All Articles Tagged - USDCAD

US Open Note – Oil recovers; US stocks and dollar ease

Posted on March 29, 2021 at 12:46 pm GMT

Oil rises after negative open The focus of the day is the modest recovery in oil, which is flirting with the $61/per barrel level, after the episode in the Suez Canal. There is no clarity yet of when traffic in the canal will restart. At least 450 ships are thought to be waiting or heading towards the waterway. Traders may next turn their attention on the OPEC+ meeting later this week when major producers are expected to keep output levels [..]

Week Ahead – US jobs report to headline quiet Easter week

Posted on March 26, 2021 at 12:33 pm GMT

As markets reassess how soon European economies will be able to reopen, the March nonfarm payrolls report out of the United States will likely highlight the widening growth disparity between the two regions. The expected strong US data could help maintain the dollar’s upward drive but ultimately, its path will be determined by whether or not risk appetite bounces back. Risk sentiment has been fragile of late as an increasingly bitter spat between the UK and EU over vaccine exports [..]

Daily Market Comment – Equities bounce back, dollar holds firm, euro steadier

Posted on March 26, 2021 at 10:14 am GMT

Mood brightens after Wall Street posts late rebound but risks from quarter-end flows Dollar slightly off highs, euro barely recovers as EU leaders clash over vaccines Aussie and kiwi lead gainers, oil jumps again as Suez Canal blockage could last weeks Stocks head higher as traders focus on US recovery World stocks look set to end a turbulent week on a more positive note after upbeat news on the US economy fuelled a late rally on Wall Street on Thursday. [..]

Technical Analysis – USDCAD in battle with long-term resistance trendline

Posted on March 26, 2021 at 8:26 am GMT

USDCAD is set to close with moderate gains for the second consecutive week, though questions are being raised about whether the latest upside correction can see a further continuation in the coming sessions as the pair is currently battling with the one-year-old resistance trendline. Not far above, the 50-day simple moving average (SMA) and the lower boundary of the Ichimoku cloud could enhance that wall as they did early this month. Although the RSI and the MACD have shown some [..]

US Open Note – European markets falter; US flash Markit PMIs & Powell’s testimony ahead

Posted on March 24, 2021 at 1:25 pm GMT

Frustration with AstraZeneca continues Wednesday’s European session was not very productive for stocks and currencies, with the euro and the pound remaining negatively charged against the dollar despite the upbeat flash Markit PMI readings for March. The blames go to the troubling vaccination program in the Eurozone, which turned even uglier after AstraZeneca’s injections were blamed for causing blood clots in several countries. Although the EU lifted its suspension of the vaccine, frustration with AstraZeneca did not cease as Brussels [..]

Daily Market Comment – Stocks falter, dollar surges amid lockdown gloom, US tax hike talk

Posted on March 24, 2021 at 10:08 am GMT

Risk aversion enters full gear as Yellen’s tax hike signals and European lockdowns sap sentiment Dollar climbs to 4-month high, yen surges too, bond yields slip further amid flight to safety Stocks slide deeper into the red but Wall Street futures point to a brighter start today Mood sours further on lockdown and tax hike fears Traders continued to rush into safe havens while dumping risk assets on Wednesday as a synchronized global recovery looked increasingly doubtful, prompting many investors [..]

US Open Note – Stocks and gold steady, dollar reveals brawn, oil slips

Posted on March 23, 2021 at 2:08 pm GMT

Stocks find footing, dollar takes throne, Chair Powell eyed Stocks halted earlier Asian losses and are stabilizing somewhat, emanating subdued risk sentiment, ahead of Chair Powell’s forthcoming testimony and a number of FOMC member speeches. Markets remain manoeuvred by rising yields and COVID-19 related-barriers and worries, as the inflation narrative has taken the back seat. Nevertheless, the dollar’s attractiveness may soon elevate further, if President Biden’s administration manages to bring to fruition another $3 trillion of infrastructure spending. The dollar [..]

Daily Market Comment – European lockdowns weigh on stocks, lift dollar; Powell testimony eyed

Posted on March 23, 2021 at 9:59 am GMT

New lockdowns in Europe dampen risk sentiment, bolster dollar and yen Stocks slip back but rumours of massive US infrastructure package lend support Kiwi slumps on steps to cool house prices, oil tumbles too, euro and pound muted Dollar up amid fresh lockdown worries Renewed fears about extended lockdowns in Europe are undermining risk assets again as a summer reopening of the continent’s economy is looking increasingly unlikely. Germany became the latest country today to delay a planned easing of [..]

Technical Analysis – USDCAD bulls contest concrete bearish bias

Posted on March 23, 2021 at 9:16 am GMT

USDCAD is heading towards the 100-period simple moving average (SMA), following an impressive performance after a stable foothold at the multi-year low of 1.2364, which extended above the 50-period SMA and is moving higher in the Ichimoku cloud. The Ichimoku lines are backing positive price action, while the guiding SMAs are conveying a reigning bearish structure. Currently the short-term oscillators are suggesting growing positive movement ahead of tough upside obstacles. The MACD, in the positive region, is climbing above its [..]

US Open Note – Dollar steady, US futures struggle and euro slips

Posted on March 19, 2021 at 1:29 pm GMT

Dollar in horizontal mode; euro below 1.19 A quiet day is on the cards, as reflected in forex and stock markets, with the US dollar moving slightly lower versus the Japanese yen below 109.00, while the dollar index is hovering above the 50- and 100-day simple moving averages (SMAs). Euro/dollar has slipped below the 1.1900 handle and is trying to break to the downside the nine-month ascending channel. Pound/dollar is moving with weak momentum while euro/pound is climbing above the [..]

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