USD/CAD bounces off multi-week lows near 1.3300
USD/CAD picks up some pace and retests 1.3330. US headline, Core PCE drifted lower in December. US Consumer Sentiment comes next in the docket. USD/CAD now gathers some upside traction and revisits the 1.3330 region on Friday, leaving behind at the same time earlier lows in the vicinity of 1.3300, an area last traded back in late November […]
USDCAD: Elliott wave analysis and forecast for 27.01.23 – 03.02.23
2023.01.27 2023.01.27 USDCAD: Elliott wave analysis and forecast for 27.01.23 – 03.02.23 Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/ Main scenario: consider long positions from corrections above the level of 1.3218 with a target of 1.3804 – 1.3975. Alternative scenario: breakout and consolidation below the level of 1.3218 will allow the pair to continue declining to the levels of 1.2946 […]
An explicit signal of a pause will weaken CAD – MUFG
Later today, we have the Bank of Canada policy meeting. Economists at MUFG Bank do not expect a big reaction on the CAD unless the BoC explicitly signals a pause. Approaching terminal rate? “While we believe there is a good chance today’s 25 bps hike could be the last, we are less sure that the […]
USD/CAD struggles to extend recovery above 1.3380 ahead of BoC policy
USD/CAD is facing stiff resistance in surpassing the 1.3380 hurdle as the focus shifts to BoC policy. BoC Governor is expected to hike interest rates further by 25 bps to 4.5%. A sell-off in S&P500 futures is portraying caution in the market mood. The USD/CAD pair is facing barricades in paddling above the immediate resistance […]
USD/CAD declines towards weekly low at around 1.3340 ahead of BoC’s interest rate policy
USD/CAD is looking to extend its downside towards a weekly low around 1.3340 amid the risk-on market mood. The BoC is expected to hike interest rates further by 25 bps to 4.50% this week. Oil prices might deliver a recovery amid optimism over China’s economic recovery. The USD/CAD pair has dropped to near 1.3367 gradually […]
Recovery remains elusive below 1.3520
USD/CAD picks up bids to reverse intraday losses, probes two-day downtrend. Multiple moving averages stand tall to challenge recovery moves. MACD, RSI conditions suggest further weakness but 10-week-old support line restricts immediate downside. USD/CAD licks its wounds during a sluggish Monday morning as the pre-Fed blackout joins the Lunar New Year holidays in China. Even […]
USD/CAD stumbles below the 20/100-day EMAs, eyeing 1.3400
US Existing Home Sales continue to deteriorate and weigh on the US Dollar. Retail Sales in Canada dropped, though improved in November, compared with October. Fed’s Patrick Harker supports 25 bps rate hike increases to the Federal Funds rate. USD/CAD is registering moderate losses during the North American session, falling from daily highs nearby 1.3500 […]
CAD may not receive much directional bias from next week’s meeting – TDS
Next week, the Bank of Canada will have its monetary policy meeting. Analysts at TD Securities expect a 25 basis points rate hike in line with market consensus. They point out the Canadian Dollar (CAD) may not receive much direction bias from the meeting. Key quotes: “We look for the BoC to hike by 25bp […]
USDCAD: Elliott wave analysis and forecast for 20.01.2023 – 27.01.2023
2023.01.20 2023.01.20 USDCAD: Elliott wave analysis and forecast for 20.01.2023 – 27.01.2023 Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/ Main scenario: consider long positions from corrections above the level of 1.3311 with a target of 1.3975 – 1.4205. Alternative scenario: breakout and consolidation below the level of 1.3311 will allow the pair to continue declining to the levels of 1.2946 […]
Further limited CAD recovery potential in the medium term – Commerzbank
The Loonie continues to find it difficult to hold its ground. Economists at Commerzbank see limited CAD recovery potential in the medium term. CAD is likely to have a hard time for the time being against the EUR “In view of the robust economy and active BoC, we see further limited CAD recovery potential against […]