USDCAD shrugs off upbeat US jobs data

USDCAD fails to rebound despite stronger US nonfarm payrolls. Bearish trend likely to continue; next support near 1.3455.
XM Group | 15 days ago

 

USD/CAD could not successfully capitalize on stronger-than-expected US nonfarm payrolls, ultimately closing marginally lower on Thursday. The passage of Trump’s megabill in the Republican-controlled House of Representatives – expected to increase fiscal debt by more than $3 trillion – came as no surprise to investors and kept volatility subdued as US investors logged off for the July 4 celebrations. 

However, concerns over global trade partners beginning tariffs payments on August 1 continued to weigh on market sentiment early on Friday, reinforcing the bearish short-term outlook.

Technical indicators are clearly pointing downwards, flagging a potential downtrend extension below May’s low of 1.3538. In this scenario, the tentative support line from July 2023 could come to the rescue near 1.3460. If this level fails to hold, the decline may accelerate toward the 1.3355 support zone, which was last tested in January–February 2024. A further drop could target the 1.3230–1.3275 area.

On the upside, the bulls may encounter immediate resistance between the 20-day simple exponential average (EMA) at 1.3660 and the psychological 1.3700 level. Further up, the 50-day EMA and the 1.3800 mark, which may limit upward momentum and prevent a swift recovery toward 1.3920.

In summary, the current bearish phase in USD/CAD appears to have more room to run, with a new lower low potentially forming around 1.3460.

Regulation: CySEC (Cyprus), FSC (Belize), DFSA (UAE), FSCA (South Africa)
read more
Gold Shines as Trade Tensions Rise

Gold Shines as Trade Tensions Rise

On July 14, global markets turned risk-off after President Trump revived tariff threats targeting the EU and Canada. Gold surged past $3,350 on safe-haven bids, while USD/CAD spiked near 1.3700. EUR/USD rebounded toward 1.1700, and NZD/USD slid below 0.6000 ahead of key Chinese trade data. GBP/USD remained pressured around 1.3500 amid Brexit silence.
Moneta Markets | 5 days ago
Dollar Dominates After Trump’s Trade Strike| 11th July, 2025

Dollar Dominates After Trump’s Trade Strike| 11th July, 2025

On July 10, silver extends gains toward $36.50 amid rising macro uncertainty and safe-haven demand. The US Dollar weakens, boosting AUD and NZD. USD/JPY trims early losses as BoJ hike hopes fade, while EUR/JPY retreats from highs on softening sentiment. Markets brace for US Jobless Claims to guide the next leg in global risk and Fed rate expectations.
Moneta Markets | 8 days ago
Gold Struggles for Direction as Risk Mood Sours | 7th July, 2025

Gold Struggles for Direction as Risk Mood Sours | 7th July, 2025

On July 7, gold slips below $3,350 as the USD strengthens and traders take profit amid tariff-related jitters. Silver lingers under $37. EUR/USD and NZD/USD retreat on weak sentiment, while USD/CAD rises above 1.3900 as oil weakens. Markets brace for key data including US CPI and Eurozone retail sales, with Fed speeches also in focus.
Moneta Markets | 12 days ago
Gold Shines, Oil Steadies Amid Tensions | 13th June, 2025

Gold Shines, Oil Steadies Amid Tensions | 13th June, 2025

On June 16, 2025, global markets are dominated by escalating Israel-Iran tensions, with Iran launching missile barrages on Israel, boosting safe-haven assets. Gold (XAU/USD) consolidates at $3,425 after hitting a two-month high, supported by Middle East risks and Fed rate-cut bets (68% for September).
Moneta Markets | 33 days ago