|Day's range||1.307 - 1.314|
|52-week range||1.2062 - 1.3376|
Last week was great for the USD. Dollar Index made new long-term highs and the EURUSD broke important supports. On almost all instruments with the USD, we can find interesting setups. Today, we present you the USDCAD, where the buy signal is still relatively fresh.
USDCAD range bound as decline in the Turkish Lira now seems to have come to a pause while bearish factors on Loonie’s end failed to boost US Greenback.
On Friday, the U.S. Dollar Index spiked to its highest level since May 17, 2017 after the Euro plunged against the greenback to its lowest level in more than a year as a steep drop in the Turkish Lira sparked a massive flight-to-safety exodus into the dollar.
The U.S. dollar was stronger against other currencies Friday, rising near a 14-month high as political tensions pulled the euro and Turkish lira lower. The Turkish lira fell to an all-time low against the dollar after U.S. President Donald Trump announced he would double tariffs on steel and aluminum from Turkey. The two counties have been in a diplomatic spat over the detention of an American pastor in Turkey.
Political turmoil continued to pull the Turkish lira down on Friday, as the euro was also lower amid trade and geopolitical uncertainty. Turkish President Tayyip Erdogan brushed off concerns on Thursday, saying it was just a campaign against Turkey. Turkish Finance Minister Berat Albayrak is expected to reveal plans for Turkey’s economy on Friday, but concern over Erdogan’s authoritarianism and the Turkish economy have weighed on investors.
USDCAD is expected to continue moving uptrend as USD remains strong in broad market while macro updates scheduled in Canadian calendar today have dovish forecast.
Investing.com - The dollar traded higher against its rivals Thursday, shrugging off a mixed economic data as traders continue to bet a stronger U.S. economy would underpin the greenback amid lingering trade-war tensions.
The dollar is also being supported because the U.K. can’t agree on a Brexit strategy. The New Zealand Reserve Bank said earlier today that it won’t raise rates until 2020. The European Central Bank is only preparing its plan to end stimulus and Saudi Arabia is signal handedly weakening the Canadian Dollar by ordering money managers to dump the Loonie.
Although 50-day & 100-day SMA has been restricting the USDCAD moves since last fortnight, the 1.2960-55 support-confluence, comprising 100-day SMA & an ascending TL, could keep indicating the pair’s upside with 1.3060 being immediate resistances to tackle before confronting the 50-day SMA level of 1.3115. Given the pair’s ability to close beyond the 1.3115, the 1.3190 and the downward slanting trend-line, at 1.3215, seem crucial to watch as they hold the door for the quote’s rally towards the 1.3265, the 1.3340 and the 1.3385 resistances.
USDCAD pair is currently stable above 1.3000 handle after decline influenced by Saudi Arabia’s instructions to sell Canadian equities as investors await US inflation & Canadian housing stats/Employment data.
“We expect to keep the OCR at this through 2019 and into 2020, lower than we projected in our May Statement,” RBNZ Governor Adrian Orr said in the opening lines of the statement.
Investing.com - The dollar was flat against its rivals Wednesday, pressured by a stronger yen as trade-war fears resurfaced after China vowed to slap further tariffs on a raft of U.S. goods.
Dovish outcome in Canada’s Ivey PMI & range bound crude oil price action helps USD regain upper hand despite USD’s weakness in broad market.
It looks like USDCAD is ready to finish the bearish correction. It looks like EURUSD is getting ready for another bearish wave. Today, sellers crashed this stronghold, which confirms the long-term sell signal created by the double top formation and two shooting stars on the weekly chart.
Investing.com - The U.S. dollar was lower on Tuesday as the Chinese yuan steadied.The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, decreased 0.25% to 94.95 as of 11:13 AM ET (15:13 GMT).Trade uncertainty has boosted the greenback in the last few months, as the U.S. economy is seen as stronger, but the dollar has failed to break above the 95.5 level.On Friday, China warned it would impose tariffs on up to $60 billion of U.S. ...
Crude oil price action and profit booking activity surrounding US Greenback in broad market has favored CAD bulls as USDCAD pair moves below 1.30 handle.
Investing.com - The dollar edged higher against its rivals Monday amid investor worries about an escalating U.S.-China trade tensions and a slump in the pound to an 11-month low.
The consequences of the trade conflict between the US and China threaten to affect the growth of the entire region, which puts pressure on the yen as well. Global stocks trade slightly lower on Monday morning.
A hawkish Federal Reserve helped drive the greenback higher on Wednesday after the central bank gave an upbeat assessment of the world’s biggest economy and stayed on course to gradually lift interest rates. The U.S. Dollar suffered a slight setback on Friday against a basket of currencies after data showed U.S. job growth slowed in July. Additionally, the greenback also slipped against the Yuan after the Chinese central bank acted to stabilize the currency by stemming speculation against it.
Investing.com - The U.S. dollar fell on Friday, as the U.S. economy added less jobs than expected in June.The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, decreased 0.16% to 94.85 as of 11:19 AM ET (15:19 GMT).The number of jobs added to the economy was tepid, but still strong enough to keep the Federal Reserve on track to gradually increase interest rates.Nonfarm payrolls (NFP) rose by 157,000 in July, according to official data released on Friday. ...
The U.S. dollar continued to hold against other major currencies on Friday, as trade tensions between the U.S. and China lingered. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, increased 0.08% to 95.08 as of 5:00 AM ET (9:00 GMT). Trade uncertainty remained on investors minds after reports that the White House plans to propose 25% instead of 10% on $200 billion of imported Chinese goods.
Absence of strong up-moves after the USDCAD’s recent U-turn isn’t a sign of its fresh south-run as 100-day SMA and support-line of short-term descending trend-channel, at 1.2965-60, still stand tall to limit the pair’s decline. In case if the pair refrains to respect the 1.2965-60 support-confluence, more than six-month old ascending trend-line, near 1.2920, followed by the 1.2900 round-figure, could challenge the sellers. Assuming that the quote closes beneath the 1.2900 mark on a D1 basis, then it can plunge to 1.2800 and the 1.2740 support-levels. On the upside, the 1. ...
The pair looks to US NFP & Canadian trade balance data for trigger to breakout from this week’s price range limitations.
Investing.com - The dollar rose against its rivals Thursday on upbeat labor market data and a slump in the pound, despite the Bank of England raising rates for the first time this year.