All Articles Tagged - USDCAD

Weekly Comment – EUR rally loses fizz ahead of ECB; USD hoping for another CPI boost

Posted on June 4, 2021 at 12:05 pm GMT

EUR is on the backfoot ahead of Thursday’s ECB policy meeting but Lagarde will have her work cut out in putting on a convincing dovish front so there is hope yet for euro bulls. It’s been a rare positive week, however, for USD and further gains could be on the cards if next week’s US inflation data shoots higher again. The highlights: ECB policymakers have played down a taper move at the June meeting. But even if they were to [..]

Technical Analysis – USDCAD builds base above 6-year low

Posted on June 4, 2021 at 6:01 am GMT

USDCAD is rising after the rebound off the six-year low of 1.2012, however, the bullish move is not strong enough yet to surpass the 1.2200 handle. The momentum indicators are showing some signals for a potential upside correction. The MACD jumped above its trigger line, remaining beneath its zero level, while the RSI is sloping north below the neutral threshold of 50. In trend indicators, the 20- and 40-day simple moving averages (SMAs) are still moving lower and the Ichimoku [..]

US Open Note – Stocks muted near highs, dollar receives hawkish shot

Posted on June 2, 2021 at 2:44 pm GMT

Stocks risk appetite fades; dollar briefly gains an edge US major indices remained largely unchanged near their highs, while the dollar got a boost from the Fed tapering talk-jab, which saw the greenback regain the upper hand over some of its peers in the forex space. The dollar index extended yesterday’s price developments towards the 90.20 mark but the recent dollar strength may not prove so sustainable, especially as this week’s market sentiment is highlighted by NFP payrolls. The EUR/USD [..]

Daily Market Comment – Crude oil powers higher, dollar quiet after ISM data

Posted on June 2, 2021 at 8:35 am GMT

· Oil prices climb after OPEC signals nothing new · Dollar quiet, equities surrender gains but remain elevated · Loonie rides the oil wave, Turkish lira falls to new record lows OPEC kicks the can down the road Crude oil prices stormed higher yesterday to touch levels not seen since late 2018 after the world’s most powerful oil cartel did not signal any further increases to its production levels beyond July, as some feared. The producers apparently didn’t even discuss [..]

US Open Note – Stocks improve after US holiday, dollar even ahead of US data

Posted on June 1, 2021 at 1:40 pm GMT

Stocks flash risk-on and dollar holds neutral; gold and oil hover near highs Risk-appetite seems to have accumulated after the US Memorial Day holiday with US major indices continuing to improve. The vulnerable dollar remains defenceless receiving no assistance from yields, with the 10-year yield at depressed levels around 1.55%. The dollar index is largely static around 89.85, underperforming against its forex peers. Although the US economy remains robust with rising consumption despite inflation picking up, the news today could [..]

Canadian employment report for May may disappoint loonie bulls – Forex News Preview

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

The Canadian dollar has been enjoying a somewhat bullish movement again versus the greenback over the last couple of days, as traders are looking forward to the May’s employment report on Friday at 15:30 GMT. As the vaccine rollout continues, half of the country has been vaccinated in about five months, hitting the government’s goal. Unemployment report may tick higher again The unemployment rate in Canada increased to 8.1% in April from 7.5% in the preceding month, driven by the large number of [..]

OPEC meeting unlikely to roil markets, but Iran might – Special Report

Posted on May 31, 2021 at 2:53 pm GMT

It’s a crucial week for the oil market, with an OPEC+ meeting on Tuesday that will likely see the cartel and its allies increase their production gradually, capitalizing on the improvement in demand. This has already been decided, so the market reaction this time will depend on the signals they send about any future moves. As for oil prices, the main downside risk is a flood of Iranian supply returning to the market later this year. Sticking to the plan [..]

US Open Note – Dollar negative as European stocks end May with a gain; RBA policy meeting in focus

Posted on May 31, 2021 at 1:43 pm GMT

Inflation fears, tightening speculation stretch into the summer Markets were in a wait-and-see mode as the final day of May found the US and UK closed for holidays and monthly trading arrangements already settled. Investors will closely monitor economic data during the summer months for clues on whether the advance in inflation is something more than temporary and how long the Fed could stand pat on tapering calls without damaging the dollar. A handful of central banks have already opened [..]

Weekly Comment – Has PCE inflation surge set the stage for next week’s NFP report?

Posted on May 28, 2021 at 1:56 pm GMT

USD got a big boost after the Fed’s favourite inflation metric shot up to 3.1% in May. However, the reaction in Treasuries has been more muted so the greenback’s rebound might not last very long. But there is the May jobs report coming up next Friday, which may yet change things. The highlights ahead: The dollar index hit a 2-week high after the jump in PCE inflation. Those gains could be extended if there is a strong rise in payrolls [..]

US Open Note – Dollar continue to rise after core PCE price data

Posted on May 28, 2021 at 1:07 pm GMT

Core PCE data boost dollar The spotlight of the day is the release of the US core PCE price data. The figure for April rose to 3.1% y/y from 2.9% that was the expectation and 1.8% in March. This is the highest since August 1992 and above the Fed’s 2% target for the first time since 2018. PCE is the Fed’s preferred measure of inflation so traders watch it closely. Personal income increased to -13.1% from -20.9% previously, while personal [..]

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