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
Please try again
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
  • Earnings in focus
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in AUD/JPY are at opposite extremes with 63.58%. See the summary chart below and full details and charts on DailyFX:
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Silver: 1.57% Oil - US Crude: 1.01% Gold: 0.38% View the performance of all markets via
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.46% 🇨🇭CHF: 0.42% 🇦🇺AUD: 0.41% 🇨🇦CAD: 0.29% 🇳🇿NZD: 0.20% 🇯🇵JPY: -0.29% View the performance of all markets via
  • Ever wonder if there are other chart types that can be used for technical analysis? HLOC charts are discussed in the following article as well as their pros and cons. Learn more here:
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: US 500: 0.42% Wall Street: 0.37% Germany 30: 0.19% FTSE 100: 0.14% France 40: -0.09% View the performance of all markets via
  • France 40 IG Client Sentiment: Our data shows traders are now net-long France 40 for the first time since Dec 22, 2020 when France 40 traded near 5,477.70. A contrarian view of crowd sentiment points to France 40 weakness.
  • Coming up in 20'. Please join me if you're free by clicking the link below
  • 💶 ZEW Economic Sentiment Index (JAN) Actual: 58.3 Previous: 54.4
  • 🇩🇪 ZEW Current Conditions (JAN) Actual: -66.4 Expected: -68.5 Previous: -66.5
Trading Places

Trading Places

Walker England , Trading Instructor,

Commodity currencies are fighting for market supremacy and there is no more contested battle ground than the AUD/CAD. Australia is currently the world’s second largest producer of gold producing 240 tons of the metal in 2010. As the price of gold fluctuates, so does the outlook on the Aussie Dollar. The Canadian dollar is no different. As one of the world’s largest oil producing nations, their currency is directly correlated to oil prices.

Viewing our Daily Chart we can see that the Aussie has been dominating the fight with a 1650 pip, bull run starting in May of 2010. Resistance however has been found near the 1.0150 –1.0200 price range and has yet to break through to form higher highs. As price action continues to Chunnel (see definition below), traders will stand by for an impending breakout or look for one more test of support near the .9825 handle.

AUD.CAD04.15_body_Picture_1.png, Trading Places

Price Action

Taking price in to a 4hr chart, we can view the strong correlation between gold and oil commodity prices. The key here is that Gold is forming a new high over $1,485 an ozt (Troy Ounce) while WTI Oil is trading approximately $4 a barrel lower than the high established on April 11th. If gold continues to reach new highs and outpace oil, we can reasonably expect bullish price action on the AUD/CAD to continue.

AUD.CAD04.15_body_Picture_2.png, Trading Places

Trading Opportunity

Our strong uptrend from 2010 gives a strong bullish preference on the AUD/CAD. Traders can look to buy a break in resistance, above the 1.2000 figure. Old resistance will become new support and stops should be placed under 1.050. Using a 1:2 Risk – Reward ratio a minimum price target should be set for a minimum gain of 300 pips.

Alternative scenarios include watching for price to bounce off of resistance to longer term support. If this occurs trades should look for chances to buy near the support line close to .9825-50

*Chunnel – The DailyFX Education team uses the term “Chunnel” to describe a narrowing trading channel creating a tunnel like formation. This generally occurs prior to an increase in volatility and breakout environments.

Walker England contributes to the Instructor Trading Tips articles. To receive more timely notifications on his reports, email to be added to the distribution list.

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