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USD/CAD keeps testing the 200-day MA; bears still in control. USD/CAD bears have been stubbornly testing the 200-day moving average (MA) this week after confirming another lower high around 1.3340. But the momentum indicators signal that the negative mode has not faded yet as the RSI continues to hover below its
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Canada will publish January inflation and Q4 GDP numbers this week, which should provide investors some clues as to the possibility of a near-term rate hike by the Bank of Canada amid a slowing economy. The CPI figures are due on Wednesday and the GDP estimates will be released on
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The fourth quarter GDP estimates for the United States will finally be published next week following the disruption to the American release calendar from the government shutdown. Canadian GDP will also be in focus, along with core PCE inflation numbers out of the US. Other notable releases include Japanese and
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USD/CAD rebounds off 200-day MA but positive signals insufficient. USD/CAD was supported by the 200-day moving average (MA) this week before turning higher and back above the 50% Fibonacci of the up leg from 1.2781 to 1.3663. The fast-Stochastics hint that the pair is likely to improve further as the blue % K line
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December retail sales will be watched out of Canada on Friday at 13:30 GMT for clues on the prospect of rate increases by the Bank of Canada in 2019. As the Canadian economy loses some steam, the BoC has been forced to sit on the sidelines, dashing the odds of
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USD/CAD holds within SMA; sharp move up needed for more gains. USD/CAD came to close to break the 40-day simple moving average (SMA), surpassing the 23.6% Fibonacci retracement level of the upward movement from 1.2060 to 1.3663, around 1.3285, earlier today. The positively aligned Tenkan-Sen line serves as a testament to the bullish short-term momentum
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USD/CAD rallies to 2-week highs; stochastics overbought. USD/CAD has maintained bullish momentum for the fifth consecutive trading day, reaching two-week highs at 1.3328 on Friday. In the short-term, the RSI is signaling further improvement as the indicator is rising above its 50 neutral level. Yet with the fast stochastics rising towards the overbought threshold of 80, downside
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Canada is delivering its first employment report for this year on Friday at 1330 GMT but according to analysts, the results may appear dull once again, likely leading to the conclusion that rate hike plans should remain on hold for now until further notice. In December, employment growth was muted at 9.3k, marking an average yearly
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The Bank of England and the Reserve Bank of Australia will be next in the central bank world to set monetary policy amid rising risks and uncertainty about the outlook. It will be relatively quiet on the data front as Chinese markets will be shut for the whole week for
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USD/CAD lost almost 1% on Friday, reversing all the gains it gathered to close negative in the previous week. While negative momentum has somewhat slowed down on Monday, the RSI and the MACD suggest that the downside is likely to continue as the former weakens below its 50 neutral level and the
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