All Articles Tagged - USDCAD

Daily Market Comment – All quiet before ECB and US CPI; dollar resists slump in yields

Posted on June 10, 2021 at 9:14 am GMT

Inertia sets in as ECB decision, US inflation seen key in determining the summer tone Treasury yields tumble again but dollar steady, stocks sluggish Euro and pound on the backfoot as EU-UK tensions simmer ECB and US CPI ahead: calm before the storm? Trading got off to another lacklustre start on Thursday, with major currencies and equities subdued and the volatility confined to the bond market. However, the unusual lull is unlikely to last much longer as the European Central [..]

US Open Note – Dollar struggles ahead of key data; BoC awaited

Posted on June 9, 2021 at 12:56 pm GMT

Dollar waiting for tomorrow’s US CPI data The US dollar is weaker somewhat today, and Treasury yields were lower as traders wait for the US inflation announcement on Thursday as it may affect the timeline for Federal Reserve discussions on tapering bond purchases and may be a key catalyst for the bond market. Dollar/yen is continuing its selling interest, hovering near 109.37, while the US dollar index is experiencing some losses as well. S&P 500 and Nasdaq futures are signaling a positive open; however, Dow Jones futures are suggesting a negative open. Euro and pound take some positive steps The [..]

Daily Market Comment – Bond yields take a dive, prop up equities, but FX sidelined

Posted on June 9, 2021 at 9:22 am GMT

Bond yields plunge unexpectedly, signalling easing inflation anxiety US stocks near records but ECB, US CPI awaited for fresh drivers Dollar steady, loonie edges up ahead of BoC US yield curve flattens: sign of confidence or trouble? Government bond yields took an unexpected dive on Tuesday as a combination of strong auction demand, safe-haven flows and easing inflation worries boosted the bond market. The yield on 10-year US Treasuries slumped to a one-month low, hitting 1.513%. The 30-year yield also [..]

US Open Note – Stocks laid back as dollar flickers some life despite dip in yields

Posted on June 8, 2021 at 2:41 pm GMT

Risk appetite vanishes; inflation and taper talk jitters persist Although the market outlook is largely optimistic, economies are emanating a lethargic vibe and seem to be searching for an assisting jolt to rekindle risk appetite. Investors may be looking aimlessly to the ECB and the Fed to provide markets with immediate booster jabs. Nonetheless, investors’ radars remain set around taper talks and price pressures and for sure the ECB’s and the Fed’s rhetoric around these issues will be cautious and [..]

Technical Analysis – USDCAD moves sideways above 6-year low

Posted on June 8, 2021 at 9:01 am GMT

USDCAD extended its one-month trading range above the more-than-six-year low of 1.2006, increasing speculation that the bears are losing steam and the bulls may take charge soon. Still, unless the 1.2145 – 1.2160 area gives way, a negative move towards the 1.2006 barrier is likely. Underneath this level, the door would open for the 1.1920 support, taken from the low in February 2015. Nevertheless, if the bulls win the battle with the 1.2145 hurdle and the 23.6% Fibonacci retracement level of the down leg from 1.2645 [..]

US Open Note – Risky currencies cheer on dollar weakness as stocks ease

Posted on June 7, 2021 at 12:54 pm GMT

Dollar fails to move up again after disappointing NFP The eagerly awaited NFP release for May on Friday was better than April’s figure, however, it disappointed investors. The unemployment rate fell to 5.8% but the greenback finished the day sharply lower. Today, dollar/yen is continuing the selling interest with weaker momentum, trading near 109.40, while the US dollar index is recovering some losses. US stock futures were slightly on the downside after a positive day on Friday. In Washington, the two main parties are sticking to their different approaches on [..]

Daily Market Comment – Dollar left reeling after soft NFP; stocks mixed as US CPI around the corner

Posted on June 7, 2021 at 9:03 am GMT

US jobs report disappoints again, sending gains in US dollar and yields into reverse Wall Street buoyed by goldilocks recovery but cautious start to week as US CPI eyed Aussie wipes out losses but euro treads water ahead of ECB meeting NFP miss allays early Fed taper fears It was another disappointing Jobs Friday as predictions for May nonfarm payrolls were again off the mark. Payrolls rose by 559k against estimates of 650k – not as huge a miss as [..]

Bank of Canada to stay on tapering path but no new action this week – Forex News Preview

Posted on June 4, 2021 at 2:40 pm GMT

The Bank of Canada (BoC) was the first central bank to slowly sail away from its super accommodative policy settings in late April, citing the rapid improvement in fundamentals and the brighter economic outlook in the years ahead. While investors are eagerly waiting to see what the next card of the tightening process could be, policymakers will likely postpone any adjustments when they publish their new policy review on Wednesday at 14:00 GMT, providing little room for improvement for the loonie. BoC [..]

US Open Note – US Nonfarm payrolls question the case of bond tapering

Posted on June 4, 2021 at 1:56 pm GMT

NFP not as great as expected Thursday’s job indicators build up enthusiasm that April’s long-shot miss in US Nonfarm payrolls was a one-off incident, inspiring dollar bulls and helping US Treasury yields to recoup some lost ground. Indeed, the eagerly awaited new NFP release for the month of May was brighter than April’s print but the jobs data did not amuse investors. Nonfarm payrolls surged by 559k, slightly missing the forecast of 650k, and standing well below the remarkable ADP reading of 900k. The [..]

Week Ahead – ECB and BoC to test taper waters; US CPI in spotlight too

Posted on June 4, 2021 at 1:01 pm GMT

The European Central Bank will pretend it is not thinking about tapering when it meets next week, while the Bank of Canada will take a step back to assess its recent decision to get the ball rolling on its QE exit process. As the two central banks set the stage for the FOMC meeting in the following week, the May CPI print out of America will catch the attention of the US dollar. In an otherwise quietish week, sterling will [..]

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