All Articles Tagged - USDCAD

What does the OPEC meeting mean for oil? – Special Report

Posted on June 30, 2021 at 3:10 pm GMT

It’s a huge week for energy markets, with an OPEC+ meeting on Thursday that could determine whether oil prices keep rallying or cool off. The market reaction will depend on the size of any production increase. In the big picture, it’s becoming harder to envision any massive gains from here, as more supply comes back online and demand gets hit from the raging Delta variant. Careful approach The world’s largest oil cartel has played its cards very carefully this year. [..]

US Open Note – Dollar continues to move north after ADP release

Posted on June 30, 2021 at 1:03 pm GMT

The dollar held on to recent gains as virus concerns arose in a market already on edge before the NFP report on Friday that is considered as critical to the Federal Reserve’s monetary policy outlook. Any clues about labor market strength might put more worries on the Fed to move faster on interest rate hikes, potentially lifting the dollar, while data that falls short of expectations could put the currency at risk. In June, private businesses in the US recruited 692,000 workers, down from 978 [..]

Technical Analysis – USDCAD buyers struggle to reach 1.24 handle

Posted on June 29, 2021 at 3:34 pm GMT

USDCAD’s recent positive momentum has managed to steer the pair above the Ichimoku cloud and the 1.2373 level, which happens to be the 23.6% Fibonacci retracement of the up leg from 1.2006 until 1.2486. The simple moving averages (SMAs) are endorsing positive price action, while the Ichimoku lines are reflecting a growing bullish tone. The short-term oscillators are reflecting a pickup in bullish drive and are reflecting a preference in the price to steer higher. The MACD is rising above [..]

US Open Note – Markets are calm ahead of data exposure later this week

Posted on June 28, 2021 at 12:41 pm GMT

Dollar flirts with 111 yen; euro retreats near $1.19 as greenback gains ground It’s been a quiet start to the week as the greenback is trying to improve its long-term structure with all the attention turning on the NFP report on Friday. The dollar is heading north just below 111.00 versus the Japanese yen, while the dollar index is finding a restrictive support at the 20-day simple moving average (SMA) near 91.50. The euro is holding near $1.19 for the fourth day in a row but [..]

Weekly Comment – Can nonfarm payrolls recharge USD bulls?

Posted on June 25, 2021 at 2:49 pm GMT

The USD took a breather this week as a parade of Fed speakers tried to reassure markets that they won’t rush into anything. Meanwhile, stock markets continued to party, hitting new records after President Biden announced a new infrastructure deal. The upcoming week is huge too, featuring a US employment report and an OPEC meeting that could really spice things up. Upcoming highlights: · The main event will be the latest edition of nonfarm payrolls on Friday. Forecasts point to [..]

Week Ahead – Dollar’s fortunes hang on nonfarm payrolls

Posted on June 25, 2021 at 1:58 pm GMT

With the Fed’s bombshell still resonating in the markets, all eyes will be on the next edition of nonfarm payrolls. It could single-handedly determine whether investors spend the summer positioning for a withdrawal of cheap money, or whether all that is premature. In the big picture, we seem headed for a period of ECB/Fed divergence, which could ultimately spill over into euro/dollar. Fed throws a curveball The Fed caught markets sleeping last week, unleashing all sorts of havoc after it [..]

US Open Note – Dollar tumbles after PCE data

Posted on June 25, 2021 at 1:07 pm GMT

Dollar moves south as US futures hold steady Markets drove the dollar even lower after the release of the PCE price index on Friday. During the last couple of days, the dollar index has remained steady just below 92.00. The greenback is falling after the jump above the 111.00 psychological level versus the Japanese yen. US futures are currently trading in green on Friday. The core PCE, the Fed’s preferred inflation indicator rose by 3.4% y/y, up from 3.1% in the previous month and was in line with expectations. It is the highest reading [..]

Technical Analysis – USDCAD eases to around 1.2300; back to bearish bias

Posted on June 25, 2021 at 6:50 am GMT

USDCAD is posting losses again after finding resistance at the 1.2490 barrier, inserting in the Ichimoku cloud. The RSI is ticking lower in the positive region, while the MACD is moving south in the bullish territory, confirming the recent downside movement. However, the 20- and 40-day simple moving averages (SMAs) created a bullish cross. If the price moves lower and penetrates the 1.2200 handle, it would hit the short-term SMAs at 1.2180 before flirting with the six-year low of 1.2012. Underneath these levels, the [..]

US Open Note – Dollar unlocks new yearly high versus yen; oil posts new high

Posted on June 23, 2021 at 12:53 pm GMT

Dollar/yen flies above 111.00; US futures in red As markets wait for US Markit preliminary readings at 13:45 GMT, the dollar is edging higher. After two red days, the dollar index is practically unchanged below 92.00. The US dollar continues to rise versus the Japanese yen, creating new highs for the year, jumping above 111.00. Following Powell’s remarks, stocks rallied; however, US futures are currently trading flat on Wednesday. The single currency is heading above $1.19 but is still stuck [..]

Technical Analysis – USDCAD fades toward 1.23 mark but upside risks linger

Posted on June 22, 2021 at 6:59 pm GMT

USDCAD has retracted to its blue Kijun-sen line at 1.2321 where negative forces seem to have temporarily subsided. The rising 50- and 100-period simple moving averages (SMAs) are promoting additional price gains, while the short-term oscillators remain skewed to the downside. The MACD is abating below its red trigger line in the positive zone, while the RSI is pointing lower underneath its 50 level. The negatively charged stochastic oscillator is endorsing negative price action. Clearly steering below the flattening Kijun-sen [..]

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