USDCAD climbed above the short-term descending channel earlier today in the four-hour chart but failed to jump above the 1.2780 resistance, returning lower. The directionless Ichimoku lines and the steadied cloud further reflect the weakness in the price momentum. Meanwhile, the RSI is heading south but is still holding comfortably above its neutral threshold of 50, whereas the Stochastic is moving higher after the bullish cross within its %K and %D lines, endorsing the rebound off 1.2590. Initial support to downside movements could commence within the zone of the cloud, where the 40- [..]
Equity rally loses steam after strong weekly gains amid renewed virus jitters Talk of Biden tax increases also undermines risk appetite, lifting the dollar Poor data pull down pound and aussie but euro fares better after ECB stays put Virus outbreaks, recession fears cap risk rally The stimulus-led stock market rally faltered on Friday as investors paused for breath after sharp gains in a week when US President Joe Biden formally took office, reaffirming expectations of higher spending and borrowing [..]
USDCAD stretched its March downtrend to a fresh 33-month low of 1.2588 on Thursday before completing the day with a bullish doji candle. The positive candle formation is an indication of a coming upside breakout, which the price is currently pushing to confirm, as it is recovering towards its 20-day simple moving average (SMA) at 1.2719. With the RSI distancing itself above its 30 oversold level and the MACD, although negative, hovering above its red signal line, an upside correction [..]
Hopes of more stimulus and relief over Biden’s peaceful transition lift sentiment US stocks close at new record highs as strong earnings add extra fuel Dollar skids again, euro bounces off lows ahead of ECB decision Optimism high as Biden enters White House After four tumultuous years, Trump’s presidency came to a historic end on Wednesday, as Joe Biden marked his first day at the White House by spreading a message of hope and unity to a fractious nation. While [..]
Stocks power higher after Yellen calls for more big spending to fight pandemic Risk assets rally ahead of Biden inauguration as reflation trade boosted Dollar under renewed selling pressure, gold capitalizes Yellen talks up big spending Risk appetite was riding high on Wednesday after Treasury Secretary nominee Janet Yellen reignited hopes of more massive stimulus packages in the United States in her confirmation hearing yesterday. Yellen went out of her way to make the case for higher spending to counter [..]
USDCAD appears to have glided into a sideways market with a floor at 1.2624 and a ceiling at 1.2834. The price is currently standing on the slight upturn in the 50-period simple moving average (SMA), trying to gain some footing. Nevertheless, from the beginning of the year, the picture is fairly neutral, something also demonstrated in the directionless Ichimoku lines. The dictating 100- and 200-period SMAs are defending the broader negative picture, while the short-term oscillators and the subsided negative [..]
Stocks perk up after slow start to the week as focus turns to Yellen and earnings Hopes that Biden administration will spend “big” bolsters sentiment Euro steadies as Italian worries abate, dollar retreats Yellen to tell US lawmakers to “act big” After a sluggish start to the week, risk sentiment improved late on Monday as investors turned their attention on incoming Treasury Secretary Janet Yellen’s confirmation hearing before the Senate today (1500 GMT), while bracing themselves for a slew of [..]
The BoC will conclude its policy meeting at 15:00 GMT Wednesday and there are some whispers in market circles about a ‘micro rate cut’. Covid infections have risen, the economy is losing momentum because of the lockdowns, and the vaccine rollout is progressing slowly, so a solid case can be made for a cut. However, the situation is not dire enough for the BoC to use its final rate bullet either. Instead, policymakers could send strong signals about a future [..]
The first of the new year’s central bank meetings will get under way next week and it will be a heavy schedule on the data front as well. The European Central Bank, Bank of Japan and Bank of Canada will almost certainly be debating the latest setback to the recovery from the worsening Covid-19 outbreak. China will report its fourth quarter GDP print and flash PMIs along with inflation and retail sales numbers will be doing the rounds in most [..]
