All Articles Tagged - USDCAD

US Open Note – Stocks stabilize and dollar on back foot ahead of FOMC minutes

Posted on April 7, 2021 at 1:49 pm GMT

Stocks hover at highs, dollar slips as yields ease, oil ranges A subdued risk tone is emanating in markets as stocks are holding around their highs but the dollar’s latest weakness seems may continue for a while longer, as 10-year yields (1.65%) provide mild downside pressure. The greenback’s broader feebleness has dipped the dollar index below the Asian session’s low of 92.23 and it appears to be eyeing the 92.00 handle, while this propelled the euro to 1.1880 per dollar. [..]

Canadian employment report may boost loonie – Forex News Preview

Posted on April 7, 2021 at 12:50 pm GMT

The Canadian dollar has been underperforming against the US dollar over the last couple of days as investors are waiting for March’s employment report on Friday at 12:30 GMT. It’s noteworthy that the currency has been moving lower after policymakers pointed at the latest monetary policy meeting that the labor market is a long way from recovery, with employment still below pre-covid levels. Unemployment rate expected to tick lower In the previous release, the unemployment rate in Canada decreased to 8.2% in February, reaching the lowest level since March 2020. The consensus for March [..]

Technical Analysis – USDCAD retains bearish phase above 1.2500

Posted on April 6, 2021 at 9:32 am GMT

USDCAD is declining below the descending trend line and the simple moving averages (SMAs) after the pullback off 1.2645, however, the technical indicators are showing mixed signals. The RSI flattening in the negative territory, while the stochastic rebounded off the oversold zone, posting a bullish cross within the 20- and 40-period SMAs. A leg lower could meet the 1.2472 – 1.2500 support zone before taking the bears even lower towards the 1.2363 level, achieved in March 18. On the flip [..]

US Open Note – Dollar’s bullish trend is your friend; pound at 2-week highs

Posted on April 5, 2021 at 1:07 pm GMT

Dollar’s bullish run could see more extensions Stock and bond trading will resume at normal hours today in the US, as European traders will remain out of the office to celebrate Easter Monday. Following the stellar NFP release on Friday, the ISM non-Manufacturing PMI for March will probably extend its upward trajectory comfortably within the expansion area at 14:00 GMT, backing the progress outlined by the Markit PMI readings, which will also see their final revision a few minutes before [..]

US Open Note – NFP skyrockets, showing strong recovery in US; dollar turns green

Posted on April 2, 2021 at 1:00 pm GMT

Nonfarm payrolls surge by 916k; unemployment rate plunges Today’s nonfarm payrolls report is the biggest and only event of the day in the absence of any other data due to most markets being closed for Good Friday, with forex being the only notable market open. The report generated some volatility in the greenback after several months of muted impact. The US economy added 916k jobs in March from February’s job growth of 379k, beating expectations of a 660k increase, the strongest employment growth in seven months. The unemployment rate ticked [..]

Week Ahead – A battle of yields as RBA meets, Fed and ECB publish minutes

Posted on April 2, 2021 at 11:31 am GMT

With most markets closed on Monday for the Easter celebrations, it will be a fairly muted week as there’s not a lot on the agenda that can excite markets. The Reserve Bank of Australia’s policy decision will be the main highlight, but the minutes of the Federal Reserve’s and European Central Bank’s last meetings could stir some reaction too as policymakers tread water so as not to deepen the bond rout. Outside of the central bank sphere, employment numbers out [..]

Technical Analysis – USDCAD loses steam around falling line

Posted on April 2, 2021 at 6:29 am GMT

USDCAD is touching the descending trend line after the jump above it in the previous week. The price is returning lower after the pullback off the 1.2645 resistance, remaining within the 20- and 40-day simple moving averages (SMAs). The MACD is flattening near the zero level, while the RSI is ticking slightly up near the neutral-threshold of 50. Immediate resistance could be faced near the 1.2645 barrier and the Ichimoku cloud before travelling towards the 1.2750 level. An upside move [..]

Daily Market Comment – Biden infrastructure plan gets lukewarm reception, dollar steady

Posted on April 1, 2021 at 9:12 am GMT

Biden unveils $2.3 trillion in infrastructure spending, but much of it already priced in Stocks edge up after mixed day on Wall Street, Treasury yields hold steady Dollar maintains gains, euro weighed by French lockdown, aussie crumbles Gold gets quarter-end boost, oil eyes OPEC+ decision Biden announces tax-and-spend plans US President Joe Biden outlined his much-awaited plan on boosting infrastructure across America on Wednesday, unveiling a $2.25 trillion package that looks set to divide Congress. Biden’s ambitious policies include billions [..]

Technical Analysis – USDCAD steers above 200-MA and tackles latest highs

Posted on March 30, 2021 at 3:29 pm GMT

USDCAD has aggressively overcome the 200-period simple moving average (SMA) on the four-hour chart and positive momentum in the pair seems to be still growing, something also being reflected in the rising Ichimoku lines. The climbing 50-period SMA and its recent bullish crossover of the falling 100-period SMA is endorsing the upward move in the price. The short-term oscillators are reflecting mixed signals towards positive sentiment. The MACD, in the positive region, has nudged back above its red trigger line, [..]

US Open Note – Stocks pull back, dollar dominates, gold melts and oil falls

Posted on March 30, 2021 at 2:10 pm GMT

Stocks dip, dollar powers up, stimulus lifts yields The king dollar seems to be quite comfortable on the throne today as a risk-off tone is taking shape in markets. The dollar index soared today to 93.20, pulling with it the swissie to 0.9425 francs per dollar and the yen to 110.38 per dollar. The rise in Treasury yields due to anticipated new fiscal stimulus has hindered stocks and boosted the dollar. Further fuel to this dollar fire transpires from positive [..]

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