something interesting

<  BACK TO Market Analysis

USD/CAD struggles

USDCAD_struggles_Forex_FXPIG

 •  A goodish pickup in the US bond yields extends some support to the US Dollar.
 •  Positive crude oil prices underpin Loonie and partly offset the supporting factor.
 •  Traders now eye US monthly retail sales data for some meaningful trading impetus.

The USD/CAD pair struggled to build on its attempted intraday up-move and is currently placed in the neutral territory, albeit managed to hold well Friday's swing low.

The pair witnessed some profit-taking/long-unwinding trade on Friday in reaction to the diverging monthly jobs report from the US and Canada. The US Dollar lost some ground after the latest US monthly jobs report showed that the economy added only 20K new jobs in February.

Meanwhile, the commodity-linked currency - Loonie got an additional boost in wake of upbeat domestic employment details, though a sharp intraday slide in crude oil prices partly offset the negative factors and helped limit deeper losses for the major.

With investors looking past Friday's macro data, a combination of opposing forces failed to provide any meaningful impetus and led to a subdued/range-bound price action through the early European session on the first trading day of the week.

A goodish pickup in the US Treasury bond yields underpinned demand for the greenback and extended some support/provided a minor lift to the major. Meanwhile, oil prices held steady with modest intraday gains of 0.70% and kept a lid on any meaningful up-move.

Moving ahead, today's US economic docket, highlighting the release of monthly retail sales data, will now be looked upon for some meaningful impetus/short-term trading opportunities later during the early North-American session.

Technical levels to watch

Immediate support is pegged near the 1.3400 handle, below which the corrective slide could further get extended towards the 1.3370 horizontal support before the pair eventually drops to test the 1.3310-1.3300 support area. On the flip side, the 1.3440 area now seems to have emerged as an immediate resistance, which if cleared now seems to set the stage for further near-term up-move towards conquering the key 1.3500 psychological mark.

Source: fxstreet

 •  A goodish pickup in the US bond yields extends some support to the US Dollar.
 •  Positive crude oil prices underpin Loonie and partly offset the supporting factor.
 •  Traders now eye US monthly retail sales data for some meaningful trading impetus.

The USD/CAD pair struggled to build on its attempted intraday up-move and is currently placed in the neutral territory, albeit managed to hold well Friday's swing low.

The pair witnessed some profit-taking/long-unwinding trade on Friday in reaction to the diverging monthly jobs report from the US and Canada. The US Dollar lost some ground after the latest US monthly jobs report showed that the economy added only 20K new jobs in February.

Meanwhile, the commodity-linked currency - Loonie got an additional boost in wake of upbeat domestic employment details, though a sharp intraday slide in crude oil prices partly offset the negative factors and helped limit deeper losses for the major.

With investors looking past Friday's macro data, a combination of opposing forces failed to provide any meaningful impetus and led to a subdued/range-bound price action through the early European session on the first trading day of the week.

A goodish pickup in the US Treasury bond yields underpinned demand for the greenback and extended some support/provided a minor lift to the major. Meanwhile, oil prices held steady with modest intraday gains of 0.70% and kept a lid on any meaningful up-move.

Moving ahead, today's US economic docket, highlighting the release of monthly retail sales data, will now be looked upon for some meaningful impetus/short-term trading opportunities later during the early North-American session.

Technical levels to watch

Immediate support is pegged near the 1.3400 handle, below which the corrective slide could further get extended towards the 1.3370 horizontal support before the pair eventually drops to test the 1.3310-1.3300 support area. On the flip side, the 1.3440 area now seems to have emerged as an immediate resistance, which if cleared now seems to set the stage for further near-term up-move towards conquering the key 1.3500 psychological mark.

