USD CAD Overview

Interesting news to consider before you trade Market participants mostly ignored the weak Friday data; the conclusion can be made based on the continued growth of currencies at the beginning of this week. The muted reaction to Friday's releases points to investor optimism about the economy and tradi...

Inflation in the USA Market Watch review. 17/05/2021 In today's release, we’ll cover the following topics: US inflation returns above 4%. US Federal Reserve key interest rate. Weakening of commodity currencies. The Canadian dollar has updated its highs since 2015. Oil market prospects. Since Februa...

Fed Chairman puts pressure on USD Market Watch review. 30.04.2021 In today's release, we’ll cover the following topics: US Federal Reserve decision on the main interest rate. Rising oil prices. Collapse of the USD/CAD currency pair. One of the key events of the current week could be the decision of...

Interesting news to consider before you trade The dollar has been weakening throughout April, and last week was no exception. Despite progress in the economic recovery, the Fed intends to stick to its stimulative monetary policy. The euro strengthened on Friday amid the publication of strong busines...

We’ve finally got a decent correction on oil. WTI is going down for the fourth day in a row and in the meantime, the price broke the lower line of the channel up formation and the mid-term upwards trend line. The next target for this drop is the horizontal support at 66.1 USD/bbl. The second commod....

This week should be important for the CAD. We have an interest rate decision and statement, as well as CPI and retail sales data. Ahead of those events, CAD is very strong. USDCAD has been declining for the past few weeks and it looks like this movement will continue. Currently, the price is creati....

First up is the USDCAD pair, which yesterday tested the neckline of the large head and shoulders pattern. The test was positive for sellers and the price bounced from the resistance. This confirms the mid-term sell signal on this instrument. The next occasion is on the cable, which came back above ....

Cable created two beautiful bearish patterns; a head and shoulders and a wedge. Both of them resulted in a downswing. The price is currently aiming at a very important support; the long-term upwards trend line. Any bullish reversal pattern should be a strong buy signal here. USDCAD also created a h....

Today, as always, we have three good trading occasions. Two of them involve CAD and have nice head and shoulders patterns, which are already up and running. EURCAD is the first one. Here, the price broke the upwards trend line (red), neckline (blue), and the horizontal support (orange). After that,....

First up is the USDCAD pair, where the price has created a big head and shoulders pattern. I bet that many traders saw that and were expecting a bearish breakout. That is what happened yesterday. As for now, the price is making lower lows and highs, which is a positive sign. The sell signal looks l....

As expected, bitcoin’s inability to climb above 11k USD sent it much lower. We managed to break the 10k support and, most recently, 8.7k USD. This will now act as the closest resistance. The immediate target for the bears is 6k USD. USDCAD broke the mid-term upwards trend line but it is still not e....

The FOMC minutes weren’t as hawkish as expected, so the USD went down. Oh wait! Now it’s back up again. Another day, another rollercoaster reaction on the FX Market. The minutes allowed the EURUSD pair to break the mid-term upwards trend line and the horizontal support at 1.229. The breakout is not....

Mario Draghi didn’t say anything new. His comments were similar to ones he made recently. The consensus about his statement is that the ECB president wasn’t dovish enough. This pushed EUR higher. On the EURGBP pair, this created an opportunity for a false breakout pattern. Two days ago, the price a....

Mnuchin sank the US dollar with his comment that a weaker currency is good for trade. This helped the USDCAD pair break the mid-term horizontal support, which was a part of the sideways trend locked inside of the rectangle. That opens the way for the new yearly lows. Soon, we should test the lowest....

Friday's calendar seems like the busiest so far in 2018. We should finally see some action on the fundamental side of the market. Today, later in the day, we’ll get the CPI and retail sales data from the US. Ahead of this data, the EURUSD pair is trying its luck and is once again aiming at the ultr....

