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
EUR/USD
Mixed
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
Wall Street
Bearish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.22% Oil - US Crude: -0.12% Gold: -0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/7UGWflcF7Y
  • - #NZDCHF outlook bearish as the pair struggles to surmount key resistance range - #NZDCAD trading at 13-month highs, but are technical cues hinting at a pullback? - #AUDNZD is again retreating from five-year resistance – how much will it decline? https://www.dailyfx.com/forex/market_alert/2020/07/08/New-Zealand-Dollar-Analysis-NZDCHF-NZDCAD-AUDNZD.html
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.08% 🇪🇺EUR: 0.00% 🇨🇦CAD: 0.00% 🇨🇭CHF: -0.04% 🇦🇺AUD: -0.10% 🇯🇵JPY: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/lTYr3UzRhP
  • RT @DanielGMoss: A ‘second wave’ of #COVID19 cases threatens to hamper #Australia's tentative recovery Uncertainty around the future of fi…
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.26%, while traders in NZD/USD are at opposite extremes with 72.66%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ksJ0N2pq6W
  • A macro forex trading guide exploring how to trade the Euro vs the Swedish Krona and Norwegian Krone through the prism of the Core-Perimeter model. Get your market update from @ZabelinDimitri here:https://t.co/n6zwlZJmGO https://t.co/F8sLZvRG1q
  • If you missed today's session on IG Client Sentiment where I discussed the outlook for the #DowJones, $AUDUSD and $USDCAD while discussing fundamentals and technicals, check out the recording below and stay tuned for a full report! - https://t.co/2wVxhtItzX
  • Wall Street Futures Update: Dow Jones (+0.213%) S&P 500 (+0.175%) Nasdaq Composite (+0.242%) [delayed] -BBG
  • RT @margaretyjy: Watch my Bloomberg TV interview at 9:00AM Singapore time. Coming in soon! https://t.co/Z6u6offept
  • The Core-Perimeter trading model helps traders understand interactions between global economies, helping to trade the assets embedded in these relationships. Get your market update from @ZabelinDimitri here:https://t.co/dKRAo00lfA https://t.co/jw5uvZBvRx
USDCAD Scalps Target Topside Objectives- Bullish Above 1.04

USDCAD Scalps Target Topside Objectives- Bullish Above 1.04

2013-11-19 20:29:00
Michael Boutros, Strategist
Share:

Talking Points

  • USDCHF reversal off key support / momentum rebound keeps focus higher
  • Looking to buy dips above 1.04- bullish invalidation
  • Key US & Canadian event risk on tap this week

USDCAD Daily Chart

Forex_USDCAD_Scalps_Target_Topside_Objectives-_Bullish_Above_1.04_body_Picture_2.png, USDCAD Scalps Target Topside Objectives- Bullish Above 1.04

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • USDCAD rebounds off Fibonacci support / defends November opening range low
  • Interim support 1.0416/19, 1.0394 Bullish invalidation
  • Resistance objectives 7/5 trendline, 1.0506/17, 1.0560, 1.0608/17
  • Daily RSI rebounds off 50-threshold / TL confluence- Bullish
  • Topside momentum trigger set- 50-break invalidates near-term bias
  • Key Events Ahead: US CPI, Retail Sales, Existing Home Sales & FOMC Minutes Tomorrow, Canadian Retail Sales & CPI on Friday

USDCAD Scalp Chart

Forex_USDCAD_Scalps_Target_Topside_Objectives-_Bullish_Above_1.04_body_Picture_1.png, USDCAD Scalps Target Topside Objectives- Bullish Above 1.04

Notes: The weekly opening range broke to the topside in early European trade and was further validated with a 60-breach in intra-day momentum for the first time this week. Our scalp bias remains weighted to the topside above the weekly opening range high at 1.0440 with only a break below 1.0415 invalidating this particular setup. Note that the momentum signature looks a tad stretched here with a pullback likely to offer more favorable long entries and RSI triggers.

In broader terms, the pair remains constructive above the November range low, currently just below the 1.04-figure. Be mindful of the docket over the next few days with key US data prints & FOMC minutes tomorrow and Canadian data on Friday. We'll be covering both of these Aside from the economic docket we’ll be also watching for remarks made by the FOMC officials with 8 of the 12 voting members speaking this week.

* It’s extremely important to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases.

Key Threshold Grid

Entry/Exit Targets

Timeframe

Level

Significance

Resistance Target 1

30min

1.0483

61.8% Retracement

Resistance Target 2

Daily / 30min

Dynamic

7/5 Trendline Resistance

Bearish Invalidation

Daily / 30min

1.0505/16

100% Ext / 78.6% Retracement

Break Target 1

Daily / 30min

1.0525

November High

Break Target 2

Daily / 30min

1.0557/60

88.6% Retrace / Sept High

Break Target 3

Daily / 30min

1.0608/17

78.6% Retrace / 2013 High

Break Target 4

Daily / 30min

1.0653/56

1.618% Ext / 2011 High

Support Target 1

30min

1.0465

23.6% Retracement

Support Target 2

30min

1.0443

23.6% Retrace (longer-term)

Support Target 3

30min

1.0430

Soft Support / Pivot

Bullish Invalidation

Daily / 30min

1.0394/98

38.2% & 50% Retrace / Nov Low

Break Target 1

30min

1.0367

61.8% Retracement

Break Target 2

30min

1.0350

50% Retrace

Average True Range

Daily

55

Profit Targets 13-15pips

Other Setups in Play:

Trade these setups and more alongside the DailyFX research team everyday with DailyFX on Demand

---Written by Michael Boutros, Currency Strategist with DailyFX

For updates on this scalp and more setups follow him on Twitter @MBForex

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for a Live Scalping Webinar on Monday on DailyFX and Tuesday, Wednesday and Thursday mornings on DailyFX Plus (Exclusive of Live Clients) at 1230 GMT (8:30ET)

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

DISCLOSURES

News & Analysis at your fingertips.