USDCAD

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Daily Market Comment – Two deals in the making and a Fed dilemma

Posted on December 16, 2020 at 10:10 am GMT

US congressional leaders close in on a stimulus deal as talks continue Brexit chatter lifts pound amid rumours a trade deal is within grasp Dollar on the backfoot ahead of least predictable Fed meeting of the year Hopes rise for a deal in Congress Hopes are running high on Capitol Hill that a stimulus deal can be reached after reported progress on Tuesday. US political leaders are set to meet again later today as they inch closer to agreeing on [..]

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Technical Analysis – USDCAD’s bearish course stabilises around 32-month base

Posted on December 15, 2020 at 10:05 am GMT

USDCAD appears to have become moderately static after logging a near 32-month low of 1.2705 and forming a base around the 1.2700 handle. The flattening Ichimoku lines are backing this minor pause in the downside scenario, reflecting a condition of paused directional momentum. However, the pair’s predominant bearish tone continues to be aided by the downward sloping simple moving averages (SMAs). The short-term oscillators also display a conflicting picture in momentum. The MACD, in the negative region, is above its [..]

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Daily Market Comment – Dollar steadies amid fresh virus restrictions; stimulus and Brexit talks linger

Posted on December 15, 2020 at 9:36 am GMT

Tighter virus restrictions dampen vaccine optimism; dollar halts slide, stocks struggle US stimulus talks gain momentum but still no agreement London lockdown knocks pound off its Brexit perch as ‘narrow path’ to deal eyed New virus curbs weigh on sentiment Optimism that an end to the global pandemic is within sight was unable to override the darkening clouds on the immediate horizon as Covid restrictions are on the up again. After Germany’s news that it is to enter a hard [..]

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Technical Analysis – USDCAD’s bearish bias overpowers push higher

Posted on December 11, 2020 at 10:31 am GMT

USDCAD is finding some footing around the 1.2700 handle, while prevailing negative pressures are reinforcing downside risks. The dipping 200-day simple moving average (SMA) and the diving 50- and 100-day SMAs are strengthening the bearish structure. Additionally, the descending Ichimoku lines are further dampening the pair’s picture. The short-term oscillators presently reflect mixed signals in directional momentum. The MACD, in the negative region, is declining below its falling red trigger line. However, the RSI is pointing upwards and is trying [..]

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Technical Analysis – USDCAD’s bearish bias overpowers, despite push higher

Posted on December 11, 2020 at 10:08 am GMT

USDCAD is finding some footing around the 1.2700 handle, while prevailing negative pressures are reinforcing downside risks. The dipping 200-day simple moving average (SMA) and the diving 50- and 100-day SMAs are strengthening the bearish structure. Additionally, the descending Ichimoku lines are further dampening the pairs’ existing picture. The short-term oscillators presently are reflecting mixed signals in directional momentum. The MACD, in the negative region, is declining below its falling red trigger line. However, the RSI is pointing upwards and [..]

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Bank of Canada policy preview: The calm after the storm – Forex News Preview

Posted on December 8, 2020 at 3:54 pm GMT

The Bank of Canada will hold its last policy meeting before the year end on Wednesday at 14:00 GMT and markets are almost certain that no shift will take place as growing post-Covid prospects are outweighing the current virus resurgence. Should the Bank adopt a more optimistic tone, the Canadian dollar may seek fresh highs. No pressure to ease policy Markets are in a festive mood, celebrating the promising vaccine news that is highly projected to end the health crisis and [..]

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Technical Analysis – USDCAD pauses descent but maintains bearish tone

Posted on December 8, 2020 at 2:06 pm GMT

USDCAD is trading around the 1.2782 trough, aggressively formed in October of 2018, which is freezing its negative price action as it hits a 30½-month low of 1.2767. Nonetheless, the dictating simple moving averages (SMAs) are endorsing the predominant bearish direction. However, currently the short-term oscillators are displaying strengthening positive momentum. The MACD, some distance below zero, is rising above its red trigger line, while the RSI is climbing above the 30 threshold. Furthermore, the stochastic oscillator %K line has [..]

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After the vaccine boost, what’s next for the commodity dollars? – Special Report

Posted on December 4, 2020 at 1:54 pm GMT

It’s been a roller-coaster year for the commodity-linked dollars of Canada, Australia and New Zealand as the global pandemic has wreaked havoc on international trade and on commodity prices – the lifelines of the three economies. But as countries around the world make progress towards recovering from the once-in-a-generation crisis, Australia and New Zealand seem poised to bounce back the quickest. Canada’s recovery may be slightly shakier due to its over dependency on the United States and oil exports. But [..]

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Week Ahead – Can the ECB clip the euro’s wings?

Posted on December 4, 2020 at 12:54 pm GMT

It will be another action-packed week in global markets, with two central bank meetings, a potential US stimulus agreement, and a flurry of economic data. The European Central Bank is certain to shower investors with more liquidity. Yet, this move has already been telegraphed and priced in, so if policymakers want to sink the supercharged euro, they need to over-deliver. The political arena will continue to excite as well, with the Brexit talks now in their final stage. All markets [..]

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Technical Analysis – USDCAD’s breakdown revives March downtrend

Posted on December 4, 2020 at 8:57 am GMT

USDCAD brought its downward pattern from the 1.4667 peak back into play after breaching the 1.2980 floor and the base of a rectangle, which kept the market in a sideways move during the past three months. In its third week of losses, the price is currently trading around a new 27-month low of 1.2846 and comfortably below its simple moving averages (SMA) as the momentum indicators continue to flash a bearish bias. Despite having ticked below their oversold levels, the RSI and the Stochastics [..]

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