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USDCAD

XM Research

XM Research - 2 days ago

Canada’s unemployment rate likely to rise to more than 2-year high Loonie gains some territory in the beginning of the week Employment report due on Friday at 12:30 GMT Canada employment report may guide the BoC's next policy decision Friday is the day that Canada will release employment figures, which may prove to be very important for the policy decision that the Bank of Canada will take in July.
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XM Research - 3 days ago

Weekly Technical Outlook – EURGBP, USDJPY, USDCAD

French elections help euro to recoup some losses Friday’s NFP report is the week’s main driver as USDJPY holds near highs Canadian employment report next in focus with USDCAD in range French and UK elections --> EURGBP The euro experienced an increase on Monday following the initial round of France's election, which resulted in the far-right party taking the lead, albeit by a smaller margin than anticipated.
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XM Research - 6 days ago

Week Ahead – French and UK elections on the horizon, US jobs report eyed too

France and UK go to the polls; will elections bring chaos or order? US payrolls report for June awaited as Fed hawks don’t budge Eurozone CPI, Fed minutes and ECB forum also on investors’ radar Macron’s gamble set to backfire Political risks came back to haunt the euro in June as the resurgence in popularity for far-right parties sparked jitters in financial markets.
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XM Research - 1 week ago

Market Comment – Stocks’ asthmatic reaction keeps dollar in demand

US stocks edge higher amidst quiet newsflow French elections are around the corner Aussie and loonie benefit from hotter CPI reports Yen remains under pressure Dollar records small gains against the euro The US dollar is trying to find its footing as the market prepares for Thursday’s presidential debate between Trump and Biden and Friday’s PCE inflation report.
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XM Research - 1 week ago

Weekly Technical Outlook – EURUSD, USDCAD, AUDUSD

US Core PCE index could affect EURUSD’s performance Canadian CPI expected to fall; USDCAD still falling AUDUSD may remain in range after Australian CPI US Core PCE price index --> EURUSD The main focus for traders this week will be the US core PCE price index for May, which is coming out on Friday. Also, the personal income and spending data and the final GDP figure will be released this week.
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XM Research - 2 weeks agoBearish

Technical Analysis – USDCAD bears could remain in control

USDCAD eases below 1.3700; could attract new sellers in short-term Next support could emerge within 1.3600-1.3622 territory US S&P Global PMIs, Canadian retail sales on the agenda   USDCAD has been tiptoeing to the downside for five consecutive trading days, increasing speculation that some stability could soon occur. The technical picture, however, suggests that the bears have more to accomplish.
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XM Research - 2 weeks ago

Week Ahead – US PCE inflation the highlight of a relatively light agenda

Core PCE inflation to test bets of two Fed rate cuts in 2024 Yen awaits BoJ Summary of Opinions, Tokyo CPI Canadian CPI data also enters the spotlight   Will PCE data confirm Fed rate cut bets? Although the Fed’s updated dot plot pointed to only one quarter-point reduction by the end of the year, the softer-than-expected CPI numbers a few hours ahead of last week’s decision did not convince market participants about officials’ intentions.
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XM Research - 3 weeks agoBullish

Technical Analysis – USDCAD remains bullish with weak momentum

USDCAD fails to extend above 1.3785 Stochastics suggest bearish retracement USDCAD is still developing above the short-term simple moving averages (SMAs), which are ready for a bullish crossover, and above the medium-term uptrend line. Technically, the MACD oscillator is moving sideways above the zero level; however, the stochastic oscillator is indicating a negative movement as it posted a bearish cross with %K and %D lines in the overbought region.
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XM Research - 4 weeks ago

Technical Analysis – USDCAD still above uptrend line

USDCAD looks neutral in short-term ahead Canadian employment report MACD and stochastics move horizontally USDCAD is moving back and forth of the 20- and the 50-day simple moving averages (SMAs), finding strong support at the medium-term ascending trend line. Momentum oscillators are confirming the sideways movement in the market. The MACD is losing steam near its trigger and zero lines, while the stochastic is flattening within the 20 and 80 level, failing to show any direction signs.
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XM Research - 4 weeks agoNeutral

Technical Analysis – USDCAD holds within recent range

USDCAD constrained within a range as US & Canadian jobs data awaited at 12:30 GMT Bulls need a rally above 1.3775; bears could take control below 1.3578   USDCAD has been swinging sideways over the past two weeks between 1.3740 and 1.3600, unable to reverse the short-term downtrend from April’s peak of 1.3844. The technical signals are currently uncertain, lacking a clear indication as the RSI continues to hover near its neutral mark of 50 and the stochastic oscillator mai
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XM Research - 4 weeks ago

