All Articles Tagged - USDCAD

Technical Analysis – USDCAD crawls near 20-period SMA; continues to recover

Posted on November 10, 2020 at 2:40 pm GMT

USDCAD has been nicely recovering the downfall followed that took place in late October, crawling near the 20-period simple moving average and back into 1.3000 territory. From a technical perspective, the very short-term bias is viewed as positive, reflected by the improvement in the RSI and the MACD. The increasing distance between the red Tenkan-sen and blue Kijun-sen lines is another bullish signal. Yet only a decisive close above the resistance of 1.3108, can boost buying pressure towards the 200-period [..]

Daily Market Comment – Wall Street charges higher on vaccine news, but bond market ruins the party

Posted on November 10, 2020 at 9:18 am GMT

US stock market hits new record after Pfizer vaccine announcement Crude oil and commodity currencies soar, yen crumbles alongside gold However, the party doesn’t last – stocks give up most gains, dollar reverses higher RBNZ meeting coming up, vaccine and stimulus news remain in focus Pfizer vaccine news catapult markets to new records Christmas came early for investors this year, with global equities charging higher and safe havens falling apart after drug maker Pfizer announced that the coronavirus vaccine it [..]

Technical Analysis – USDCAD seeks support at the bottom of a bearish rectangle

Posted on November 6, 2020 at 9:10 am GMT

USDCAD flipped last week’s gains after the rejection near 1.3389, diving back below its shorter-term simple moving averages (SMAs) and towards the key support of 1.3040, last seen in early September. The lower Bollinger band is also restraining the price around that border, marking the location a potential turning point as the Stochastics head for a bullish cross below their 20 oversold level. It is also worthy to note that the sideways move between the 1.3389 and 1.3040 boundaries could [..]

Loonie stable ahead of potentially positive employment report – Forex News Preview

Posted on November 5, 2020 at 1:35 pm GMT

The Canadian economy is in a period of a great uncertainty. It’s not too surprising therefore that the Canadian dollar has been moving sideways against the US dollar over the last two months. Investors are waiting for the employment report on Friday at 1230 GMT for fresh clues on the economy. Stronger figures in employment may provide some relief to the domestic currency, helping it surpass again the descending trend line. Unemployment rate is expected to tick even lower In the previous release, the unemployment rate in Canada decreased [..]

Technical Analysis – USDCAD plummets towards 1.3140; bears have control

Posted on November 3, 2020 at 11:03 am GMT

USDCAD plummeted towards the 1.3140 support level today with strong force, taking the momentum indicators lower. The MACD fell beneath its zero line and is distancing from its trigger line, while the RSI is approaching the oversold territory. Moreover, the red Tenkan-sen line dropped beneath the blue Kijun-sen line, shifting the bias to overwhelmingly negative. If the pair weakens further, the 1.3108 could provide the next support at the 1.3108 level. Breaching this trough, the next target is the 1.3080 barrier, taken from the low on [..]

Technical Analysis – USDCAD struggles as advances restricted by 100-MA

Posted on October 30, 2020 at 9:10 am GMT

USDCAD appears to be developing a neutral-to-bearish pattern as its recent progress from 1.3080 seems is being supressed by the 100-day simple moving average (SMA). The stifled Ichimoku lines and the dwindling downward pace of the 50- and 100-day SMAs are aiding this view. The short-term oscillators currently reflect improving positive momentum. The MACD is strengthening above its red trigger and zero line, while the RSI is making attempts to sustain a positive trajectory towards the 70 level. However, the [..]

Daily Market Comment – Equities back in the meat grinder after big tech earnings

Posted on October 30, 2020 at 8:40 am GMT

Stocks continue to melt down as big tech results underwhelm Some de-risking ahead of the election may be contributing too Dollar not really participating in risk-off Friday, but the yen is Eurozone inflation data today could shape ECB easing expectations ‘Dead cat’ bounce fades as big tech underwhelms Global markets breathed a sigh of relief on Thursday as risk appetite returned to some degree, but it was not meant to last, with the meltdown in equities resuming today on the [..]

Daily Market Comment – Stocks tank, yen shines amid lockdown blues; ECB coming up

Posted on October 29, 2020 at 9:33 am GMT

Panic selling in equities as France and Germany announce new virus-fighting measures Yen and dollar surge amid the turmoil, commodity FX and gold hammered Markets have stabilized on Thursday, but the calm seems fragile Today: ECB policy decision and US third-quarter GDP Equities fall apart, haven currencies shine Global markets buckled under the weight of the new shutdowns in Europe yesterday, with the newfound uncertainty around the US election making matters worse. The straw that finally broke the camel’s back [..]

Daily Market Comment – Euro under fire as new lockdowns loom

Posted on October 28, 2020 at 9:23 am GMT

Euro on the chopping block ahead of potential French lockdown Markets in a sour mood overall as Trump pulls ahead in Florida polls Stocks under heavy pressure, defensive yen shines Coming up: Central bank decisions in Canada and Japan Euro finally wakes up to the risks The single currency is taking heavy fire on Wednesday and European equity markets are a sea of red, as investors slash their exposure to euro-denominated assets ahead of a potential lockdown announcement in France. [..]

Bank of Canada decision: Waiting it out – Forex News Preview

Posted on October 27, 2020 at 3:52 pm GMT

The BoC will wrap up its meeting at 14:00 GMT Wednesday. The domestic economy is doing well, and even though covid infections have risen lately, they remain far lower than those in other countries. This suggests the Bank is unlikely to act, especially since policymakers will want to evaluate the outcome of the US election and the evolution in local infections before deploying more stimulus. The loonie could spike slightly lower if the BoC strikes a cautious tone, but overall, [..]

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