All Articles Tagged - USDCAD

Technical Analysis – USDCAD tackles Ichimoku cloud as it rises past 100-MA

Posted on August 3, 2021 at 2:40 pm GMT

USDCAD has poked above the flattening 100-period simple moving average (SMA) at 1.2558 and is now making efforts to climb higher into the Ichimoku cloud. The 200-period SMA has managed to aid the pair in finding its feet. Furthermore, the drop in the 50-period SMA’s slope has softened, indicating that negative forces have somewhat subsided. The ascending red Tenkan-sen line is signalling growing positive momentum, while the short-term oscillators are demonstrating a surge in upside energy. The MACD is strengthening [..]

US Open Note – Stock indices to claim monthly gains despite jitters; dollar on the backfoot

Posted on July 30, 2021 at 1:18 pm GMT

Stock indices head for a monthly gain The month of July started with the impression that plans of monetary tightening could get more into fashion, adding a solid footing under currencies, while the earnings season could further brighten the outlook for stocks despite the inflaming virus numbers. Although the above backdrop has not entirely faded yet, the last week of the month found investors having second thoughts about how soon the Fed would wrap up its bond tapering plans as [..]

Weekly Comment – USD loses altitude; can NFP report rekindle summer rally?

Posted on July 30, 2021 at 12:59 pm GMT

USD finally caught up with tumbling real yields in the past week, with the Fed’s stubbornly dovish inclination intensifying the selloff mid-week. However, USD bulls shouldn’t lose hope as the June jobs report is coming up next week, along with more central bank meetings. The highlights: Nonfarm payrolls are due on Friday in the US and could jump by 900k in July. But how much of a boost would this be for the battered USD when the Fed is nowhere [..]

Daily Market Comment – Stocks falter again, bruised dollar seeks to end losing streak

Posted on July 30, 2021 at 9:07 am GMT

Market mood sours again as China crackdowns, mixed earnings and Delta fears all weigh Dollar halts slide but struggles to regain positive footing after dovish Fed and soft data Pound sets sights on $1.40 as others lag, gold battles to reclaim $1,830/oz Mixed week for stocks as risks mount Regulatory crackdowns in China, ongoing concerns about the Delta variant and warnings of slower earnings growth ahead all came to a head this week when it was meant to be all [..]

Technical Analysis – USDCAD looks for buyers near 1.2440; bears could dominate

Posted on July 30, 2021 at 7:42 am GMT

USDCAD retreated below the short-term supportive trendline and to a two-week low of 1.2431 on Thursday following the multiple rejections from the 200-day simple moving average (SMA). The current consolidation area around 1.2440 overlaps with July 9-13’s support region and the 200-period SMA on the four-hour chart. Hence, it could be an ideal pivot point as the Stochastics sink in the oversold territory. Yet, with the price trading some distance away from the lower Bollinger band, the RSI set to explore the bearish zone, [..]

US Open Note – FOMC’s tone knocks the dollar

Posted on July 29, 2021 at 1:57 pm GMT

Markets barely react to US GDP miss as Chairman Powell still on their mind; Eurozone inflation comes in strong The major US indices managed to remain resilient after yesterday’s FOMC comments from Chairman Powell, who signalled that patience is needed as there is still a ways to go before tighter policy. Markets have hardly reacted to the release of US GDP and jobless claims in relation to the expansion of the US economy in the Q2. The US economy grew by 6.5% in the [..]

US Open Note – Stocks muted near highs, dollar firms

Posted on July 28, 2021 at 1:16 pm GMT

Markets prepare for FOMC release Yesterday’s consumer confidence for July ticked only marginally higher from June confirming optimism in the US, however, the dollar index weakened slightly, before stabilizing around the 92.50 level ahead of the Federal Open Market Committee meeting. Expectations are that Federal Reserve Chairman Jerome Powell will once again be watchful of his rhetoric towards tapering of asset purchases and the timeline and commencement of such actions. Markets will also be ready to digest any clues from [..]

US Open Note – Stocks drift at record highs and dollar loses some resilience

Posted on July 27, 2021 at 1:35 pm GMT

Markets freeze as Fed meeting underway; US Consumer Confidence ahead It seems continued selling in Chinese tech giants has somewhat hampered risk appetite, which has been further muted as investors hold a cautious stance awaiting the conclusion of the Federal Reserve’s policy meeting tomorrow. The Fed is faced with a slightly more difficult task in this meeting as it will have to expand on the delta variant’s impact over bond yields as opposed to the outlook on rising prices, not [..]

Technical Analysis – USDCAD finds traction off 100-SMA and faces instant barrier

Posted on July 27, 2021 at 10:17 am GMT

USDCAD is confronting an immediate resistance zone from a line-up of recent familiar highs around 1.2587 until the Ichimoku cloud’s lower surface at 1.2615. The advancing simple moving averages (SMAs) are defending the short-term upside structure, in spite of the price pullback from the 5½-month high of 1.2807. The consolidation in the price after the plunge is showing that downside pressures have somewhat subsided, as the pair acquires some footing off the 100-period SMA as well. The stance in the [..]

Daily Market Comment – Turmoil in China but broader market mood steady

Posted on July 27, 2021 at 9:10 am GMT

Freefall in Chinese stocks enters third day but rest of Asia takes cues from Wall Street US shares get another earnings lift, hit new records, big day ahead for tech giants But it’s all quiet outside of equities as Fed decision awaited Pound outperforms, flirts with $1.38, as dollar drifts ahead of Fed outcome China shares crash again amid crackdowns Stocks in China and Hong Kong plummeted for a third day on Tuesday as technology, real estate and for-profit education [..]

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