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.

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
Bullish
Oil - US Crude
Mixed
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • Build your EUR/USD strategy with key trading techniques. Get your free insight here.https://t.co/8AxPEkO20H https://t.co/SaZk74yhA9
  • $USDMXN is keeping nicely to its descending trendline, aiming below the 20 pesos mark in the short-term. Get your market update from @HathornSabin here: https://t.co/QwHGHAPGgI https://t.co/ud5X4JasOG
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/QoIoOpg7De
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am EST (12:30GMT) on DailyFX! - https://t.co/lxd5fZnn4H
  • The $AUDUSD chart is tilting towards lower levels, will need to round the corner soon to turn outlook bullish. Get your market update from @PaulRobinsonFX here: https://t.co/iOpjZyKCUu https://t.co/PNujRmbnPF
  • A forex trader is strategic, disciplined and always switched on to the markets. Learn how to build an FX mindset here: https://t.co/tB3aAErd70 https://t.co/F0sw8vDx5k
  • The Nasdaq 100 index has likely formed an inverse “Head and Shoulders” pattern, which is typically viewed as a bullish trend reversal indicator. Prices may advance further to challenge their all-time highs. Get your market update from @margaretyjy here: https://t.co/tvkE2y6X03 https://t.co/nxxMZFB3Pu
  • Earnings season begins this week with the arrival of quarterly reports from the country’s largest banks. Can they shrug off losses from the recent Archegos blowup and rally higher or will risk aversion take root? Market update from @PeterHanksFX here: https://t.co/Q0LEH8fHzu https://t.co/ywVQ1KwZ26
  • Traders focus a lot of their energy on spotting the perfect time to enter a trade. While this is important, it is ultimately where traders choose to exit trades that will determine success. Learn about the three types of trading exit strategies here: https://t.co/muYkTNXH7s https://t.co/i70XLrni1w
  • 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/rz7fqhRoMG https://t.co/Zl7sfu0OT2
Canadian Dollar, British Pound Outlook Bearish as Week Starts

Canadian Dollar, British Pound Outlook Bearish as Week Starts

Daniel Dubrovsky, Strategist

Asia Pacific Market Open Talking Points

  • Canadian Dollar fell on jobs data, USD/CAD uptrend may extend
  • The British Pound dropped on negative Moody UK credit outlook
  • Asia Pacific markets face opposing Friday US-China trade news

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

Canadian Dollar and British Pound Weakened

The Canadian Dollar underperformed against the US Dollar on Friday as a softer-than-expected local jobs report fueled BoC rate cut bets. In October, Canada lost 1.8k employed positions when economists were anticipating a 15.0k increase. Most of these were lost from the full-time sector (-16.1k) while the typically less-favorable part-time segment gained 14.3k positions.

Meanwhile the anti-risk Japanese Yen and haven-linked US Dollar outperformed as the markets received opposing trade war headlines. Initially, stocks sank after US President Donald Trump said there was no official agreement to rollback Chinese tariffs in the event of a “phase one” deal signing. This contrasted with prior news to the contrary.

Then, the US President stated that a deal would be signed in the US “if reached”. By the end of the session, the S&P 500 closed 0.26 percent to the upside as markets remained hopefully of a trade accord. The British Pound extended declines from Thursday after Moody’s changed the UK’s credit rating outlook and revised it to negative from stable. This was largely as a result of ongoing Brexit “paralysis”.

Monday’s Asia Pacific Trading Session

With that in mind, as liquidity returns at the onset of the new trading week, Sterling may extend its decline as it attempts to clear key support. A relatively quiet economic docket during Monday’s Asia Pacific trading session places the focus for currencies on risk trends. It remains to be seen which way regional bourses will favor given Friday’s opposing developments in US-China trade news.

Canadian Dollar Technical Analysis

USD/CAD has extended its near-term uptrend after finding a bottom during the end of October – as anticipated. Prices are sitting on the outer edge of immediate resistance at 1.3226. A daily close above this level may open the door to revisiting the former rising support line from July. It may establish itself as new resistance. Otherwise, a close under 1.3206 risks reversing recent upside progress.

Chart of the Day – USD/CAD

Canadian Dollar, British Pound Outlook Bearish as Week Starts

Chart Created Using TradingView

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