Market Comment – Fed rate cut bets grow but dollar steadies, BoC to likely cut

Soft US data continues to pile up, boosting Fed rate cut bets But dollar on steadier footing ahead of ISM services PMI Bank of Canada expected to cut rates today, loonie slips Oil slide deepens, stocks struggle for direction All eyes on ISM services PMI after soft data run After repeated setbacks, the needle finally seems to be shifting for the Fed to start cutting rates soon, with bets for a September move gaining significant traction in recent days.
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XM Research - 4 weeks ago

Canada’s unemployment rate likely to rise to new 2-year high BoC on Wednesday expects to cut rates Loonie gains some ground ahead of important releases Employment report due on Friday at 12:30 GMT The focus of considerable attention has been on the European Central Bank and the US Federal Reserve as their battle to reduce interest rates approaches its peak.
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XM Research - 4 weeks ago

Market Comment – Market craves weaker US data

Monday's weaker ISM survey pushes the dollar lower Euro/dollar rallies to a 3-month high ahead of the ECB BoC could announce a rate cut tomorrow; loonie may suffer Oil tanks as bearish factors multiply Dollar gets on the backfoot A rather busy week for the US economy started on the back foot for the US dollar yesterday as the ISM manufacturing survey edged lower in the sub-50 territory, pointing to a deteriorating outlook for this sector.
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XM Research - 4 weeks ago

Dollar traders lock gaze on NFP report – Preview

Fed sticks to ‘higher for longer’ mentality PMIs pose downside risks to nonfarm payrolls But point to sticky wage growth The data comes out on Friday, at 12:30 GMT US inflation slows but Fed signals patience Although the latest CPI data revealed that inflation in the US has resumed its downtrend, Fed officials have been continuously signaling patience about when they may start lowering interest rates, with some of the ultra-hawks, like Minneapolis Fed President Neel Kashka
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XM Research - 4 weeks ago

Weekly Technical Outlook – USDJPY, EURUSD, USDCAD

USDJPY continues to trade with resilience near April’s bar as forecasts point to robust US jobs data EURUSD holds within caution area as the ECB prepares to cut interest rates USDCAD directionless despite a probable rate cut in Canada this week   Nonfarm payrolls, ISM business PMIs --> USDJPY The Fed is not expected to cut interest rates before September according to futures markets, and although the wolves of Wall Street are not fond of this scenario, the US dollar ca
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XM Research - 4 weeks ago

Bank of Canada edges closer to rate cut but will it be in June? – Preview

Canadian inflation has been moving in right direction this year Investors have assigned a more than 80% probability of a June cut But will the BoC move before the Fed; decision is due Wednesday, 13:45 GMT The race to cut may be reaching the final hurdle As the race to cut rates reaches fever pitch, much of the attention has been centred on the US Federal Reserve and the European Central Bank.
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XM Research - 1 month ago

Week Ahead – ECB rate cut might get eclipsed by BoC surprise and NFP report

ECB set to slash rates on Thursday, focus on forward guidance But will the BoC take the lead when it meets on Wednesday? US jobs report eyed on Friday as Fed unyielding on cuts OPEC+ might extend some output reductions into 2025 ECB poised to cut rates, but what’s next? The path by central banks to lower borrowing costs has been far from smooth, but it seems that the European Central Bank will be among the first to reach its desired destination.
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XM Research - 1 month agoBullish

Technical Analysis – USDCAD meets uptrend line again and again

USDCAD fails to climb above 1.3740 Momentum oscillators show contradicting signs USDCAD has been rebounding off the medium-term ascending trend line over the last couple of weeks, remaining in a positive territory. However, the pair is also finding strong resistance around the 1.3740 barricade with the short-term simple moving averages (SMAs) suggesting a potential bearish crossover.
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XM Research - 1 month ago

Technical Analysis – USDCAD pulls back but diagonal line still stands

USDCAD attempts to test the uptrend line Momentum indicators remain cautiously tilted to the downside USDCAD had an aggressive selling interest after the pullback from the 1.3740 resistance level, meeting the 20- and the 50-day simple moving averages (SMAs) again. The pair is still holding above the medium-term rising trend line, but the technical oscillators are indicating more decreases.
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XM Research - 1 month ago

Technical Analysis – USDCAD eases slightly after bullish rally

USDCAD surpasses 20- and 50-day SMAs Stochastics and RSI suggest neutral move USDCAD was creating an impressive bullish rally over the previous four days, following the bounce off the 1.3590 support level, surpassing the 20- and the 50-day simple moving averages (SMAs). Technically, the RSI indicator is moving horizontally above the neutral threshold of 50 and the stochastic oscillator is turning down in the overbought region, mirroring the latest weakness in prices.
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