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. See our updated Privacy Policy here.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • $EURUSD trying to hold support in the fibonacci zone b/w 1709 and 1736, same that helped to catch the Q1 low one more level below that zone and its the 2021 low at 1664 $USD $DXY https://t.co/sntjlxZrnl
  • EUR/USD has been packed in tightly between two key kevels (1.1700/38) since the open on Sunday night. Get your $EURUSD market update from @HathornSabin here:https://t.co/y8SKCtGUFj https://t.co/7atjCSqVS0
  • 🇺🇸 Building Permits MoM (AUG) Actual: 6% Previous: 2.3% https://www.dailyfx.com/economic-calendar#2021-09-21
  • 🇺🇸 Housing Starts MoM (AUG) Actual: 3.9% Previous: -7% https://www.dailyfx.com/economic-calendar#2021-09-21
  • 🇨🇦 New Housing Price Index YoY (AUG) Actual: 12.2% Previous: 11.9% https://www.dailyfx.com/economic-calendar#2021-09-21
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqi8ZEe https://t.co/EZHni1zt9V
  • Heads Up:🇺🇸 Building Permits MoM (AUG) due at 12:30 GMT (15min) Previous: 2.3% https://www.dailyfx.com/economic-calendar#2021-09-21
  • Heads Up:🇺🇸 Housing Starts MoM (AUG) due at 12:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-21
  • Heads Up:🇨🇦 New Housing Price Index YoY (AUG) due at 12:30 GMT (15min) Previous: 11.9% https://www.dailyfx.com/economic-calendar#2021-09-21
  • strong bounce in $SPX overnight was up as much as 100 handles off of the lows at one point, futes pointing to a strong gap on the open $SPY $ES https://t.co/ZT5z74jWeS
USD/CAD Prices Stall After CPI Release

USD/CAD Prices Stall After CPI Release

Walker England, Forex Trading Instructor

Talking Points

  • USD/CAD Fails to Find Momentum on Better Than Expected CPI Data
  • USD/CAD Continues to Consolidate, Trading in a 79 PIP Range
  • Sentiment Remains Neutral, with SSI Reading +1.01

The USD/CAD continues to consolidate, with the Canadian Dollar little changed against most major currencies. This lack of direction continues, despite CAD CPI Core (YoY) (APR) data being released better than initial expectations set at 2.0%. The Actual figure was released at 2.2%, however at this point prices have failed to act significantly to this high importance data point. Later today, at 14:00 GMT, US Existing Home Sales (MoM) (APR) is set to be released. Forecasts are set at 1.3%. If this expectation is significantly beat or missed, it may specifically drive US Dollar pairs. Provide there is new market volatility from the news; this data may also shake the USD/CAD from its trading range.

USD/CAD 30 Minute

USD/CAD Prices Stall After CPI Release

(Created using Marketscope 2.0 Charts)

What do analysts expect from the US Dollar for the rest of 2016? Find out more with our Free Dollar forecast!

Price action is now trading back at today’s central pivot, which is displayed in the graph above at a price of 1.30922. This point marks the center of todays’ 79 pip trading range. In the event that volatility picks up going into this weeks close, traders should continue to monitor support and resistance. Range support (S3) is found at 1.30527 and resistance (R3) at 1.31317. A move through either of those values would suggests a shift in market conditions, with price moving outside of the defined pivot range.

See real time shifts in market sentiment. Find out more at the DailyFX’s sentiment page.

SSI (speculative sentiment index) for the USD/CAD reads neutral at 1.01. With the ratio of long vs short positioning nearly equal, it suggests that there may be potentially more consolidation in store for the pair. In the event that prices breakout from today’s pivot range, traders may look for shifts in sentiment to validate the move.

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at his Bio Page.

Contact and Follow Walker on Twitter @WEnglandFX.

It’s a new trading month and FXCM is beginning a new $10,000 trading challenge. Learn more about the contest and track the leaderboard HERE.

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

DISCLOSURES