All Articles Tagged - USDCAD

Technical Analysis – USDCAD limits selling pressures near key support area

Posted on August 30, 2021 at 3:39 pm GMT

USDCAD lost its bullish appetite in the wake of Powell’s dovish Jackson Hole speech on Friday, but the firm support along the ascending trendline and the 38.2% Fibonacci retracement of the latest upleg came immediately to the rescue around 1.2588. The technical indicators are currently sending a mixture of signals as the red Tenkan-sen line continues to deviate above the blue Kijun-sen, the RSI is fluctuating around its 50 neutral mark, and the MACD keeps decelerating below its red signal [..]

Canadian GDP in the spotlight – Forex News Preview

Posted on August 30, 2021 at 3:16 pm GMT

Economic growth data from Canada will hit the markets at 12:30 GMT Tuesday. The numbers will tell us how the economy performed coming out of the spring lockdowns. As for the loonie, the big picture seems bright as the Bank of Canada continues its taper mission, although a lot will depend on oil prices and the upcoming election. Vaccination overdrive When Canada does vaccinations, it does them right. The nation started out slow but it still managed to overtake every [..]

Week Ahead – The calm before nonfarm payrolls storm

Posted on August 27, 2021 at 11:26 am GMT

The calendar is void of any central bank meetings next week, so all eyes will be on the latest US employment report. It will be infinitely important in determining how soon the Fed pushes the taper button. Beyond that, there’s also a heavy dose of data releases from the Eurozone, Canada, and Australia. Inflation, jobs, and the dollar There’s been a lot of talk lately about the Delta outbreak hitting the US economy and slowing down the Fed’s normalization plans. [..]

Daily Market Comment – Fed hawks rattle Wall Street ahead of Powell

Posted on August 27, 2021 at 9:27 am GMT

Three Fed officials call for start of tapering; Wall Street unnerved but futures bounce back Dollar also reverses earlier moves, edges lower ahead of Powell’s Jackson Hole speech Afghanistan and Delta worries also put investors on edge, gold climbs But China policy support soothes some nerves, stocks mixed Fed hawks make their case; will Powell follow suit? As all eyes turn to Jay Powell’s keynote address at the virtual Jackson Hole symposium later today, three Fed officials made clear where [..]

Technical Analysis – USDCAD gains on trendline support

Posted on August 27, 2021 at 8:10 am GMT

USDCAD stepped decisively on the ascending trendline, which has been supporting the market since the drop to a 3 ½-year low of 1.2006 in May, and drifted northwards to hit resistance within the 1.2680 – 1.2700 zone. The cheerful upside correction in the price was not strong enough to drive the MACD above its red signal line, while the rebound in the RSI seems fragile as the indicator is currently pointing to the downside again. That said, the inverted hammer candlestick which preceded yesterday’s [..]

US Open Note – Dollar steady as Fed speakers play down Jackson Hole fireworks

Posted on August 26, 2021 at 1:25 pm GMT

Waiting for Jackson Hole symposium FX markets hardly found any inspiration to move during Thursday’s European session as investors were eagerly waiting for the Jackson Hole symposium on Friday. The economic conference, which invites central bankers, finance ministers and important investors from around the world once in a year, will start today in a virtual form, carrying the theme “Macroeconomic Policy in an Uneven Economy”. The full agenda scheduled will be released at 0000 GMT today, but the biggest highlight [..]

Daily Market Comment – Dollar finds footing as Jackson Hole awaited, stocks fly again

Posted on August 25, 2021 at 9:14 am GMT

Markets turn to Jackson Hole for direction amid uneasy optimism Dollar edges up after three-day slide, while Wall Street climbs to fresh records China cash injection, House infrastructure vote lift sentiment, but Delta still a worry Calm sets in before possible Fed storm After a volatile week, markets were in much steadier waters on Wednesday, with the US dollar halting its losing streak and equities holding onto their gains. Optimism that the global economic recovery from the pandemic will only [..]

Technical Analysis – USDCAD plummets after 9-month high; eyes on trendline

Posted on August 24, 2021 at 10:02 am GMT

USDCAD has lost more than 2.0% since the peak at a nine-month high of 1.2947 on Friday, but the bearish wave is not over yet according to the technical indicators in the four-hour chart. Specifically, although the RSI is testing its previous support area, it is still some distance above its 30 oversold level, keeping the bias skewed on the bearish side. Meanwhile, the MACD has entered the negative zone, while the red Tenkan-sen line has dipped below the blue [..]

US Open Note – Risk currencies become the best performers as delta fears persist

Posted on August 23, 2021 at 1:16 pm GMT

Jackson Hole in focus, as delta strain challenges policy decisions Although not a game changer yet, the RBNZ policy announcement showed last week that the spread of the delta virus strain could bring some rescheduling in monetary policy plans, and therefore some exciting volatility in FX markets. Policymakers postponed a widely expected 25 bps rate hike for later in the year as a handful of new cases was enough to prompt a snap lockdown given the low vaccination rates in [..]

Daily Market Comment – Equities perk up but Delta casts shadow over Jackson Hole

Posted on August 23, 2021 at 9:16 am GMT

Trading gets off to a somewhat more positive start as stocks and commodities rise, dollar slips But Delta surge forces Jackson Hole to go virtual again, taper clues in doubt Flash PMIs in focus amid recovery fears as Delta variant rages on Panic subsides but could be the Fed’s turn to get jittery After a tumultuous week, the market mood brightened somewhat on Monday after stocks on Wall Street extended their rebound on Friday. Bargain hunting appears to be reviving [..]

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