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
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bearish
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
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.93% Silver: 0.75% Gold: 0.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/g27Iwp8uPa
  • 🇺🇸 NAHB Housing Market Index (MAY) Actual: 83 Expected: 83 Previous: 83 https://www.dailyfx.com/economic-calendar#2021-05-17
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.00%, while traders in Germany 30 are at opposite extremes with 71.53%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/CRl85ShvFp
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.78% Silver: 0.70% Gold: 0.56% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/2TtnMVtOFs
  • $EURUSD still battling at that fibo resistance 2167, another inflection this morning https://t.co/v1X3gN2RRX https://t.co/oMC1OvWkI7
  • Heads Up:🇺🇸 NAHB Housing Market Index (MAY) due at 14:00 GMT (15min) Expected: 84 Previous: 83 https://www.dailyfx.com/economic-calendar#2021-05-17
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.01% France 40: -0.13% Wall Street: -0.29% US 500: -0.29% FTSE 100: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/e0gUTLKXn0
  • The Pound saw a modest bout of buying as GBP had been underpinned by reduced political tail risks after the SNP failed to gain a majority at the Scottish Election. Get your $GBP market update from @JMcQueenFX here:https://t.co/bbxv0Aq2LJ https://t.co/LhP15IXDPp
  • it's a big week for $TSLA stock last week it gave up the trendline that's been in-play since last August This week, opening at the 38.2% retracement of the 2020/21 rally https://t.co/cUThTeLFN8
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.11%, while traders in Germany 30 are at opposite extremes with 74.44%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/lyppug4pkN
Canadian Dollar Price May Reverse Versus USD, Yen at Risk Next?

Canadian Dollar Price May Reverse Versus USD, Yen at Risk Next?

Daniel Dubrovsky, Strategist

Asia Pacific Market Open Talking Points

Find out what the #1 mistake that traders make is and how you can fix it!

The sentiment-linked Canadian Dollar outperformed against its major counterparts on Friday as risk aversion cooled into the end of the week. Canada’s benchmark TSX Composite rose about 0.9 percent as Wall Street continued trimming losses from Wednesday when the Dow Jones Industrial Average experienced its worst performance in a single day since 2018.

The rosy mood in financial markets, especially from North America, followed rising bets of quantitative easing out of Europe and fading concerns of a “no-deal” Brexit that lifted the British Pound as well. In the US, we saw fading intensity in the inversion of the 10-year and 3-month yield curve. The United States is Canada’s largest trading partner and fading concerns of a recession in the former could boost CAD.

Canadian Dollar Technical Analysis

Taking a closer look at USD/CAD reveals increasingly bearish signals that may reverse the near-term uptrend from the middle of July. A bearish Evening Star candlestick pattern formed under resistance (1.3318 – 1.3345) as negative RSI divergence emerged. The latter shows fading upside momentum that can at times precede a reversal. This places the focus on rising channel support (parallel red lines below).

USD/CAD Daily Chart

Canadian Dollar Price May Reverse Versus USD, Yen at Risk Next?

Chart Created Using TradingView

Monday’s Asia Pacific Trading Session

With that in mind, a relatively quiet economic docket to begin the new trading week during Asia Pacific hours places the focus on risk trends absent sudden updates on the trade war front. APAC equities may echo gains from Friday’s Wall Street trading session, perhaps further pressuring the anti-risk Japanese Yen. Meanwhile, the pro-risk Australian and New Zealand Dollars may aim cautiously higher

FX Trading Resources

--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

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

DISCLOSURES