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
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
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Although the Fed hawkish bias has caused some reflationary position unwinding and anxiety about the outlook for commodities, the fundamental picture for oil has not changed and remains bullish. Get your market update from @DColmanFX here: https://t.co/N5X16b8ljP https://t.co/UA6CfjTLfc
  • A short-term ascending channel is under threat after Bitcoin’s first attempt to break through a stubborn resistance zone failed. Get your market update from @nickcawley1 here: https://t.co/RbnADE05iu https://t.co/HcrqaKg5F3
  • Is the Eurozone entering into a second debt crisis? Find out here: https://t.co/27Y8gKO0xY https://t.co/qHyg1KpVKH
  • And the Monday Asia trading session has officially begun. A pair to have on your watch list to kick off early trade: $AUDUSD post head-and-shoulders' neckline (and 200-DMA) breakdown https://t.co/iuYqEN5xpv
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here: https://t.co/MZtBh88nOv https://t.co/DIP9cgoSUt
  • Here are the top scheduled event risks on my calendar for the coming week. Global PMIs, a few rate decisions, the Fed's bank stress test results, the Fed's favorite inflation indicator and a run of Fed speak among much more: https://t.co/3jIl4PvHiA
  • I know it is a cognitive bias, but it seems that every time I take a day off, there are significant market moves. Dow's tumbled into a 5th straight session Friday with 10-day correlation to Nasdaq most extreme negative in 4 years https://t.co/V3U6IOAEXz
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am EST (12:30GMT) on DailyFX!! - lots to discuss on the back of last week's #Fed Fireworks! https://t.co/lxd5fZnn4H
  • 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/l0j9vLrMIp
  • Markets Week Ahead: Gold, Dow, Pound-Dollar, BoE Rate Decision, Fed Risk, PMIs Check out my recap of last week and preview of upcoming event risk, plus all the latest forecasts from the @DailyFX team below. Link to Analysis - https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/06/20/Markets-Week-Ahead-Gold-Dow-Pound-Dollar-BoE-Rate-Decision-Fed-Risk-PMIs.html $GLD $DJI $GBPUSD #Trading
Canadian Dollar Eyes Support as Wall Street Rally Sinks the US Dollar

Canadian Dollar Eyes Support as Wall Street Rally Sinks the US Dollar

Daniel Dubrovsky, Strategist

Canadian Dollar, USD/CAD, Wall Street, US Dollar, Australian Dollar – Asia Pacific Market Open

Canadian Dollar Gains as Wall Street Rallies in Broad “Risk-On” Thursday

The growth-linked Canadian Dollar experienced a relatively rosy session on Thursday despite weakness in crude oil prices. The commodity is a key source of revenue in Canada and can often inspire the trajectory of monetary policy from the BoC. Rather, USD/CAD seemed to be glued to sentiment which was broadly optimistic, denting demand for the haven-linked US Dollar and similarly-behaving Japanese Yen.

The S&P 500 and Nasdaq Composite closed +1.15% and +1.41% respectively in a day that saw market optimism gradually improve over the course of 24 hours. It began during the Asia Pacific trading session as China saw exports unexpectedly surge, resulting in a US$45.34 billion trade surplus. Then the Bank of England left rates unchanged as a couple of policymakers voted to raise the amount of QE asset purchases.

Develop the discipline and objectivity you need to improve your approach to trading consistently

The sentiment-linked Australian and New Zealand Dollars outperformed as stocks rallied. Traders may have also welcomed reports that US and Chinese trade officials are planning a phone call as soon as next week. Lately, fears of trade war escalation have been fueling additional uncertainty about global growth. Investors may have interpreted their plan as a signal that the two sides could help alleviate tensions.

Friday’s Asia Pacific Trading Session

Futures tracking the major benchmark stock indexes on Wall Street are pointing cautiously higher heading into Friday’s Asia Pacific trading session. That may open the door for regional indexes – such as the Nikkei 225 and ASX 200 – to push higher. Such as ‘risk-on’ narrative may bode well for the Australian Dollar while risking sapping the appeal of the US Dollar and Japanese Yen.

Canadian Dollar Technical Analysis

The USD/CAD has extended losses ever since prices stalled under former rising support which acted as new resistance earlier this week – as expected. This has opened the door for the Canadian Dollar to strengthen and perhaps retest critical support which appears to sit between 1.3852 to 1.3918. The pair has generally been consolidating since late March and a descent through that area opens the door for downtrend resumption.

USD/CAD – 4-Hour Chart

Canadian Dollar Eyes Support as Wall Street Rally Sinks the US Dollar

Chart Created in 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