The USDCAD currency pair was trading down over 76 pips as the Canadian dollar rallied higher against its US counterpart, driving the entire pair lower. The Canadian dollar, also known as the loonie, rallied higher, bolstered by the release of the latest labour market data from the country. According to the latest labour market data…
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The Canadian Dollar (CAD) has faced headwinds due to a decline in crude oil prices, contributing to this upward pressure on the pair. Western Texas Intermediate (WTI) crude oil prices have been on a downward trajectory since Wednesday and are currently trading at approximately $75.00 per barrel. Crude oil prices have fallen since late September…
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Dollar-loonie is likely to be highly active later this week because of the respective countries’ job reports on Thursday and Friday. Since the NFP has consistently been higher than expected in 2023 so far, it wouldn’t be very surprising to see a stronger result on Friday with a kneejerk higher for USDCAD. That could provide…
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With the NFP approaching, rangebound action seems likely. 11 August’s low around $1.276 could continue to be an important support, especially considering the presence of the 200 SMA. To the upside, $1.305 has been tested several times without success over the last few months. In this situation, saturation can be helpful to find entries in…
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There is no very clear signal from the chart except for the price being below all three of the 50, 100 and 200 simple moving averages, suggesting movement lower. The slow stochastic is close to neutral and there has been no significant change in ATR in June so far. In this context of no clear…
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With price now within the value area between the 100 and 200 SMAs and strongly oversold based on the slow stochastic, a pause seems likely in the runup to tomorrow’s meeting of the BoC. The target for sellers in the medium term seems to be last month’s lows around C$1.25, while to the upside the…
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The 161.8% weekly Fibonacci extension area based on the US dollar’s gains in March last year remains the key technical reference. As of now, a clear push below this zone still looks unlikely. Conversely, a movement above the 50 SMA from Bands, which seems likely in the near future, probably won’t signal a reversal. Instead,…
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Balance of trade from both countries plus of course American core inflation are the key releases to watch this week. The BoC’s meeting on Wednesday afternoon GMT is unlikely to generate a clear movement on this chart but volatility during the subsequent press conference could increase as traders try to read behind the lines of…
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The downtrend for EURGBP continues to be very strong from a technical perspective, with clearer spaces forming between the 50, 100 and 200 SMAs and price extending below the 38.2% area of the weekly Fibonacci fan. Oversold is an important concern for new sellers here, though, with the slow stochastic (15, 5, 5) having displayed…
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From a technical perspective, the uptrend still seems to be active on this timeframe: there has been no clear breach of the 100 SMA. However, price has now moved out of oversold based on both Bollinger Bands (50, 0, 2) and the slow stochastic (15, 5, 5), so more losses this week might be expected…
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