. The euro is at $1.1846, the pound is at $1.3770 and the USD/JPY pair has [..]

Daily Market Comment – Aussie slips on RBA’s dovish taper; dollar extends rebound

Posted on September 7, 2021 at 8:44 am GMT

RBA sticks to tapering but delays next move; aussie climbs then falls Dollar on steadier footing, strong China trade data buoys stocks Bank of Canada and ECB not expected to rock the boat RBA takes middle ground as Delta rages on The Reserve Bank of Australia stuck to its exit strategy from QE on Tuesday, pressing ahead with its decision to reduce bond purchases by A$1 billion a week this month. However, the central bank postponed its next review of [..]

BoC to keep quiet as Canada’s election approaches – Forex News Preview

Posted on September 6, 2021 at 2:52 pm GMT

The Bank of Canada will wrap up its latest meeting at 14:00 GMT Wednesday. Some disappointing economic data coupled with the election later this month will likely keep the central bank on the sidelines. As for the loonie, a patient BoC and rising political uncertainty could make for some choppy trading, but the big picture remains promising. The nation’s jobs data for August will also be released at 12:30 GMT Friday. Playing it slow The Bank of Canada is unlikely [..]

US Open Note – Dollar leads the FX space on Labor day; RBA policy decision eyed

Posted on September 6, 2021 at 1:24 pm GMT

US dollar in recovery mode after NFP loss A faster-than-expected slowdown in US employment growth has not entirely written off the case of bond tapering this year but was solid enough to kick the can down the road and raise speculation for a potential announcement in November rather than at this month’s FOMC policy meeting. A significant progress in the US labor market is a prerequisite for the Fed to start unwinding its massive stimulus program, but with jobs growth [..]

US Open Note – Dollar in tears after NFP miss; euro spikes above 1.1900

Posted on September 3, 2021 at 1:54 pm GMT

Nonfarm payrolls miss forecasts; dollar down US nonfarm payrolls took center stage on Friday, presenting an employment growth of 273k for the month of August, which was way below the forecast of 750k but still enough to press the unemployment rate to 5.2% as expected, and let average hourly wages to spike faster than analysts anticipated by 4.3% m/m. Despite some early warnings from the private ADP employment report and the ISM PMI business readings this week, the data spooked [..]

Weekly Comment – EUR gets lift from USD woes, eyes more hawkish ECB

Posted on September 3, 2021 at 1:38 pm GMT

USD’s losses accelerated this week, with a big NFP miss exacerbating the pain. But there’s not much prospect of a quick bounce back in USD as it’s looking like a very light calendar over in America. But it will be quite busy elsewhere. The ECB, BoC and RBA all meet and will likely be discussing tapering, one way or another. The highlights: The ECB meets on Thursday and could decide to ditch its commitment of “significantly higher pace” of asset [..]

Week Ahead – Tapering high on the agenda as ECB, BoC and RBA meet

Posted on September 3, 2021 at 12:47 pm GMT

After the recent taper fever, the Fed may fall out of the limelight next week as other central banks take centre stage. The European Central Bank, Bank of Canada and Reserve Bank of Australia will hold their policy meetings. While a hawkish tilt is possible with the first two, the latter may lean in the opposite direction. With not a lot happening on the data front, the tapering timelines of each central bank look set to dominate the market theme [..]

Technical Analysis – USDCAD at risk of more declines; uptrend still valid

Posted on September 3, 2021 at 7:18 am GMT

USDCAD bears snapped the ascending trendline after a three-day battle on Thursday, forcefully pushing the price towards the 50- and 200-day simple moving averages (SMAs) and to a two-week low of 1.2539 ahead of the all-important US nonfarm payrolls . With the RSI dipping below its 50 neutral mark to seek fresh lows, and the MACD decelerating below its red signal line, expectations are for the negative momentum to dominate in the short term. That said, the upward trajectory from the June [..]

US Open Note – Downbeat ADP jobs data drive dollar lower; Wall Street opens higher

Posted on September 1, 2021 at 1:35 pm GMT

Global stocks have a good start to September Global markets had a solid start to September, with European equities following their Asian rivals higher and crawling back towards their recent record highs despite fears of a growth slowdown, the troubling supply shortages, and the scarcity of qualified employees, which keep production costs elevated. Of course, businesses can always raise margins and transfer the increased costs to consumers, making cost pressures less problematic as long as consumption remains solid and central [..]

US Open Note – Dollar set for positive monthly close despite weakness; stocks falter

Posted on August 31, 2021 at 1:36 pm GMT

Dollar falls to fresh lows, but outlook still promising The US dollar was down across the board on Tuesday, retreating below its post-Jackson Hole low earlier in the day to trade at 92.36 against a basket of six major currencies as investors remained in the dark about when the Fed will officially kick off its bond tapering phase. The outlook, however, is still promising for the greenback, which is set to close the month in the positive territory since the [..]

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