Source: fxstreet

lastest Articles

Market Analysis
EUR/USD: Five reasons to drag the pair down
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Bearish sign
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
S&P: Major Aussie banks not at risk of downgrade amid pandemic
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: New quarter, same market gloom as coronavirus spreads, critical US data eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Dollar Index: 2008/09 parallels point to sustained USD strength – Westpac
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Crude prices rebound after tapping 18-year low
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD needs to hold onto support at 1.0972 to weather the dollar storm
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Bearish pressure eased
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: King Dollar takes back the reins as coronavirus fears mount, oil slumps; eyes on German CPI
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – Virus Watch, China data to rebound while the world braces for pain, and why the dollar looks so vulnerable
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Will King Dollar be re-coronated after the plunge? Virus, consumer data, eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Prices Steady Despite Increased Coronavirus Stimulus Hopes
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar dumping extends, US coronavirus cases top China’s; US House vote eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Watching if bulls are able to capitalize the momentum
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Crude Oil Pares Gains As Nervous Market Looks To US Jobless Claims
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: EUR, JPY in the lead after Senate's stamp, ahead of horrible US jobless claims, BOE
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: The picture is improving
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Futures: Upside looks capped
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Senate strikes stimulus, stocks may sell the fact, dollar pressured, coronavirus data eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
S&P 500 futures jump 5% and hit the limit-up band of 2,333.50
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD bulls looking to extend the momentum beyond 1.1700 mark
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD firmer above 1.0800 post-PMIs
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: 35-year uptrend breached – Commerzbank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: New week, same corona carnage, dollar down vs. majors, excels elsewhere, US Senate eye
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week ahead – Tougher times ahead?
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold rallies further beyond $1500 mark, fresh session tops
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB’s stimulus package: Lagarde’s “Whatever it Takes” moment – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar takes a breather, coronavirus claims 10,000 lives, “quadruple witching” eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Canada: BoC to keep the system running – RBC Economics
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Oil: Several OPEC members calling for new action – ANZ
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Euro at Risk Ahead of German IFO Data and SNB Rate Decision
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Crude Oil Futures: Still scope for a rebound… but when?
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold slides further below $1500 mark, losing around 2.5% for the day
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Base metals: Sign of weakening demand emerging – ANZ
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Typical dead cat bounce ove
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Prices Slide Again As Coronavirus Prompts Cash Raising
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar dominant as markets bounce after Trump's recession talk, focus on fiscal stimulus
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BoJ Governor Kuroda: Possible to deepen negative interest rates further
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Faced rejection near the 1.1200 round-figure mark
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – Fed and BOJ to add more to the punchbowl, Virus disruption, and a fourth week of heightened volatility
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US: Fed to cut 100bps at its next meeting – Deutsche Bank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB: EUR/USD heading lower as looks for fiscal measures – Danske Bank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold: Wave of selling also hit the yellow metal
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold surrenders early gains, back near $1640 level despite coronavirus-led jitters
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Trump fails to reassure coronavirus-concerned America, stocks down, gold up, ECB eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Euro Analysis Ahead of ECB Rate Decision and Lagarde Outlook
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Price Pullback Fizzles Amid Speculation for More Fed Rate Cuts
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Breaking: GBP/USD tumbles as BOE surprises with 50bp cut to 0.25% ahead of UK budget
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Yen rallies hard as US stimulus doubts, coronavirus fears hit stocks, USD and yields
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD resuming rise amid doubts over US fiscal stimulus
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar dominates after the coronavirus crash amid Trump's tax promises, Chinese hopes
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Global shares plunge in worst day since financial crisis
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Monday mayhem, wild currency moves, Gold fakeout, oil -30%, amid coronavirus panic
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Oil Prices Crash 25% As Oil War Begins
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Company News
Time to Spring Forward
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week ahead – Market volatility here to stay
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
The Fed could cut rates further at the March meeting – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold remains confined in a range, around $1640
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD flirting with daily highs around 1.1140
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD – Euro Rally May Just Be Getting Started vs US Dollar
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US Pres. Trump: Fed should ease and “cut rate big”
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BoE's Tenreyro: Important to highlight that we were not in a rush to raise interest rates
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Coronavirus update: First confirmed case in London, total infections in Iran at 1,501
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/JPY Price Analysis: Upside stalled just ahead of the 200-day SMA
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – Central Banks, OPEC + and Governments prepare to cushion the coronavirus impact
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US: Markets not focused on Super Tuesday
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB's Vasiliauskas says extraordinary meeting may be called over coronavirus, EUR/USD off the highs
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Markets in freefall: Carney warns UK faces downgrade over coronavirus – latest updates
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB's Schnabel: Coronavirus increased uncertainty about global growth outlook
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD now looks to 1.0925 – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold clings to gains near session tops, around $1650 region
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Coronavirus clobbers markets, dollar on the defensive (for now), Bitcoin battered
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Euro Outlook Somber as COVID-19 Threatens EU Corporate Debt
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold corrects further from multi-year tops, slides to $1635 area
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Turn-up Tuesday? Dollar, stocks bouncing, Gold down, after coronavirus-related plunge
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/JPY Price Analysis: Decline is challenging the 200-day SMA
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US Dollar Index Price Analysis: Still scope for a move to 100.00
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week ahead – Race to face the Don
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FED: Three arguments for a rate cut – Nordea
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Breaking: EUR/USD jumps above 1.08 as German Manufacturing PMI beats with 47.8
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Company News
FXSniper X2 Risk Available in EURO Now
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD: Overnight sharp fall
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Long-term extremes for EUR/USD, USD/JPY, AUD/USD, Gold amid coronavirus fears, USD rally
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Asian stocks slip as virus' regional spread spooks investors
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Futures: Green light for extra gains
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Possible test of 1.06 – Danske Bank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Yen slips as risk recovers on fading coronavirus fears; UK CPI – up next
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
RBA Minutes: Prepared to ease monetary policy further – ANZ
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BoJ expected to ease further into 2020 – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Risk sold amid coronavirus-led rising economic costs; a busy docket ahead
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Company News
EuroHook Pamm - The Fishermans's Bastion
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: A bottom looks closer – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – Turning a Corner on COVID-19
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Oil: Energy sector up
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD: Upsurge testing major resistance
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: EUR/USD falls toward Macron gap, Pound enjoys Javid jump, US consumer, coronavirus eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Australian dollar: Under the weight of the world – Westpac
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US Dollar May Rise on Haven Demand as Coronavirus Fears Swell
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Price Analysis: Levels to watch after coronavirus-fueled jump – Confluence Detector
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Edges Lower as Coronavirus Worries Take Back Seat To Stock Gains
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613