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.



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
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
  • Stocks appear to be in a corrective phase but could get put to the test; levels and lines to watch in the days ahead. Get your weekly equities forecast from @PaulRobinsonFX here:
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Further your forex knowledge and gain insights from our expert analysts on AUD with our free guide, available today:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here:
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here:
  • The Japanese Yen is eyeing the upcoming Bank of Japan rate decision and CPI figures, but JPY crosses will likely remain dependent on broader market sentiment. Get your weekly $JPY forecast from @FxWestwater here:
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here:
  • Crude and Brent oil are on track to extend higher as Gulf Coast supply disruptions and a positive OPEC report bolster sentiment. Uranium is on a massive surge, aided by the famous Wall Street Bets group. Get your market update from @FxWestwater here:
  • RT @michaeljburry: Read thread.
Canadian Dollar Sank with Crude Oil as Health Care Steered Wall Street

Canadian Dollar Sank with Crude Oil as Health Care Steered Wall Street

Daniel Dubrovsky, Strategist

Canadian Dollar, USD/CAD, Crude Oil, AUD/USD, Wall Street – Asia Pacific Market Open

Canadian Dollar Sinks with Crude Oil Prices Despite Stock Market Rally on Wall Street

The Canadian Dollar was one of the worst-performing major currencies to start the week, depreciating alongside crude oil prices. WTI declined -7.27% to an 18-year low amid ongoing bearish fundamental themes, the coronavirus outbreak and a global supply glut. The commodity is a key source of revenue in Canada, making the Loonie often sensitive to swings in oil depending on the latter’s impact on monetary policy bets.

Sentiment-linked WTI was unable to capitalize on a “risk-on” tilt in equities towards the end of the day. The S&P 500 closed 3.35% to the upside, fueled by outperformance in health care securities. This is despite US President Donald Trump announcing an extension of virus guidelines until the end of April, backing down on hopes of starting to open the economy by the Easter holiday in about 2 weeks.

The latter may have been what ignited to a “risk-off” tilt in Asia trade that boosted the haven-linked US Dollar and similarly-behaving Japanese Yen. Prior to Wall Street open Johnson & Johnson – a US medical device company – announced a lead vaccine candidate for COVID-19. Then another local medical firm - Abbott Labs - unveiled a 5-minute test kit for the coronavirus. Both companies’ shares surged, helping the “risk-on” tilt.

Sentiment-linked oil prices were unable to capitalize on the rosy North American trading session. A price war between key producers Saudi Arabia and Russia has been adding downside pressure to crude as world travels grinds to a halt. This resulted in a call today between Presidents Donald Trump and Vladimir Putin. Both discussed efforts to combat COVID-19. They also agreed on the importance of stability in energy markets.

Tuesday’s Asia Pacific Trading Session – AUD/USD, China PMI

With that in mind, Asia Pacific equities may follow the upbeat Wall Street session. That may benefit the growth-linked Australian Dollar while sapping the appeal of the Yen. AUD/USD will be closely watching official Chinese PMI data for March which will cross the wires at 1:00 GMT.

Coronavirus cases in the word’s second-largest economy appeared to have stabilized for the same period the surveys will cover. A rosy outcome could propel the Aussie higher in the near term. After all, China is Australia’s largest trading partner. Follow-through may have to wait until equities digest the news later on.

Canadian Dollar Technical Analysis

The USD/CAD medium-term trajectory still appears to favor the downside after the pair took out “outer” support on the 4-hour chart below. Prices have bounced after forming support which is a range between 1.3918 to 1.3986. Overturning the downside bias entails taking out falling resistance from this month’s peak just under 1.4890 – blue line. A close above 1.4177 may send USD/CAD targeting that resistance line.

USD/CAD 4-Hour Chart

Canadian Dollar Sank with Crude Oil as Health Care Steered Wall Street

Chart Created Using TradingView

--- Written by Daniel Dubrovsky, Currency Analyst for

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.