Mon, Nov 30, 2020 @ 20:29 GMT
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Loonie and Sterling Firmer in Dull Month-End Trading

Overall, the markets are relative quite today, in month end trading. Stocks are struggling in tight range, indifferent to news of Modern's plan to see US and EU clearance for their vaccine. In the currency markets, Sterling is currently the strongest one, awaiting news on Brexit trade talks. Canadian...

CAD/JPY ready for rebound resumption after mixed data

A batch of mixed economic data is released from from Canada today, IPPI dropped -0.4% mom in October versus expectation of 0.0% mom. RMPI rose 0.5% mom versus expectation of -2.0% mom. Building permits dropped -14.6% mom versus expectation of-3.8% mom. Current account deficit narrowed slightly to CAD -7.5B...

USD/CAD Decline Likely To Coninue

The US Dollar declined by 50 points or 0.38% against the Canadian Dollar on Friday. The currency pair breached the 50– hour simple moving average at 1.3008 during Friday's trading session. All things being equal, the exchange rate could continue to edge lower in a descending channel pattern. A breakout...

USD/CAD: Key Resistance At 1.3010

Pivot (invalidation): 1.3010 Our preference Short positions below 1.3010 with targets at 1.2970 & 1.2955 in extension. Alternative scenario Above 1.3010 look for further upside with 1.3025 & 1.3040 as targets. Comment As Long as the resistance at 1.3010 is not surpassed, the risk of the break below 1.2970 remains high.

Week Ahead – Data Overload May Spoil Vaccine Euphoria; NFP to Lead the Pack

It’s NFP week and as investors battle the vaccine optimism against the short-term gloom, the latest jobs report from the United States may determine which way sentiment sways next. Canada will also publish jobs numbers along with its Q3 GDP print. The Reserve Bank of Australia, meanwhile, will kick...

USD/CAD Analysis: Could Exceed 1.3040 Level

The US Dollar surged by 33 pips or 0.26% against the Canadian Dollar on Thursday. The currency pair breached the 50– hour simple moving average during yesterday's trading session. Everything being equal, the USD/CAD exchange rate is likely to continue to edge higher. Bullish traders might target the 1.3060 level...

Canada’s GDP To Bounce Back In Q3 But Loonie Still Trails Peers

Canada will post its third quarter GDP figures on Tuesday (13:30 GMT) and like other advanced economies that have reported before it, the North American economy is expected to have rebounded sharply in the summer months. However, with daily coronavirus cases accelerating lately in Canada too, the recovery may...

USDCAD Stands Around Often Tested 1.2993, Bearish Bias

USDCAD has found significant support at the 1.2993 barrier over the last three months, posting a negative spike around 1.2930, which is a new two-year low on November 9. The RSI indicator is still moving sideways in the negative territory, while the stochastic oscillator is turning higher, ready to...

USD/CAD: Turning Down

Pivot (invalidation): 1.3025 Our preference Short positions below 1.3025 with targets at 1.3000 & 1.2985 in extension. Alternative scenario Above 1.3025 look for further upside with 1.3040 & 1.3055 as targets. Comment The RSI calls for a new downleg.  

Interesting Pattern on GBP/CAD Points Lower

GBPCAD can be trading in a big triangle correction, visible on the weekly time frame, however in this article we are going to show you only one part of it. On the daily chart of GBPCAD we see price making a bigger, three-wave decline, down from 1.805 level, which...

The Analytical Overview Of The Main Currency Pairs

The EUR/USD currency pair Technical indicators of the currency pair: Prev Open: 1.1888 Prev Close: 1.1913 % chg. over the last day: +0.21% Yesterday, the EUR/USD currency pair was traded in an uptrend and showed +0.21%. An uptrend is observed on the chart, which indicates the predominance of purchases on this asset. On the...

USD/CAD Analysis: Selling Signals

The US Dollar declined by 37 basis points or 0.28% against the Canadian Dollar on Wednesday. The currency pair tested the lower boundary of a descending channel pattern at 1.2938 during yesterday's trading session. Technical indicators suggest that the exchange rate could continue to edge lower during the following trading...

USD/CAD: 1.2965 Expected

Pivot (invalidation): 1.3015 Our preference Short positions below 1.3015 with targets at 1.2985 & 1.2965 in extension. Alternative scenario Above 1.3015 look for further upside with 1.3030 & 1.3045 as targets. Comment A break below 1.2985 would trigger a drop towards 1.2965.

Dollar and Yen Stay Weak in Quiet Pre-Holiday Trading

Markets are generally rather quiet in Asian session today, with Thanksgiving holiday in the US in sight. Risk markets are taking a breather after the earlier rally, so do the selloffs in Dollar, Yen and Swiss Franc. Nevertheless the trio remain the weakest ones for the week. On the...

Crude Oil Rally Helping The CAD

The US Dollar was bearish against all of its major pairs on Wednesday. It was a busy day on the U.S. economic data front, the Mortgage Bankers Association's Mortgage Applications jumped 3.9% for the week ending November 20th, compared to -0.3% in the week before. Initial Jobless Claims unexpectedly rose to...

