USDCAD

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Daily Market Comment – Equities back in the meat grinder after big tech earnings

Posted on October 30, 2020 at 11:19 am GMT

Stocks continue to melt down as big tech results underwhelm Some de-risking ahead of the election may be contributing too Dollar not really participating in risk-off Friday, but the yen is Eurozone inflation data today could shape ECB easing expectations ‘Dead cat’ bounce fades as big tech underwhelms Global markets breathed a sigh of relief on Thursday as risk appetite returned to some degree, but it was not meant to last, with the meltdown in equities resuming today on the [..]

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Technical Analysis – USDCAD struggles as advances restricted by 100-MA

Posted on October 30, 2020 at 9:11 am GMT

USDCAD appears to be developing a neutral-to-bearish pattern as its recent progress from 1.3080 seems is being supressed by the 100-day simple moving average (SMA).  The stifled Ichimoku lines and the dwindling downward pace of the 50- and 100-day SMAs are aiding this view. The short-term oscillators currently reflect improving positive momentum. The MACD is strengthening above its red trigger and zero line, while the RSI is making attempts to sustain a positive trajectory towards the 70 level. However, the [..]

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Daily Market Comment – Stocks tank, yen shines amid lockdown blues; ECB coming up

Posted on October 29, 2020 at 10:09 am GMT

Panic selling in equities as France and Germany announce new virus-fighting measures Yen and dollar surge amid the turmoil, commodity FX and gold hammered Markets have stabilized on Thursday, but the calm seems fragile Today: ECB policy decision, German inflation, US third-quarter GDP Equities fall apart, haven currencies shine Global markets buckled under the weight of the new shutdowns in Europe yesterday, with the newfound uncertainty around the US election making matters worse. The straw that finally broke the camel’s [..]

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Bank of Canada decision: Waiting it out – Forex News Preview

Posted on October 27, 2020 at 4:00 pm GMT

The BoC will wrap up its meeting at 14:00 GMT Wednesday. The domestic economy is doing well, and even though covid infections have risen lately, they remain far lower than those in other countries. This suggests the Bank is unlikely to act, especially since policymakers will want to evaluate the outcome of the US election and the evolution in local infections before deploying more stimulus. The loonie could spike slightly lower if the BoC strikes a cautious tone, but overall, [..]

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Daily Market Comment – Investors play defense as global cases surge, US election tightens

Posted on October 26, 2020 at 10:03 am GMT

Markets on red alert as US infections hit grim records, Europe adopts new measures Meanwhile, election polls have tightened – ‘Blue wave’ no longer as certain Global stocks retreat, oil hammered, dollar inches higher Big week ahead: three central bank meetings, key GDP data, tech earnings Global cases soar, investors cut risk exposure Market participants are playing some defense on Monday, slashing their exposure to riskier assets like stocks and rotating into the safety of sovereign bonds, amid a blitz [..]

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Technical Analysis – USDCAD stops above 1.31; still bearish in long term

Posted on October 23, 2020 at 6:45 am GMT

USDCAD is continuing its downside movement in the longer timeframe after it found resistance around the 1.3420 barrier and the upper surface of the Ichimoku cloud once again. In the very short-term, the pair has been developing in a horizontal trajectory over the last couple of weeks, trading below the 20- and 40-day simple moving average (SMA). In the technical picture, the RSI indicator is pointing slightly higher, while the stochastic is heading north after the bullish cross within the [..]

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Daily Market Comment – Dollar firms, stocks slip amid US stimulus doubts

Posted on October 22, 2020 at 8:49 am GMT

Talks on US stimulus package continue but deal in doubt after Trump slams Democrats Dollar regains some footing, equities drift lower as final presidential debate eyed Brexit progress supports euro and pound as virus cases spiral out of control Stimulus setback after Trump throws a tantrum Hopes for a quick deal on a new coronavirus aid package in the United States have faded somewhat as negotiations between the White House and the Democrats drag on. Disagreement over funding for state [..]

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Technical Analysis – USDCAD’s plunge hits a snag; negative outlook intact  

Posted on October 21, 2020 at 1:53 pm GMT

USDCAD seems to have stalled its negative dive under the 50-period simple moving average (SMA) as the pair improves slightly from the 1.3075 – 1.3086 support section. Nonetheless, the falling 50- and 100-period SMAs are promoting extra price deterioration, while the bearish crossover of the 200-period SMA by the 100-period one may boost the broader negative structure. However, the short-term oscillators reflect improvements in positive momentum. The MACD, in the negative region, is slowing below its red trigger line, while [..]

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Loonie may edge higher after Canadian CPI and better retail sales – Forex News Preview

Posted on October 20, 2020 at 12:27 pm GMT

Canada will publish its inflation data for the month of September at 1230 GMT on Wednesday together with retail sales figures for August. The recovery in retail sales has been V-shaped, with sales in June and July rebounding and surpassing February’s pre-pandemic levels. There is a critical juncture in the economic recovery from Covid-19 that implies more attention is needed on CPI changes as the loonie continues to head north. Will CPI and retail sales figures help the loonie? The projection for the monthly CPI is for it to remain negative at [..]

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Technical Analysis – USDCAD’s negative bias stalls; positive price action develops

Posted on October 16, 2020 at 6:46 am GMT

USDCAD has pushed over the 50-day simple moving average (SMA) of 1.3204 and is ready to face the mid-Bollinger band at 1.3267, following a recent bounce off the lower Bollinger band. The gliding 50- and 100-day SMAs appear to be escorting the price into a neutral-to-bearish structure. Nonetheless, the short-term oscillators are continuing to exhibit improving momentum. The MACD, marginally below its red trigger line and zero mark, looks set to return above them, sponsoring extra gains in the pair. [..]

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