All Articles Tagged - USDCAD

Technical Analysis – USDCAD capped by 100-day SMA; negative signals dictate

Posted on October 9, 2020 at 8:11 am GMT

USDCAD recently redirected back under the mid-Bollinger band and the 50-day simple moving average (SMA), after its progress was curbed by the 100-day SMA and upper Bollinger band. The slipping 50- and 100-day SMAs continue to back the prevailing bearish picture. The short-term oscillators mirror the increase in negative momentum, suggesting further weakening in price. The MACD, in the positive region, has slipped below its red signal line and is nearing its zero mark, while the downward-sloping RSI continues falling [..]

Canada’s jobs report to defy second wave of Covid-19– Forex News Preview

Posted on October 7, 2020 at 2:44 pm GMT

The Canadian dollar is gaining some ground against the US dollar with weak momentum as investors are waiting for the employment report on Friday at 1230 GMT. It’s noteworthy that the currency is moving up despite recording the highest single-day increase in Covid-19 cases since the pandemic began, on Monday. Stronger figures in employment may provide some relief to the domestic currency, helping it surpass the two-week high. A reduction in unemployment is expected In the previous release, the unemployment rate in Canada decreased to 10.2% in August from 10.9% [..]

Technical Analysis – USDCAD hits 2-week low and returns back above

Posted on October 6, 2020 at 7:28 am GMT

USDCAD is pointing upwards after the strong selling interest from the two-month high around 1.3418. The pair surpassed the 38.2% Fibonacci retracement level of the upward wave from 1.2993 to 1.3418 at 1.3255. The momentum indicators are also endorsing a bullish bias in the very short-term. The stochastic oscillator posted a bullish crossover within its %K and %D lines in the oversold zone, while the RSI is heading north in the negative territory. Immediate resistance is coming from the 20-period [..]

Week Ahead – Fed, ECB minutes to steer markets through brewing election and virus storm

Posted on October 2, 2020 at 10:02 am GMT

September turned out to be a rough month for equities but a good one for haven currencies as reality caught up with a runaway market. As we head into October, that heightened sense of caution looks set to prevail for a while longer amid intensifying anxiety about the US election and doubts about the sustainability of the global recovery. With not a lot on the economic agenda for the next seven days, jittery traders will be hoping that policymakers on [..]

Technical Analysis – USDCAD ticks up after downfall from descending line

Posted on October 2, 2020 at 7:40 am GMT

USDCAD is pointing slightly up after the strong downfall from the upper surface of the Ichimoku cloud and the falling trend line around 1.3420. The 20- and 40-day simple moving averages (SMAs) created a bullish crossover near the 1.3250 barrier suggesting an upside pullback in the short-term. The MACD oscillator is flattening in the positive territory, while the RSI is ticking up near 50. The negative bias in the medium-term is still in place and if there is a successful [..]

Daily Market Comment – Stimulus package hopes propel stocks higher, sink dollar

Posted on October 1, 2020 at 8:41 am GMT

Stock markets erase early losses, close higher on hopes of a US fiscal deal Dollar sinks on concerns government deficit will blow up But euro falls even more as ECB teases Fed-style inflation approach Stimulus talks will continue to drive markets today, along with key data Wall Street stages epic comeback Global markets continue to dance to the tune of the US stimulus talks. Wall Street erased some early losses to close substantially higher on Wednesday as negotiators took another [..]

Technical Analysis – USDCAD edges marginally up as progress remains capped

Posted on September 29, 2020 at 1:26 pm GMT

USDCAD has been nicely hovering above the 1.3350 support level but is capped by the 20-day simple moving average (SMA). From a technical perspective, the short-term bias is viewed as positive, reflected by the improvement in the RSI and the stochastic. Yet only a decisive close above the nearby resistance of 1.3418 can boost buying pressure towards the 1.3460 barrier. Stretching further, the bulls may next stop near the 1.3500 psychological mark. In the event of a downside reversal below 1.3350, the 23.6% [..]

Daily Market Comment – Stocks dive again as recovery in doubt; dollar stands tall

Posted on September 24, 2020 at 9:10 am GMT

Global equities follow Wall Street lower as fears of major winter wave mount Fed’s call for more fiscal stimulus falls on deaf ears Dollar trounces rivals, commodity currencies sink Stocks slump as optimism fades Rising pessimism about the prospect of a swift economic recovery from the pandemic dragged down equities on Thursday. The rout in global stock markets follows a sharp slide on Wall Street on Wednesday when the Nasdaq Composite plunged by 3% and the S&P 500 lost 2.4%. [..]

Technical Analysis – USDCAD rallies above 200-MA; positive signals emerge

Posted on September 22, 2020 at 9:14 am GMT

USDCAD is confronting the 1.3346 to 1.3360 resistance zone after the pair commenced actions to shift the short-term bias to positive, by rocketing above the 200-period simple moving average (SMA) and the previous spikes that tried to pierce above it, in the beginning of September. The upward sloping Ichimoku lines are assisting the climb, while the rising 50- and 100-period SMAs and the fresh bullish crossover of the 200-period SMA may reinforce the ascent. The short-term oscillators suggest improvements in [..]

Daily Market Comment – BoE clips pound’s wings, equities brace for turbulence

Posted on September 18, 2020 at 8:12 am GMT

Sterling capsizes after BoE opens door to negative rates Fed disappointment torments equities, but dollar doesn’t get the memo Market turmoil might continue today amid major option expiries Crude oil stages heroic comeback on supply hopes Bank of England does another policy U-turn The BoE injected another dose of volatility into British assets yesterday after it announced that it is studying the implementation of negative interest rates, just six weeks after it downplayed this policy as ineffective. It seems that [..]

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