The Analytical Overview Of The Main Currency Pairs

The EUR/USD currency pair Technical indicators of the currency pair: Prev Open: 1.1839 Prev Close: 1.1892 % chg. over the last day: +0.44% Yesterday, the EUR/USD pair was traded in an uptrend and showed +0.44%. An uptrend is observed on the chart, which indicates the prevalence of purchases on this asset. On the hourly...

USD/CAD Analysis: Breakout Could Occur

Downside risks dominated the US Dollar against the Canadian Dollar on Tuesday. As a result, the exchange rate plummeted by 95 points or 0.73% during yesterday's trading session. Everything being equal, the currency pair could continue to decline during the following trading session. A breakout through the lower boundary of...

USD/CAD: Watch 1.2960

Pivot (invalidation): 1.3030 Our preference Short positions below 1.3030 with targets at 1.2985 & 1.2960 in extension. Alternative scenario Above 1.3030 look for further upside with 1.3055 & 1.3080 as targets. Comment A break below 1.2985 would trigger a drop towards 1.2960.  

The Analytical Overview Of The Main Currency Pairs

The EUR/USD currency pair Technical indicators of the currency pair: Prev Open: 1.1852 Prev Close: 1.1840 % chg. over the last day: -0.10% Eurozone economic activity has fallen sharply in November as renewed restrictions aimed at preventing the coronavirus spread forced many companies in the bloc's services sector to close temporarily. The EUR/USD currency...

USD/CAD Declines To Continue

The US Dollar soared by 53 pips or 0.41% against the Canadian Dollar on Monday. The surge was stopped by the 200– hour simple moving average during yesterday's trading session. Tuesday's trading session opened with bearish momentum. Most likely, bears will continue to pressure the exchange rate lower today. The...

USD/CAD: Turning Down

Pivot (invalidation): 1.3080 Our preference Short positions below 1.3080 with targets at 1.3035 & 1.3010 in extension. Alternative scenario Above 1.3080 look for further upside with 1.3100 & 1.3120 as targets. Comment The immediate trend remains down and the momentum is strong.

NZD Surges on RBNZ Expectations, Dollar Rebound Short-Lived

Commodity currencies surge broadly today on the back of strong risk appetite, especially in Japan. New Zealand Dollar is additionally boosted after the government asked RBNZ to considering surging house prices in monetary policy moves. Dollar tried to rebound overnight, with the help from downside breakout in Gold. The...

The Analytical Overview Of The Main Currency Pairs

The EUR/USD currency pair Technical indicators of the currency pair: Prev Open: 1.1871 Prev Close: 1.1855 % chg. over the last day: -0.13% On Friday, the EUR/USD currency pair was traded in the range of 1.1850-1.1890 and showed a negative trend of 0.13%. The currency pair is growing this morning. An uptrend is observed...

USD/CAD Analysis: Bears Could Prevail

The US Dollar surged by 47 points or 0.36% against the Canadian Dollar on Friday. The gains were stopped by the 200– hour SMA at 1.3088 during Friday's session. Downside momentum dominated the exchange rate during the Asian session on Monday. As a result, a breakout through the lower boundary...

EUR/CAD 4H Chart: Two Scenarios Likely

The Eurozone single currency has surged by 1.34% against the Canadian Dollar since November 9. The currency pair breached the 50-, 100– and 200– period SMAs during last week's trading sessions. Currently, the exchange rate is trading near the upper boundary of a descending channel pattern at 1.5518 and could...

USD/CAD: Key Resistance At 1.3095

Pivot (invalidation): 1.3095 Our preference Short positions below 1.3095 with targets at 1.3060 & 1.3035 in extension. Alternative scenario Above 1.3095 look for further upside with 1.3120 & 1.3140 as targets. Comment As Long as the resistance at 1.3095 is not surpassed, the risk of the break below 1.3060 remains high.

CFTC Commitments of Traders – Net Short in GBP Futures could Trim on Signs of Resolving Brexit Deadlock

As suggested in the CFTC Commitments of Traders report in the week ended November 17, NET SHORT of USD Index futures dropped -154 contracts to 974. Speculative long positions increased +937 contracts and short positions gained +783 contracts. Concerning European currencies, NET LENGTH in EUR futures fell -1 327...

Canadian Retail Sales Impressive, but It Doesn’t Matter: USD/CAD, WTI

Canada Retails Sales released earlier were the economic highlight of the day for the North American trading session, and the data was impressive!  Retail Sales rose 1.1% vs an expectation of 0.2% and a previous number of 0.5%!  Ex-Autos, the print was just as good, rising 1% vs 0.2%...

USD/CAD Shrugs as Retail Sales Impress

The Canadian dollar continues to show limited movement. Currently, the pair is trading at 1.3053, down 0.15% on the day. There are no US economic releases on the schedule. Canada retail sales sparkle Canada ended the trading week in style, as retail sales for September were much stronger than expected. Headline...

Strong Retail Sales Data from Canada and UK Ignored

Dollar would probably end as the worst performing for the week, followed by Yen and Swiss Franc. But they're generally staying familiar range, like other major pairs and crosses. Investors are struggling to decide on a direction, despite the news of vaccines, or the split between US treasury and...