News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The #AustralianDollar may continue to outperform its haven-associated counterparts after breaking above key chart resistance. $AUDUSD, $AUDJPY, $AUDCHF levels to watch. $AUD
  • HSBC share price tumbled 3.2% after Chinese media agency Global Times reported that Beijing is considering putting HSBC into its Unreliable Entity List (UEL). Hang Seng Index fell 0.7% in early Asia trading hours.
  • Join @ZabelinDimitri 's #webinar at 11:30 PM ET/3:30 AM GMT to find out how geopolitical risk will affect the markets in the week ahead. Register here:
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.53% Oil - US Crude: 0.35% Gold: 0.17% View the performance of all markets via
  • The two-day closure of the Japanese markets suggests that liquidity in both equity and forex could be thin, rendering #USDJPY and #Nikkei225 futures susceptible to large swings, should there be surprising news. Read more here:
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.25% 🇦🇺AUD: 0.24% 🇯🇵JPY: 0.20% 🇪🇺EUR: 0.16% 🇳🇿NZD: 0.14% 🇨🇭CHF: 0.11% View the performance of all markets via
  • #Market Snapshot Broad risk-on tilt to kick off a fresh week of trade as the risk-sensitive $AUDUSD jumps back above the 0.73 mark. Haven-linked $USD drifting lower against its major counterparts while $JPY attempts to peg back lost ground.
  • The US #Dollar may fall if demand for haven-linked assets fall after testimonies from Powell and Mnuchin to the House. Better-than-expected data may compound the Greenback’s selling streak. Get your #currencies update from @ZabelinDimitri here:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.06%, while traders in NZD/USD are at opposite extremes with 71.11%. See the summary chart below and full details and charts on DailyFX:
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:
Analysis: One Way to Trade the USD Reversal

Analysis: One Way to Trade the USD Reversal

2013-07-29 17:32:00
Kristian A. Kerr,

To receive other reports from this author via e-mail, sign up to Kristian’s e-mail distribution list via this link.

USD/CAD has been come under steady downside pressure since failing at the start of the month from just under the 1.0600 6th square root progression of the May low. The broader uptrend remains higher, however, and with the decline over the past few weeks unfolding in a seemingly corrective fashion we like using the cyclical turn window seen over the next couple of days as an opportunity to re-align ourselves with this longer-term uptrend.

With the pair nearing some key support levels we will be looking for a positive reaction around these supports to signal that the uptrend is indeed trying to resume. The levels that we will be paying especially close attention to include: the 78.6% retracement of the June to July advance at 1.0235, the 4th square root progression of the year-to-date high at 1.0195 and Fibonacci measured moves at 1.0170 and 1.0155. We like scaling in against these levels over the next couple of days. Too much weakness below 1.0155 will make us seriously question the positive cyclicality we see developing in the exchange rate.

USD/CAD Daily Chart: July 29, 2013

Range_Cad_body_Picture_2.png, Analysis: One Way to Trade the USD Reversal

Charts Created using Marketscope – Prepared by Kristian Kerr

Event Risk Over Coming Sessions:

Range_Cad_body_Picture_1.png, Analysis: One Way to Trade the USD Reversal

Source: DailyFX Calendar


Resistance: 1.0310 (Fibonacci), 1.0370 (Fibonacci)

Support: 1.0235 (Fibonacci) 1.0195 (Gann)

STRATEGY – Buy USD/CAD at 1.0235

Entry: 1.0235

Stop: Daily close below 1.0155

Target 1: 1.0370

Target 2: 1.0435

--- Written by Kristian Kerr, Senior Currency Strategist for

To contact Kristian, e-mail Follow me on Twitter at@KKerrFX.

Looking for a way to pinpoint sentiment extremes in CAD in real time? Try the Speculative Sentiment Index.


DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.