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
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
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
GBP/USD
Mixed
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
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/X15k6b4ZyB
  • The month of May saw equities rise across the board. The #Dow Jones and #DAX 30 will look to hold above nearby support while the #Nasdaq 100 may look to attack all-time highs. Get your #equities market update from @PeterHanksFX here: https://t.co/dQxkG68R0I https://t.co/cgfcOs14qG
  • There is a dramatic departure between yield curve pricing for a recession and other measures of near-term growth; the Q2’20 Atlanta Fed GDPNow is extremely alarming.Get your market update from @CVecchioFX here: https://t.co/eMd3T8EwDO https://t.co/56oUP6we9U
  • The #DAX has now closed the gap from the beginning of March with the index breaking above 61.8% fib at 11592. Get your DAX market update from @JMcQueenFX here: https://t.co/wr67nkxc8z https://t.co/CkxPZn1v3t
  • Emerging market currencies haven’t been treated equally by the effects of global contagion, even if most have suffered to some degree. However withdrawal of investment flows could hit them all. Get your market update from @DavidCottleFX here:https://t.co/QzNoNYgMgP https://t.co/9CV6iZt40j
  • My weekend trading video: 'S&P 500 Rises on Trump China Presser, #NFPs and Rate Decisions Ahead' https://www.dailyfx.com/forex/video/daily_news_report/2020/05/30/SP-500-Rises-on-Trump-China-Presser-NFPs-and-Rate-Decisions-Ahead.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/ZvoGoibzj1
  • Hopes are high for deeper European economic integration as the continent battles back from the coronavirus slowdowns – but will it hold? What impact can this have on #Euro? Find out from @JStanleyFX here: https://t.co/b9ZWRd4cTr https://t.co/gngm5tKqjz
  • The US Dollar could rise against #ASEAN currencies such as the Singapore Dollar as US-China tensions seem to escalate. The Indian Rupee is also looking ahead of local 1Q GDP data.Get your market update from @ddubrovskyFX here:https://t.co/LkEFJViPWY https://t.co/iL7xlHLBiF
  • #Gold has a short-term bullish set-up that may play nicely with USD weakening. The longer and shorter-term path of least resistance remains higher. Get your $XAUUSD technical analysis from @PaulRobinsonFX here:https://t.co/6gt3F9LuGP https://t.co/B4MVrg8f6i
  • The AUD may suffer as relations between Australia and China deteriorate amid dwindling growth prospects. Euro traders will be closely watching progress in talks about a €500b recovery fund proposal. Get your market update from @ZabelinDimitri here: https://t.co/LkEFJViPWY https://t.co/Fo1wlWyz8r
Canadian Dollar, Crude Oil May Fall as Australian Dollar Gains at Open

Canadian Dollar, Crude Oil May Fall as Australian Dollar Gains at Open

2020-04-05 20:30:00
Daniel Dubrovsky, Analyst
Share:

Canadian Dollar, USD/CAD, Crude Oil, Australian Dollar, OPEC, Virus – Asia Pacific Market Open

Canadian Dollar, Crude Oil May Fall as Australian Dollar Gains at Market Open

The Canadian Dollar may fall with crude oil as the Australian Dollar gains at market open. Over the weekend, the OPEC+ virtual meeting originally plannedon Monday was pushed back to later this week. This followed a row between key producers Saudi Arabia and Russia as they exchanged verbal jabs. The former said that comments by the latter blaming it for the end of the OPEC+ pact were “fully devoid of truth”.

Traits of Successful Traders
Traits of Successful Traders
Recommended by Daniel Dubrovsky
Traits of Successful Traders
Get My Guide

The dive in crude oil prices – in response to the coronavirus outbreak sinking global travel – was amplified by a price war initiated by Saudi Arabia and Russia. Last week, the commodity surged to deliver its best 5 days since at least 1983 on hopes of major output cuts to help alleviate a supply glut. However, it is unclear so far if other major oil producers – notably the US – could join in as confusion around output cuts fuels price volatility.

Further complicating matters are threats from President Donald Trump who over the weekend hinted at using tariffs “if needed” to protect the oil industry. Meanwhile weekend futures tracking Wall Streetcourtesy of IG - were pointing higher into Monday’s Asia Pacific session. That could precede a cautiously optimistic tone at the onset of the new week. This may bode well for the growth-oriented Australian Dollar.

On Sunday, New York State – the epicenter of the coronavirus outbreak in the United States – reported its first drop in coronavirus deaths. Meanwhile across the Atlantic, Italy and France also reported ebbing fatalities from the virus. This fueled case stabilization bets. Gains in equities may also help alleviate weakness in sentiment-linked crude oil. Follow-through is uncertain however given the fluid nature of COVID-19.

Canadian Dollar Technical Analysis

Given upside pressure, USD/CAD could be testing key falling resistance from the March peak on the 4-hour chart below - blue lines. With confirmation, a breakout could precede a reversal of the near-term downtrend as prices challenge 1.4349. Taking out this area may open the door to revisiting peaks from 2016. Otherwise a drop through rising support from March 27 – pink lines – may refocus the objective to the downside.

USD/CAD MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -24% 0% -15%
Weekly 9% -6% 2%
What does it mean for price action?
Get My Guide

USD/CAD 4-Hour Chart

Canadian Dollar, Crude Oil May Fall as Australian Dollar Gains at Open

Chart Created Using TradingView

--- 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

News & Analysis at your fingertips.