All Articles Tagged - USDCAD

Week Ahead – RBNZ and BoC to stay on taper path but Delta strain may cause angst for BoJ

Posted on July 9, 2021 at 10:53 am GMT

It will be a busy week as the Bank of Canada, Bank of Japan and the Reserve Bank of New Zealand all meet, while inflation will take centre stage on the data front. With increasing concerns that the new Delta Covid variant could scupper reopening plans around the world, Japanese policymakers are the most likely to strike a more cautious tone, but the BoC and RBNZ will probably maintain their optimism for now. After the Federal Reserve signalled that a [..]

Technical Analysis – USDCAD fortifies short-term bullish structure

Posted on July 9, 2021 at 8:05 am GMT

USDCAD charted a new higher high at 1.2589 on Thursday, signaling that the trendline cracked in June could be something more than temporary. The bullish cross between the 20- and 50-day simple moving averages (SMAs) is endorsing the above narrative but technically, a sustainable move above the previous high of 1.2652 is needed to invalidate the long-term downtrend and hence bring new buyers into the market. The 200-day SMA and the 23.6% Fibonacci retracement of the March 2020 – May 2021 [..]

Technical Analysis – USDCAD rockets towards 1.2500 price vicinity

Posted on July 6, 2021 at 4:11 pm GMT

USDCAD has peeped into the resistance zone of 1.2480-1.2510, after aggressively extending its recent traction off the 1.2300 handle, on the back of softer US ISM PMI data. The simple moving averages (SMAs) are underpinning the pair and are providing bullish defences. The Ichimoku lines and the short-term oscillators are reflecting the eruption of positive impetus. The MACD has pushed slightly above its red trigger and zero lines, while the rising RSI is heading for the 70 overbought level. The [..]

Can the Delta variant wreck hopes of an end to lockdowns? – Special Report

Posted on July 6, 2021 at 2:32 pm GMT

The highly contagious Delta variant of Covid-19 has fast become the dominant strain around the world, spreading beyond Asia. Countries with low vaccination rates like Australia have had no choice but to reimpose draconian lockdowns, but in other places such as America and Britain where most adults have had at least one vaccine dose, there are no plans yet to pause the full reopening of their economies. Is it sensible to assume so early on that vaccines have broken the [..]

Loonie may see green days after Canadian employment report – Forex News Preview

Posted on July 6, 2021 at 10:27 am GMT

The Canadian dollar has been trading slightly lower against the US dollar in recent days, as traders anticipate the release of the June’s employment report on Friday at 12:30 GMT. As the vaccine rollout continues, 34.6% of the population has been fully vaccinated, with 67.7% having gotten at least one dosage. Unemployment rate may fall again The unemployment rate in Canada rose to 8.2% in May from 8.1% the month before, owing to a huge number of people looking for job. The unemployment rate is [..]

US Open Note – Dollar slips as NFP report is mixed

Posted on July 2, 2021 at 1:04 pm GMT

Dollar dives after NFP report; unemployment rate advances to 5.9% The US payrolls figure has stolen the attention of traders today as has taken the markets by surprise. The dollar lost some ground after the publication of the non-farm payrolls report, falling near 111.30 against the yen after a strong bullish start towards 111.70 earlier in the day. The US dollar index is moving lower after it topped at 92.74 during the release, while S&P 500, Nasdaq 100 futures and Dow Jones are recording new [..]

Week Ahead – RBA meeting and Fed minutes to spice things up

Posted on July 2, 2021 at 11:36 am GMT

It’s a relatively quiet summer week for global markets. The only central bank meeting will be in Australia, where the Reserve Bank could take the first step towards exiting cheap money. In America, the minutes of the latest FOMC meeting will shed some light on when the Fed might take its own foot off the accelerator. Overall, the theme of monetary policy divergence will likely dominate the FX arena moving forward. Exit strategy The dollar has returned to life these [..]

Technical Analysis – USDCAD wrestles upper frontier of 15½-month bearish channel

Posted on July 2, 2021 at 9:04 am GMT

USDCAD is labouring to break above and out of a descending channel, whose grasp on the pair has endured past a full year. The commanding simple moving averages (SMAs) are still shaping a predominantly bearish picture, making even more challenging the task for buyers to gain a clear upper hand. The bulls are currently lacking the necessary upward drive to pierce above the channel’s upper band and overstep the nearby 1.2486 fresh high, something also being reflected in the Ichimoku [..]

Daily Market Comment – Dollar on the offensive ahead of NFP; OPEC+ decision postponed

Posted on July 2, 2021 at 8:59 am GMT

Dollar scales fresh highs as NFP forecasts edge up, hits 15-month peak versus yen Another mixed day for stocks as Asian growth worries persist but S&P 500 extends record streak Oil slips from highs as OPEC+ meeting delayed amid disagreements Dollar strength prevails on Jobs Friday The US dollar maintained its northward bound on Friday as investors awaited the hotly anticipated jobs report out of the United States for possible clues about Fed tapering. There have been subtle hints from [..]

Daily Market Comment – Dollar extends gains as virus blues strike again

Posted on July 1, 2021 at 8:53 am GMT

Dollar climbs to 3-month high as worries about Delta variant weigh on markets But equities mixed as US jobs report awaited for more direction Major FX pairs steady, oil firms ahead of OPEC+ output decision Dollar ascends as virus jitters return Fresh concerns that the Delta Covid-19 strain will undermine the recovery in Asia and possibly elsewhere too hurt sentiment on Thursday, though positioning ahead of tomorrow’s US jobs data also made for some cautious trading. The US dollar advanced [..]

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