USDCAD

Technical Analysis – USDCAD downside risks remain despite positive signals

Posted on August 7, 2020 at 9:07 am GMT

USDCAD is maintaining its negative course below the restrictive line, although it has found some footing at the 1.3232 level. The negatively charged Ichimoku lines and the recent bearish crossover of the 200-day simple moving average (SMA) by the 50-day one may keep the negative bias in play for a while longer. That said, the recent improvement in price is reflected in the short-term oscillators, which promote additional advances. The MACD, in the negative region, has moved above its red [..]

Daily Market Comment – Trump fans the geopolitical flames ahead of NFP

Posted on August 7, 2020 at 8:10 am GMT

Nonfarm payrolls to set the tone for markets, along with stimulus negotiations Trump fires another salvo at Beijing, bans transactions with Tencent, moves to delist Chinese firms Geopolitical worries keep dollar alive, Wall Street set to snap 5-day winning streak Nonfarm payrolls: A most uncertain one The main event today will be the US employment report for July. The consensus is for the US economy to have added another 1.6 million jobs, pushing the unemployment rate down to 10.5%, from [..]

Daily Market Comment – Bank of England lifts sterling; dollar battered but still standing

Posted on August 6, 2020 at 8:25 am GMT

Sterling jumps after BoE seems reluctant towards negative rates, upgrades forecasts Stocks climb, dollar resumes downfall as markets keep betting Congress will deliver Dollar testing a crucial support area again – tomorrow’s NFP may be pivotal Otherwise, the spotlight remains on whether Congress will reach a deal soon BoE strikes a more cheerful tone, pound listens The Bank of England (BoE) unanimously voted to keep its policy unchanged today and struck a fairly optimistic tone. Even though it acknowledged the [..]

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Canada to add more jobs in July as recovery gathers pace, loonie strengthens – Forex News Preview

Posted on August 5, 2020 at 1:44 pm GMT

The Canadian economy is expected to have added more jobs in July as the phased easing of the lockdown across the country continues to boost employment. The jobs report, due on Friday at 12:30 GMT, could give the Canadian dollar a further helping hand in erasing its year-to-date losses versus the tumbling greenback. But with troubles brewing across the border in the United States, can Canada’s recovery stand on its own two feet? Jobs bounce set to continue It’s so [..]

Daily Market Comment – Dollar comeback falters as yields sink, gold sparkles

Posted on August 5, 2020 at 8:39 am GMT

Greenback attempts comeback, but fails as bond yields plummet Gold salutes crumbling dollar and yields, hits new record above $2000 Stocks crawl higher as stimulus negotiations ‘move in the right direction’ Overall, bond market is saying something’s wrong, but stocks don’t mind Falling bond yields stop dollar rebound in its tracks Those hoping for a summer lull in financial markets come August have likely been left disappointed, as there has been absolutely no shortage of volatility so far this week. [..]

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Technical Analysis – USDCAD edges sideways near 2-month bottom levels

Posted on August 4, 2020 at 3:19 pm GMT

USDCAD appears to have adopted a neutral nature around the lower levels of the last two months, confined between 1.3330 and 1.3459. The flattening out of the 50-period simple moving average (SMA) and the Ichimoku lines further reflect this view of weak directional momentum. The short-term oscillators suggest conflicting signals of momentum. Although the RSI points downwards under the 50 threshold, the stochastic oscillator is bullish, coming out of the oversold region. Adding to this, the MACD and red signal [..]

Daily Market Comment – Dollar resumes slide; stocks struggle but tech bucks the trend

Posted on July 31, 2020 at 8:55 am GMT

Dollar slumps again as US economy crashes, heads for fiscal cliff Euro, pound and aussie catapult higher but yen’s jump raises eyebrows European and Asian shares skid but big tech earnings lift Nasdaq Dollar on track for worst month in decade The US dollar is headed for its worst monthly performance in nearly 10 years as economic and political woes in America increasingly undermine the world’s reserve currency just as the outlook elsewhere brightens somewhat. The US economy collapsed by [..]

Technical Analysis – USDCAD rebounds near 1.3310 low; bearish cross in SMAs

Posted on July 31, 2020 at 7:20 am GMT

USDCAD found a strong rebound around the 1.3310 low heading towards the bearish crossover within the 20- and 40-day simple moving average (SMA) to the 200-day one. The RSI bounced off the oversold territory and is pointing south, while the %K line of the stochastic oscillator recorded a bullish cross with the %D line in the negative area. More advances could find immediate resistance at the SMAs, which are currently hovering near 1.3520. Particularly, a decisive close above this level [..]

Daily Market Comment – Fed soothes stimulus anxiety; dollar pares losses

Posted on July 30, 2020 at 8:52 am GMT

Fed tight lipped on new forward guidance but reaffirms pledge on easy policy Stocks buoyed but cautious ahead of tech earnings, US GDP and jobs data Dollar falls on Powell remarks, then bounces back; gold slips Fed maintains course, ups pressure on Congress The Federal Reserve left monetary policy unchanged on Wednesday but warned of a “slowing in the pace of the recovery”. Having already implemented a full range of tools in its fight against the coronavirus, the Fed’s decision [..]

Week Ahead – Fed meets as virus storm worsens; US and Eurozone set for historic GDP collapse

Posted on July 24, 2020 at 12:26 pm GMT

As US politicians squabble over the next fiscal stimulus bill and the country’s virus death toll ticks up again, markets may lean on the Federal Reserve next week for a quick fix. The Federal Open Market Committee (FOMC) meeting will undoubtedly be the most eagerly awaited event of the week. But second quarter GDP prints out of the United States and the euro area will not be far behind as the full extent of the economic shock from COVID-19 is [..]

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