Technical Analysis – USDCAD slips into neutral shoes as bearish pace stalls

Posted on November 17, 2020 at 2:22 pm GMT

USDCAD seems to be adopting a neutral structure after finding a foothold on the falling 50-day simple moving average (SMA) at 1.3063, following its recent pullback from the longer-term SMAs. The price is currently pushing up against the mid-Bollinger band at 1.3109, while all SMAs maintain their bearish tone. The short-term oscillators at the moment convey mixed signals in directional momentum. The MACD is presently located at the zero mark, after falling below its trigger line in the positive section. [..]


Daily Market Comment – Vaccine rally eases but optimism prevails

Posted on November 17, 2020 at 9:47 am GMT

Vaccine hopes keep risk assets supported even as more US states clamp down Dow closes in on 30,000 as growth-to-value rotation accelerates Dollar steadier, euro shrugs off EU budget crisis, pound holds out for Brexit deal Oil moderates ahead of OPEC+ meeting as bleak short-term outlook curbs advances Moderna adds to vaccine euphoria The fight against the pandemic took another major step forward on Monday after Moderna became the latest pharmaceutical company to announce a vaccine for COVID-19. Moderna’s vaccine, [..]


Daily Market Comment – Vaccine optimism, upbeat data push stocks to new highs, dollar retreats

Posted on November 16, 2020 at 9:51 am GMT

Week gets off to positive start as vaccine, strong recovery and Biden victory drive optimism Global stocks surge as S&P 500 sets fresh record high, dollar extends slide Pound holds steady as Brexit talks enter critical phase Markets buoyed by vaccine progress and upbeat Asian data Rapid progress in the race for a COVID-19 vaccine more than offset the deepening gloom of the present virus reality as the latest wave shows no sign of waning. Expectations that last week’s breakthrough [..]


Week Ahead – Plenty of data but Covid, Trump and Brexit might steal the spotlight

Posted on November 13, 2020 at 1:40 pm GMT

After the US election and vaccine frenzy, economic data will move to the forefront in the coming week, with inflation and retail sales comprising the bulk of the releases. However, investors might be wrong to assume that the election and virus storms are over as Trump steps up his legal fight to overturn Joe Biden’s projected win and as several states in America head towards new lockdowns. If all that fails to produce enough drama, there is always Brexit waiting [..]


Technical Analysis – USDCAD shows chances for gains above falling trend line

Posted on November 13, 2020 at 7:56 am GMT

USDCAD is touching the falling trend line, which has been developing since April 21, despite the break to the upside at the end of October. The price is also flirting with the 20-day simple moving average (SMA) and the momentum indicators are confirming the upside bias. The RSI is heading towards the positive region, while the stochastic is approaching the overbought area. An extension above the descending line could find immediate resistance at the 40-day SMA and the lower surface [..]


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 12:55 pm 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 [..]

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