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
Bearish
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
Gold
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
Oil - US Crude
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
Bitcoin
Bearish
More View more
Real Time News
  • The Canadian Dollar rose with crude oil prices, extending the top in $USDCAD. The anti-risk Japanese #Yen may gain if U.S. Airbus tariff hikes fuel market pessimism in Asia trade #CrudeOil $USDJPY - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/02/17/USDCAD-Extends-Top-as-Crude-Oil-Prices-Rise-Yen-May-Gain-Next.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/VMVQfo5VAX
  • 🇬🇧 GBP Rightmove House Prices (YoY) (FEB), Actual: 2.9% Expected: N/A Previous: 2.7% https://www.dailyfx.com/economic-calendar#2020-02-17
  • 🇯🇵 JPY Nominal Gross Domestic Product (QoQ) (4Q P), Actual: -1.2% Expected: -0.6% Previous: 0.5% https://www.dailyfx.com/economic-calendar#2020-02-16
  • 🇯🇵 JPY Gross Domestic Product Annualized s.a. (QoQ) (4Q P), Actual: -6.3% Expected: -3.8% Previous: 0.5% https://www.dailyfx.com/economic-calendar#2020-02-16
  • Heads Up:🇬🇧 GBP Rightmove House Prices (YoY) (FEB) due at 00:01 GMT (15min), Actual: N/A Expected: N/A Previous: 2.7% https://www.dailyfx.com/economic-calendar#2020-02-17
  • 🇯🇵 JPY Gross Domestic Product s.a. (QoQ) (4Q P), Actual: -1.6% Expected: -1.0% Previous: 0.1% https://www.dailyfx.com/economic-calendar#2020-02-16
  • Japanese GDP, Annualized, SA, QoQ: Actual: -6.3% Est: -3.8% Prior: 0.5%
  • Japanese GDP, SA, QoQ: Actual: -1.6% Est: -1.0% Prior: 0.1%
  • Australian Dollar Outlook Bearish as AUD/NZD Resumes Retreat - https://www.dailyfx.com/forex/market_alert/2020/02/14/Australian-Dollar-Outlook-Bearish-as-AUDNZD-Resumes-Retreat.html
  • #EURUSD pivot points (daily) – S3: 1.0775, S2: 1.0808, S1: 10819, R1: 1.0852, R2: 1.0873, R3: 1.0905 - https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
USDCAD’s Test of Resistance May Present Scalping Opportunity

USDCAD’s Test of Resistance May Present Scalping Opportunity

2010-07-12 14:55:00
John Rivera, Currency Analyst
Share:

Key Technical Levels

The Canadian dollar continues to consolidate its gains following a robust employment report which saw the economy add 93,200 jobs in June. The improving domestic economy raised the outlook for a BoC rate hike at their July 21th policy meeting. Therefore, we could see current consolidation continue with the major event risk looming. The USD/CAD is currently testing significant resistance levels which may decrease downside risks in the short-term with the potential change in monetary policy a discouraging factor for bulls.  

SR 10-07-12_1

The 100-Day SMA at 1.0300 has withstood consecutive tests increasing its significance as a barrier and a potential target level for entering and exiting positions. A rising support trend line lies below and increases the formidability of the support level. The pair has carved out a tight 50 pip range between 1.0300-1.0350 which is an ideal scalping environment. 

SR 10-07-12_6

SR 10-07-12_3

Quantitative Metrics

The USD/CAD has seen its ATR decline to 127 pips despite recent volatility derived by the better than expected employment report. Two days of extreme consolidation has been more representative of the pair’s daily price action which is one of the lowest levels amongst the majors. However, the Bollinger band width has started to widen as the pair finds itself in a bearish trend increasing the level of variance. One-way price action makes it difficult to execute scalping strategies-a continuation of the trend will decrease its attractiveness as a target.nbsp;

SR 10-07-12_4

SR 10-07-12_5

Click For Additional Info On Scalping Strategies

To Discuss Scalping Strategies and Get Tips From Other Traders Visit The Scalping Forum.

How To Use Scalping Report Video

To discuss this report or be added to the email list, contact John Rivera, Currency Analyst: instructor@dailyfx.com

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

DISCLOSURES

News & Analysis at your fingertips.