USDCAD SIGNAL 22-03-22 : The dollar remained little changed against other currencies
- U.S. Benchmark Treasury yields climbed higher
- Gold and silver make gains due to the Russia-Ukraine conflict
- Oil prices jump as E.U. considers participating in U.S. ban on Russian oil
USDCAD SIGNAL : The dollar edged lower against the Loonie as the U.S. dollar remained little changed against other currencies. U.S. Treasury yields soared as investor focus remains of the Russia-Ukraine war. Gold prices climb higher as investors see its safe-haven appeal. Oil prices rally as E.U. considers joining the U.S. ban against Russian oil after a weekend attack on Saudi facilities.
There was no economic data released on Monday. Investors monitored Fed Chair Powell’s comments for insight about monetary policy. His comments come less than a week after the Fed’s first rate hike. The Fed also signaled that it expects to raise rates at its remaining six meetings this year. It raised expectations for inflation and reduced its economic growth projections for the year.
USDCAD SIGNAL : Technical Analysis
The USD/CAD remains little changed in today’s trading session. Tighter Bank of Canada monetary policy and firm commodity prices point toward a strengthening Loonie. These trends point toward downside risk and signs of a breakdown of the exchange rate. Support is seen near the 50-week moving average near 1.253. Resistance is seen near the 200-day moving average near 1.260. Short-term momentum has turned negative as the fast stochastic generated a crossover sell signal.
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