Daily Market Comment – Dollar sinks again on rising optimism but stock rally cools

Posted on December 3, 2020 at 10:03 am GMT

Dollar slide deepens as stimulus and vaccine hopes drive positive theme But vaccine-led rally may have run its course in equity markets as stocks mixed today Tense Brexit talks keep pound on edge, euro roars past $1.21 Oil slips ahead of OPEC+ decision; gold extends rebound The US dollar slipped further on Thursday, slumping to fresh 31-month lows against a basket of currencies, as investors dumped the world’s reserve currency in the face of increased optimism about the global economic [..]


Daily Market Comment – Stimulus, vaccine euphoria push stocks to new highs, dollar sags

Posted on December 2, 2020 at 9:52 am GMT

US stimulus hopes revived after fresh efforts to kickstart talks Vaccine rollouts edge closer after UK approval Stocks scale new heights, but signs of exhausted rally Dollar slump deepens even as Treasury yields jump Brexit jitters take steam out of pound rally Optimism soars as stimulus talks back on Markets had plenty to cheer about on Wednesday as reports of renewed efforts by US lawmakers to kickstart the stalled stimulus talks were followed by news that Pfizer-BioNTech’s vaccine has won [..]


Canada to add modest jobs, loonie may not abandon its bullish trend yet – Forex News Preview

Posted on December 2, 2020 at 9:24 am GMT

In addition to GDP readings, Canada will publish employment data for the month of November on Friday at 12:30 GMT, providing its latest update on the health of its export-oriented economy. Although the numbers may not be exciting, they are not expected to darken the economic outlook either, likely helping the Canadian dollar to maintain balance against its US counterpart.   Q4 could send Canada to negative area The reopening of the economy from the initial lockdown in the third [..]


Technical Analysis – USDCAD’s negative bias struggles near multi-year floor  

Posted on December 1, 2020 at 10:31 am GMT

USDCAD is finding difficulty in returning under the lower Bollinger band around 1.2949, despite the picture remaining largely to the downside. The simple moving averages (SMAs) are maintaining their controlling bearish demeanour, while conflicting signals in near-term momentum are exhibited within the short-term oscillators. The MACD, in the negative region, has stepped marginally above its red signal line, while the RSI is pointing lower in bearish territory. That said, the gloomy tone of the stochastic oscillator is endorsing further losses [..]


Daily Market Comment – Stocks resume gains, dollar whipsaws as optimism returns

Posted on December 1, 2020 at 10:01 am GMT

Asian recovery gathers speed, pulling global stocks higher Dollar bounces higher, then falls as temporary growth jitters subside Powell offers no policy clues in prepared remarks as US data underwhelms Pound spikes above $1.34 as Brexit deal speculation heats up Recovery back on track, at least in Asia Strong manufacturing PMIs out of Asian powerhouses lifted the market mood on Tuesday, reversing some of the gloom that set in yesterday from soft US indicators. A quickening in the manufacturing revival [..]


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 9:50 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 [..]

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