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.

Free Trading Guides
EUR/USD
Bullish
Low
High
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
Oil - US Crude
Mixed
Wall Street
Bullish
Low
High
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
Gold
Bullish
GBP/USD
Bullish
Low
High
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
USD/JPY
Bullish
Low
High
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
  • China sets the Yuan reference rate vs #USD at 7.0477 (BBG)
  • South Korea coronavirus death toll rises by 6 to 158 following reports that the country had confirmed 78 more additional cases, bringing the total to 9,661 (BBG) #USDKRW #covid19
  • Currency Strategist,@PaulRobinsonFX is a Swing trader. What is your #tradingstyle? Take the quiz and let us know: https://t.co/LPBOcS0Vtd https://t.co/skDq5iLemR
  • Singapore MAS eases policy and reduced the currency band slope to zero. (BBG) Learn more about how to trade #USDSGD here - https://www.dailyfx.com/forex/fundamental/article/special_report/2019/09/03/The-Singapore-Dollar-and-MAS-What-is-SGD-and-How-to-Trade-it.html
  • Tune in to @IlyaSpivak 's #webinar at 10:00 PM ET/2:00 AM GMT for insight on the cross market weekly outlook. Register here: https://t.co/E213bTtq5C https://t.co/x0FHuNIsJ5
  • RT @JPan_IG: SINGAPORE CENBANK SAYS MAS WILL ADOPT A ZERO PERCENT PER ANNUM RATE OF APPRECIATION OF THE POLICY BAND STARTING AT THE PREVAIL…
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/yF133btXFd https://t.co/rUp1G9zzxj
  • #SPX futures down over 1.5% too, echoing risk-off bias https://t.co/Z0n4L156tl
  • MARKET SNAPSHOT: #ASX200 modestly higher in early trade but #Nikkei futures down over 2.5% before Tokyo trading open. #USD and #JPY leading the way higher in G10 FX, hinting at risk-off tilt, but #AUD and #NZD recovering from earlier losses
  • While Sino-US trade jitters are temporarily abating, China-Swedish trade tensions are rising as a part of a political contagion of growing economic hostilities between nations across the world. Get your market update from @ZabelinDimitri here:https://t.co/F1fVoyzoz5 https://t.co/Nij6senHVx
USD/CAD Finds Short Term Support

USD/CAD Finds Short Term Support

2016-06-21 15:07:00
Walker England, Forex Trading Instructor
Share:

Talking Points

USD/CAD 30 Minute Chart

USD/CAD Finds Short Term Support

(Created using Marketscope 2.0 Charts)

Losing Money Trading? This Might Be Why.

The USD/CAD is attempting to find support today, after the pair broke lower in late trading yesterday. So far, support has been identified at the S3 pivot point displayed below at a price of 1.2780. With price action hovering near this value, it opens the USD/CAD up to potentially rally in the short term. If prices do bounce, traders may look for resistance near 1.2829. This area is represented graphically at the R3 pivot, and is acting as range resistance for today’s 49 pip trading range.

In the event that prices rise above the R4 pivot, it opens the USD/CAD to attempt a bullish breakout above 1.2853. Traders looking for a bullish reversal may extrapolate 1X today’s range to place initial targets near 1.2902. It should be noted that bearish breakouts may begin under the S4 pivot point at 1.2756. A move to this point would be significant as it would mark the 3rd consecutive attempted bearish breakout in the last three trading sessions. In this scenario, traders may again use a 1X extension of the pivot range to place initial targets near 1.2607.

USD/CAD Finds Short Term Support

SSI (Speculative Sentiment Index) for the USD/CAD is currently reading at +1.17. While this value is not extreme, it is important to note that 54% of positioning is net long. If SSI continues to move towards a positive extreme, sentiment may signal further declines for the pair. Alternatively, if prices reverse and trade higher, traders may look for SSI to neutralize of flip to a negative reading.

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

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

Do you know the biggest mistake traders make? More importantly, do you know how to overcome the biggest mistake? Read page 8 of the Traits of Successful Traders Guide to find out [free registration required].

Contact and Follow Walker on Twitter @WEnglandFX.

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

DISCLOSURES

News & Analysis at your fingertips.