USDCAD is pushing off multi-year lows but seems to be incapable of shaking off the bearish tone which has grasped the pair for nearly a year, starting back in March 2020. The Ichimoku line’s negative tempo has somewhat eased, while the diving simple moving averages (SMAs) are dictating the bearish picture. Taking a glimpse at the short-term oscillators, we can observe a slight stalling in downwards momentum. The MACD, in the negative region, is resting on its red trigger line, [..]
Legal disclaimer:
The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.
It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.
CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.
This website uses cookies
By clicking “Continue”, you agree to the default cookie settings on our website.
XM uses cookies to ensure that we provide you with the best experience while visiting our website. Some of the cookies are needed to provide essential features, such as login sessions, and cannot be disabled. Other cookies help us improve our website’s performance and your experience through personalising content, providing social media features and analysing our traffic. Such cookies may also include third-party cookies, which might track your use of our website. You may change your cookie settings at any time.
Cookies are small data files. When you visit a website, the website sends the cookie to your computer. Your computer stores it in a file located inside your web browser.
Cookies do not transfer viruses or malware to your computer. Because the data in a cookie does not change when it travels back and forth, it has no way to affect how your computer runs, but they act more like logs (i.e. they record user activity and remember stateful information) and they get updated every time you visit a website.
We may obtain information about you by accessing cookies, sent by our website. Different types of cookies keep track of different activities. For example, session cookies are used only when a person is actively navigating a website. Once you leave the website, the session cookie disappears.
Why are cookies useful?
We use functional cookies to analyse how visitors use our website, as well as track and improve our website’s performance and function. This allows us to provide a high-quality customer experience by quickly identifying and fixing any issues that may arise. For example, we might use cookies to keep track of which website pages are most popular and which method of linking between website pages is most effective. The latter also helps us to track if you were referred to us by another website and improve our future advertising campaigns.
Another use of cookies is to store your log in sessions, meaning that when you log in to the Members Area to deposit funds, a "session cookie" is set so that the website remembers that you have already logged in. If the website did not set this cookie, you will be asked for your login and password on each new page as you progress through the funding process.
In addition, functional cookies, for example, are used to allow us to remember your preferences and identify you as a user, ensure your information is secure and operate more reliably and efficiently. For example, cookies save you the trouble of typing in your username every time you access our trading platform, and recall your preferences, such as which language you wish to see when you log in.
Here is an overview of some of the functions our cookies provide us with:
Verifying your identity and detecting the country you are currently visiting from
Checking browser type and device
Tracking which site the user was referred from
Allowing third parties to customize content accordingly
This website uses Google Analytics, a web analytics service provided by Google, Inc. ("Google"). Google Analytics uses analytical cookies placed on your computer, to help the website analyze a user's use of the website. The information generated by the cookie about your use of the website (including your IP address) may be transmitted to and stored by Google on their servers. Google may use this information to evaluate your use of the website, to compile reports on website activity and to provide other services related to website activity and internet usage. Google may also transfer this information to third parties, where required to do so by law, or where such third parties process the information on behalf of Google. Google will not associate your IP address with any other data held. By using this website, you give your consent to Google to process data about you in the manner and for the purposes set out above.
Change Settings
Please select which types of cookies you want to be stored on your device.
We are using cookies to give you the best experience on our website. Read more or change your cookie settings.
Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.
XM Live Chat
By clicking the "Enter" button, you agree for your personal data provided via live chat to be processed by Trading Point of Financial Instruments Limited, as per the Company's Privacy Policy, which serves the purpose of you receiving assistance from our Customer Support Department.
If you do not give your consent to the above, you may alternatively contact us via the Members Area or at support@xm.com.
All incoming and outgoing telephone conversations, as well as other electronic communications (including chat messages or emails) between you and us will be recorded and stored for quality monitoring, training and regulatory purposes.
Please enter your contact information. If you already have an XM account, please state your account ID so that our support team can provide you with the best service possible.