All Articles Tagged - USDCAD

US Open Note – Dollar is marginally down; euro shines

Posted on August 13, 2021 at 12:32 pm GMT

Dollar eases before Fed releases minutes next week The dollar is dropping from four-month highs as traders are waiting next week for more clues about the Federal Reserve plans for how and when it will unravel its massive stimulus program. After scaling a high of 93.13 earlier in the week, the dollar index has been lingering around 92.95 since Wednesday, when it was driven down by CPI data. Dollar/yen is creating the third consecutive red day after the climb to 110.80. The euro rebounded against the greenback even after yesterday’s [..]

Technical Analysis – USDCAD stuck in narrow range below SMAs

Posted on August 13, 2021 at 7:26 am GMT

USDCAD could barely rotate since the rejection near the 20- and 200-day simple moving averages (SMAs) on Monday, with the price edging up to close slightly above the 1.2500 level on Thursday. The momentum indicators point to a neutral-to-bearish bias as the RSI, although above its 50 neutral mark, is lacking direction, while the MACD and the Stochastics continue to slope downwards. The latest bearish deviation between the red Tenkan-sen and Kijun-sen lines is further reducing the case for a meaningful rebound. [..]

Daily Market Comment – US inflation may have peaked, dollar rally cools

Posted on August 12, 2021 at 9:10 am GMT

US CPI unchanged in July as Fed hawks get louder Dollar and yields pull back slightly but remain supported by tapering bets US stocks extend record streak as Senate opens path for $3.5 trillion budget plan Inflation fears ease after CPI in line The rate of inflation in the United States remained at a 13-year high in July according to the consumer price index out yesterday. But there was good news for both consumers and policymakers as price pressures for [..]

US Open Note – Dollar pulls back after US CPI data release

Posted on August 11, 2021 at 1:04 pm GMT

US CPI data drives dollar lower All eyes were on the US CPI data release today. The US consumer price inflation rate remained at 5.4% in July, the same as the previous 13-year high and marginally above market predictions of 5.3%, mirroring the low base effect caused by the coronavirus crisis. There were not any surprises for the market; however, the dollar slipped from the five-week high of 110.80 versus the yen that was printed earlier today. The dollar index [..]

Technical Analysis – USDCAD capped by 200-day SMA; signals mixed

Posted on August 10, 2021 at 2:31 pm GMT

USDCAD bulls got trapped below the 200-day simple moving average (SMA) at 1.2565 after setting a foothold near the 1.2440 level at the end of July. Short-term signals are mixed at the moment as the latest series of higher highs and higher lows in the RSI and the positive momentum in the Stochastics contrast the slow movement in the MACD, which remains stuck below its red signal line, and the recent bearish cross within the Tenkan-sen and Kijun-sen lines. As [..]

US Open Note – Dollar leads the way as euro falters; oil soars

Posted on August 10, 2021 at 1:04 pm GMT

Dollar heads up but faces some downside pressure; stocks unchanged The US dollar is broadly heading north today on predictions that the Federal Reserve will eventually reduce its stimulus program, but it has come under pressure versus some majors. Strong job numbers on Friday showed that the economy is still recovering. With markets nearing all-time highs because of the Fed’s exceptional stimulus measures, Bostic believes that another solid month or two of job growth should trigger the central bank to begin tapering its asset purchases, and that the Fed should proceed [..]

Daily Market Comment – Fed taper talk approaching fever pitch, dollar edges up again

Posted on August 10, 2021 at 9:06 am GMT

Fed officials heighten taper speculation, flag a decision is nearing; dollar stands tall Optimism keeps stocks afloat even as yields rise, Delta concerns linger Commodities on steadier footing but Fed tapering, demand uncertainty still weigh Fed leaves little doubt tapering is coming soon The first response by Fed policymakers to last week’s stellar jobs report left investors in no doubt that the US central bank is closing in on its criteria of achieving “substantial further progress” towards its goals. The [..]

Daily Market Comment – Dollar eases from post-NFP highs; gold steadies after crash

Posted on August 9, 2021 at 9:06 am GMT

Dollar off highs but elevated after strong NFP puts September taper back on the table Gold plunges below $1,700 before rebounding as yields spike, but oil’s rout deepens Stocks undaunted by prospect of earlier Fed tapering as Wall Street sets new records Taper speculation heats up after bumper US jobs report Markets were left wondering just how much progress is substantial after the US labour market added another 943k jobs in July, while upward revisions to both the May and [..]

US Open Note – Dollar bulls cheer on Nonfarm Payrolls; loonie resilient after Canadian jobs miss

Posted on August 6, 2021 at 1:21 pm GMT

Dollar, Treasury yields gear up after bullish NFP release The US dollar was in neutral mode until the eagerly awaited nonfarm payrolls report brought the bulls back into play. Employment growth spiked to 943k and above the forecast of 870k, consequently pressing the unemployment rate to 5.4% – the lowest since the 2020 pickup –versus the 5.7% anticipated. Average hourly earnings were another positive surprise, growing faster by 4.0% y/y compared to 3.9% expected. Dollar/yen bounced immediately to peak slightly [..]

Technical Analysis – USDCAD eases below 1.2500; positive bias in near-term

Posted on August 6, 2021 at 6:06 am GMT

USDCAD is retreating beneath the 20- and the 200-day simple moving averages (SMAs), slipping below the 1.2500 round number. In trend indicators, the red Tenkan-sen line declined below the blue Kijun-sen line, while the short-term SMAs are turning lower. The MACD oscillator is travelling beneath its trigger line but is still developing above the zero level. Furthermore, the RSI is sloping down, touching the neutral threshold of 50. More decreases could open the way for the 40-day SMA, which is [..]

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