Technical Analysis – USDCAD stands near 33-month low; still strongly bearish

Posted on January 8, 2021 at 7:50 am GMT

USDCAD extended its losses and is currently trading not far above the 33-month low of 1.2620 hit on Wednesday. The bias in the very-short-term also looks bearish as indicated by the RSI which is standing in the negative area. However, the stochastic is indicating an oversold market as the %K and %D line are positively aligned and are both moving above the 20 level. Further declines may meet support around the multi-month trough of 1.2620. Not far below, support could [..]


Daily Market Comment – Familiar start to new year as dollar slips, stocks climb

Posted on January 4, 2021 at 10:00 am GMT

Trading in 2021 gets off to an optimistic start despite spiralling pandemic Dollar heads back towards 2½-year lows, bullish case for equities not over But plenty that can go wrong as Georgia runoffs, Electoral College count pose risks Cheery start to 2021 as markets pin hopes on vaccines The first trading day of the new year began pretty much how 2020 ended as investors chose to shrug off the worrying virus headlines to instead focus on the vaccine rollouts and [..]


Technical Analysis – USDCAD’s negative tempo diminishes; downside risks remain

Posted on December 29, 2020 at 2:02 pm GMT

USDCAD appears to be in the process of finding some footing on the 100-period simple moving average (SMA), after pulling back below the Ichimoku cloud and the 50-period SMA around 1.2818, in the four-hour chart. The strengthening 50-period SMA and the gradual softening downward tone of the 100- and 200-period SMAs, seem to be assisting the pair into a more sideways motion. However, the short-term oscillators are leaning towards the downside. The MACD and the red trigger line are in [..]


Daily Market Comment – Stocks cheer Trump’s stimulus U-turn; pound muted after ‘thin’ Brexit deal

Posted on December 28, 2020 at 9:40 am GMT

President Trump makes surprise U-turn on virus aid bill, averts government shutdown ‘Thin’ Brexit deal leaves many unanswered questions, pound unimpressed Equities buoyed, dollar pressured, gold jumps Relief as US stimulus and spending bill becomes law Trading for the last week of 2020 got off to a bullish start after President Trump unexpectedly signed into law the Covid-19 relief and funding bill late on Sunday after repeatedly refusing to do so. The $2.3 trillion package, which includes a fresh round [..]


Commodities outlook: can gold, oil and metals stay bullish in 2021?

Posted on December 24, 2020 at 2:46 pm GMT

It’s been an incredible year for commodities as the global pandemic has induced some historic moves in the prices of key commodities such as gold and oil. Growth commodities like oil and industrial metals, whose fortunes are more directly tied to economic performance, have rallied hard since March when markets were flooded with stimulus and look set to finish 2020 on a positive note. The safe-haven gold, which had been on the rise long before the pandemic, has not been [..]


Technical Analysis – USDCAD declines further below descending trend line

Posted on December 24, 2020 at 9:03 am GMT

USDCAD has been consolidating losses since the day it plunged from the more than four-year high of 1.4668. Currently, in the very-short-term, the price is hovering above the 32-month low of 1.2680 and is flirting with the 20-day simple moving average (SMA). The momentum indicators are suggesting that the sell-off may continue. The RSI is pointing down in the negative territory, while the stochastic posted a bearish crossover within its %K and %D lines. Additionally, in the Ichimoku indicator, the red Tenkan-sen line is flattening below the blue Kijun-sen [..]


Daily Market Comment – Virus scare eases but Trump’s stimulus threat tempers mood

Posted on December 23, 2020 at 9:39 am GMT

Equities on firmer footing as panic over new virus strain subsides further But another danger looms as President Trump unhappy with $900 billion stimulus bill Pound’s yo-yo ride continues as hopes rise for pre-Christmas Brexit deal Can Trump scupper Congress’ stimulus aid? Equities were on edge on Wednesday even as investors struck a cautiously optimistic tone ahead of the festive break. President Trump threatened late on Tuesday to block the $900 billion virus relief bill passed by both chambers of [..]


Technical Analysis – USDCAD steadfast, re-targets the 200-MA

Posted on December 22, 2020 at 3:59 pm GMT

USDCAD is headed to retest the 200-period simple moving average (SMA), after finding a foothold on the cloud’s upper surface and the 100-period SMA around 1.2819. The price bounce came after the 200-period SMA curbed the rally, which started from the near 32-month low of 1.2687. The upturn in the 50-period SMA and the slowing downward pace of the 100-period SMA suggest some improvements in positive sentiment, which may well possibly shove the pair into a sideways market below the [..]


Daily Market Comment – Dollar edges up amid the wait for elusive stimulus and Brexit deals

Posted on December 18, 2020 at 10:01 am GMT

Dollar selling eases as caution creeps in, but still set for big weekly losses The long wait for deals in Washington and Brussels takes edge off risk rally Stocks mixed, some volatility may lie ahead Dollar bears pause for breath as Congress in race against time The US dollar was attempting to end its week-long losing streak on Friday as doubts about how soon a stimulus deal in Congress and a Brexit trade pact between the UK and EU can [..]


Technical Analysis – USDCAD seeks a rebound but bears could be around the corner

Posted on December 18, 2020 at 8:05 am GMT

USDCAD’s sell-off is taking a breather around a new 32-month low of 1.2687, which is looking to be a suitable position for an upside reversal as the RSI and the Stochastics seem to have found a bottom in the oversold territory. The negative momentum in the MACD has also eased, backing the above narrative. On the upside though there are two key obstacles that the bulls should overcome first before they stage a notable rebound. The 1.2787 resistance is the [..]

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