The hawkish RBA has given AUD a boost, creating a nice trading opportunity on the AUDUSD pair. First of all, we have a bounce from the upwards trend line. Next are the correction equality pattern and the iH&S formation. What’s more, the price came back above the 38.2% Fibonacci and used that as....

As expected yesterday, the EURUSD pair declined sharply, creating a strong shooting star on the daily chart. This opens a way to a bigger correction aiming the closest support (1.1730). It looks like the bears are very determined so the downswing could be actually stronger and might aim for the 50%....

Bitcoin breaks 5,770 USD, triggering a buy signal which should aim for new all-time highs. That movement was expected as we were inside a wedge pattern (bullish) and the price bounced from the long-term upwards trend line connecting higher lows since the middle of September. USDCAD is using a buy s....

We’ve got three different asset classes for you to look at today. We’ll start with cryptocurrency, meaning bitcoin against USD. We can see that the price broke below the 5770 USD support (grey), which opens the way to the mid-term upwards trend line (black). Even with that, the main sentiment remai....

Speculation over John Taylor possibly being the next Chair of the Fed has helped the USD regain some strength. This is especially apparent on the DXY, which bounced from the 92.75 support using a double bottom pattern and started forming the right shoulder of the iH&S pattern. There is no buy s....

USDMXN. We can see the first signs of the exhaustion here. After breaking the upper line of the triangle, the price surged higher. Now we are approaching the 38.2% Fibonacci where we may see some profit taking action from buyers. That resistance is additionally strengthened by the highs from March,....

A few days ago, we said that markets are likely to ignore the news from the North Korea as the chances of a real conflict are rather low and the thing is that we cannot focus our attention on one issue for too long. We saw proof of that today, when markets completely ignored a new missile launch in....

Today’s main event will be the US inflation data, but the rate decision from the BoE also got some attention. USDCAD is forming a bearish flag ahead of the CPI. This pair likes and uses trend continuation patterns so we should see a further drop; obviously only if the CPI allows us to do so. EURGBP....

There isn’t much time to digest yesterday's move by the BoC as today we have the ECB meeting and Mario Draghi’s press conference and all eyes are now on these. Most of the instruments on the market are continuing their recent trends. Precious metals are climbing higher and USD is going down. One of....

Today's pressDraghi Says Euro a Concern as ECB Targets October Decision on QE Mario Draghi said the European Central Bank is watching the euro’s gains as policy makers edge toward settling the future of their bond-buying program.Euro shrugs off ECB concerns to top $1.20 LONDON (Reuters) - The euro ....

Today's pressBrexit-wary Bank of England leaves rates on hold, cuts growth forecast LONDON (Reuters) - The Bank of England kept interest rates at a record low again on Thursday and, seeing Brexit weighing on the economy, cut its forecasts for growth and wages.U.S. jobless claims, layoffs fall as la....

Buy above 1.2460. Stop loss at 1.2142. Take profit at 1.3000. Reason for the trading strategy (technically): Price is testing major support at 1.2460 (major swing low for past 2 years, Fibonacci extension, bullish price action) and we expect to see a long term correction from this level towards at l...

Previous: On Friday the 28th of July, the euro/dollar closed up. Buyers brought the rate back to 1.1764, taking advantage of US data and a weak US dollar. The US’s preliminary GDP reading for the second quarter of 2017 came out as expected at 2.6%. Despite the high GDP value, price components came o...

Today's pressU.S. economic growth picks up in second quarter, wages continue to lag WASHINGTON (Reuters) - The U.S. economy accelerated in the second quarter as consumers ramped up spending and businesses invested more on equipment, but persistent sluggish wage gains cast a dark shadow over the gro....

The US dollar’s day started with a drop. During trading in Asia, the US dollar index (DXY) fell to 95.46. During trading in Europe, it recovered all its losses, restoring to 95.88. On the back of a strengthening dollar, the euro/dollar rate has fallen from 1.1456 to 1.1372 (-84 pips). Sellers didn’....