All Articles Tagged - USDCAD

Technical Analysis – USDCAD retains upside pressure in ascending channel

Posted on February 16, 2024 at 7:57 am GMT

USDCAD starts a battle with 200-day SMA However, MACD and stochastic suggest bearish retracement USDCAD has been recouping some losses after the strong bearish movement in the preceding two sessions but is currently finding strong resistance near the 200-day simple moving average (SMA) at 1.3480. The pair has been developing within an upward sloping channel over the last month. Technically, the MACD oscillator is heading beneath its trigger line but is still holding above its zero level. Also, the stochastic [..]

Will Canadian CPI data offer the loonie any support? – Preview

Posted on February 15, 2024 at 10:09 am GMT

Inflation in Canada has been stuck above 3.0% since the summer The Bank of Canada is keeping rate hike option on the table Yet, the loonie has been on the backfoot versus the dollar this year Will Tuesday’s CPI data (13:30 GMT) put BoC’s inflation fight back on track? The long fight to get inflation to target The Bank of Canada has made great strides in its bid to get inflation back to its 1-3% target band, but as is [..]

What is next for commodity-linked currencies? – Special Report

Posted on February 13, 2024 at 4:24 pm GMT

Risk linked currencies lose correlation to S&P 500 Dollar outperforms all as Fed implied rate path rises BoC abandons tightening bias, but RBA and RBNZ stay hawkish China impacts aussie and kiwi, loonie linked to oil prices Surrendering to the greenback’s dominance Just before the turn of the year, the risk-linked currencies – the Australian dollar, the New Zealand dollar, and the Canadian dollar – also known as the commodity-linked currencies, have come under selling pressure despite risk appetite remaining [..]

Technical Analysis – USDCAD retreats towards crucial trendline

Posted on February 9, 2024 at 8:53 am GMT

USDCAD gets repeatedly repelled by 1.3543 Latest rejection triggers decline below 200-day SMA Momentum indicators ease but remain positive USDCAD had been staging a solid recovery from its December low of 1.3176, but its advance was rejected twice at the 2024 peak of 1.3543. The persistent inability to claim that hurdle resulted in a retreat below the 200-day simple moving average (SMA) this week, with the pair currently testing a crucial ascending trendline. Should the pair bounce off the trendline and reverse [..]

What impact will Canada’s employment figures have on the loonie? – Preview

Posted on February 7, 2024 at 10:18 am GMT

Canada’s economy likely added more jobs in January Ivey PMIs rises to its highest level in 9 months BoC summary of deliberations gets releasedon Wednesday Loonie rises ahead of Friday’s data due at 13:30 GMT In Canada, a number of data releases are scheduled for this week. On Tuesday, the Ivey Purchasing Managers’ Index (PMIs) came out, which will be followed by the summary of deliberations from the most recent Bank of Canada meeting on Wednesday. The report is analogous to the meeting minutes and [..]

Weekly Technical Outlook – USDJPY, AUDUSD, USDCAD

Posted on February 5, 2024 at 12:32 pm GMT

USD/JPY halts post-NFP gains near familiar resistance; ISM services PMI awaited AUD/USD misses a bullish breakout. Will the RBA come to the rescue? USD/CAD stuck within the 1.3400 territory ahead of Canadian jobs report ISM non-manufacturing PMI –> USD/JPY Another US jobs report beat analysts’ forecasts by a large margin on Friday, helping USD/JPY to close the day higher by 1.3% at 148.32 on expectations the Fed may not cut interest rates in March. The ISM non-manufacturing PMI, which [..]

Technical Analysis – Will USDCAD continue the rebound off 1.3355?

Posted on February 1, 2024 at 1:54 pm GMT

USDCAD flirts with 20- and 50-day SMAs Strong obstacle at 200-day SMA MACD looks too weak USDCAD has rebounded somewhat after falling to the 1.3355 support level, but momentum indicators now suggest that the market sentiment might get worse before getting better as the MACD is reversing back to the downside after failing to break decisively above its trigger line. The RSI looks to be changing direction, moving up to meet its 50 level but is losing steam. Should bearish dynamics dominate, the market [..]

Technical Analysis – USDCAD slides but finds support at around 1.3410

Posted on January 30, 2024 at 2:50 pm GMT

USDCAD retreats but meets support at 1.3410 Both the daily oscillators paint a mixed picture For the picture to brighten, a break above 1.3535 may be needed USDCAD slid in the last few days after hitting resistance once again at around 1.3535. That said, the retreat stopped near the 1.3410 barrier, keeping the pair above the prior downtrend line drawn from the high of November 1. If more bulls are willing to jump into the action from near the 1.3410 [..]

Will the Fed push back against imminent rate cuts? – Preview

Posted on January 26, 2024 at 12:10 pm GMT

Investors scale back bets of a March Fed rate cut US economic data since December point to improvement Focus turns to Fed meeting for clearer guidance on interest rates Decision on Wednesday at 19:00 GMT, press conference at 19:30 To cut in March or not to cut? There has been a notable repricing regarding the Fed’s future course of action since the beginning of 2024. From fully pricing in a 25bps cut in March, investors are now assigning around a [..]

Technical Analysis – USDCAD looks ready for bearish retracement

Posted on January 26, 2024 at 7:46 am GMT

USDCAD battles with 200-day SMA Holds above downtrend line But momentum indicators show weak signals USDCAD is holding above the medium-term ascending trend line and is moving back and forth from the flat 200-day simple moving average (SMA) at 1.3483. The technical indicators are still located in the bullish area, with the MACD stretching slightly above its red signal line but with weak momentum, and the RSI is pointing marginally up near the 50 level. Yet the latter could also [..]

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USDCAD