All Articles Tagged - USDCAD

Week Ahead – Data overload may spoil vaccine euphoria; NFP to lead the pack

Posted on November 27, 2020 at 1:14 pm GMT

It’s NFP week and as investors battle the vaccine optimism against the short-term gloom, the latest jobs report from the United States may determine which way sentiment sways next. Canada will also publish jobs numbers along with its Q3 GDP print. The Reserve Bank of Australia, meanwhile, will kick off the December round of central bank meetings. In Europe, flash inflation figures will be watched in anticipation of the ECB’s next move. But amidst the busy economic calendar, it’s Brexit [..]

Canada’s GDP to bounce back in Q3 but loonie still trails peers – Forex News Preview

Posted on November 27, 2020 at 10:22 am GMT

Canada will post its third quarter GDP figures on Tuesday (13:30 GMT) and like other advanced economies that have reported before it, the North American economy is expected to have rebounded sharply in the summer months. However, with daily coronavirus cases accelerating lately in Canada too, the recovery may have already started to lose steam. Yet, vaccine optimism is bolstering the local dollar, even as it lags behind its aussie and kiwi cousins in the rally against the US dollar. [..]

Technical Analysis – USDCAD stands around often tested 1.2993; bearish bias

Posted on November 27, 2020 at 8:00 am GMT

USDCAD has found significant support at the 1.2993 barrier over the last three months, posting a negative spike around 1.2930, which is a new two-year low on November 9. The RSI indicator is still moving sideways in the negative territory, while the stochastic oscillator is turning higher, ready to complete a bullish crossover within its %K and %D lines in the oversold zone. The price has been remaining in a descending tendency since April 21 and the next support would come [..]

Technical Analysis – USDCAD comes to a standstill as momentum fades

Posted on November 20, 2020 at 7:06 am GMT

USDCAD’s dictating bearish picture seems to be taking a breather after a bounce off a newly formed 10-month low of 1.2927. The slowing bearish pace of the 50- and 100-day simple moving averages (SMAs) and the flattening out in the 50-day SMA are assisting the stalled, negatively-skewed structure. The short-term oscillators currently display conflicting signals in directional momentum. The MACD, in the negative region, is above its red trigger line, while the stochastic oscillator maintains a negative bearing. That said, [..]

Daily Market Comment – Growth worries dent vaccine optimism but can’t stem dollar slide

Posted on November 18, 2020 at 9:49 am GMT

Stocks mostly negative after disappointing US retail sales underline near-term risks Surge in US virus cases and fresh outbreaks in Japan, Australia unnerve markets Cautious tone unable to lift dollar as slump in Treasury yields weighs Kiwi outperforms again, pound is close behind amid hopes of a Brexit breakthrough Renewed growth jitters put brakes on vaccine rally The vaccine euphoria suffered a knockback after stalling retail sales numbers out of the United States yesterday highlighted the short-term challenges policymakers still [..]

Technical Analysis – USDCAD slips into neutral shoes as bearish pace stalls

Posted on November 17, 2020 at 2:22 pm GMT

USDCAD seems to be adopting a neutral structure after finding a foothold on the falling 50-day simple moving average (SMA) at 1.3063, following its recent pullback from the longer-term SMAs. The price is currently pushing up against the mid-Bollinger band at 1.3109, while all SMAs maintain their bearish tone. The short-term oscillators at the moment convey mixed signals in directional momentum. The MACD is presently located at the zero mark, after falling below its trigger line in the positive section. [..]

Daily Market Comment – Vaccine rally eases but optimism prevails

Posted on November 17, 2020 at 9:47 am GMT

Vaccine hopes keep risk assets supported even as more US states clamp down Dow closes in on 30,000 as growth-to-value rotation accelerates Dollar steadier, euro shrugs off EU budget crisis, pound holds out for Brexit deal Oil moderates ahead of OPEC+ meeting as bleak short-term outlook curbs advances Moderna adds to vaccine euphoria The fight against the pandemic took another major step forward on Monday after Moderna became the latest pharmaceutical company to announce a vaccine for COVID-19. Moderna’s vaccine, [..]

Daily Market Comment – Vaccine optimism, upbeat data push stocks to new highs, dollar retreats

Posted on November 16, 2020 at 9:51 am GMT

Week gets off to positive start as vaccine, strong recovery and Biden victory drive optimism Global stocks surge as S&P 500 sets fresh record high, dollar extends slide Pound holds steady as Brexit talks enter critical phase Markets buoyed by vaccine progress and upbeat Asian data Rapid progress in the race for a COVID-19 vaccine more than offset the deepening gloom of the present virus reality as the latest wave shows no sign of waning. Expectations that last week’s breakthrough [..]

Week Ahead – Plenty of data but Covid, Trump and Brexit might steal the spotlight

Posted on November 13, 2020 at 1:40 pm GMT

After the US election and vaccine frenzy, economic data will move to the forefront in the coming week, with inflation and retail sales comprising the bulk of the releases. However, investors might be wrong to assume that the election and virus storms are over as Trump steps up his legal fight to overturn Joe Biden’s projected win and as several states in America head towards new lockdowns. If all that fails to produce enough drama, there is always Brexit waiting [..]

Technical Analysis – USDCAD shows chances for gains above falling trend line

Posted on November 13, 2020 at 7:56 am GMT

USDCAD is touching the falling trend line, which has been developing since April 21, despite the break to the upside at the end of October. The price is also flirting with the 20-day simple moving average (SMA) and the momentum indicators are confirming the upside bias. The RSI is heading towards the positive region, while the stochastic is approaching the overbought area. An extension above the descending line could find immediate resistance at the 40-day SMA and the lower surface [..]

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