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
Oil - US Crude
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
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here:
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here:
  • US indices have a packed week ahead with earnings from the major technology names, US GDP data due and an FOMC rate decision. With so much on the docket the potential for volatility is heightened. Get your stock market forecast from @PeterHanksFX here:
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here:
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here:
  • The US Dollar Index traded higher last week, sustaining its broader uptrend. Conflicting technical signals urge caution, but the directional bias remains skewed to the upside. Get your weekly USD technical forecast from @FxWestwater here:
  • 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:
  • The Australian Dollar still remains vulnerable as it extends losses against its major counterparts. What is the road ahead for AUD/USD, AUD/JPY, AUD/NZD and AUD/CAD? Get your AUD technical forecast from @ddubrovskyFX here:
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here:
  • Take a closer look visually at the most influential global importers and exporters here:
USDCAD Reversal Underway- Long Scalps Favored Above 1.10

USDCAD Reversal Underway- Long Scalps Favored Above 1.10

Michael Boutros, Strategist

Talking Points

  • Weekly opening range break turns USDCAD scalp bias positive
  • Broader outlook constructive above 1.0906- bullish invalidation
  • Major event risk on tap from US & Canada

USDCAD Daily Chart

Forex_USDCAD_Reversal_Underway-_Long_Scalps_Favored_Above_1.10_body_USDCAD_Daily.png, USDCAD Reversal Underway- Long Scalps Favored Above 1.10

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • USDCAD turns ahead of Fib support / TL resistance breach- bullish
  • Outside key reversal today / RSI resistance trigger break- bullish
  • Breach above weekly opening range high shifts scalp bias to the topside
  • Topside resistance objectives at 1.1103/25, 1.1157 & 1.1223/34
  • Key support now 1.0906- bullish invalidation
  • Break targets support at 1.0825/30 & 1.0702/24
  • Key Events Ahead: US Consumer Price Index (CPI) & weekly jobless claims on Thursday and Canadian retail sales & CPI data & US existing home sales on Friday

USDCAD Scalp Chart

Forex_USDCAD_Reversal_Underway-_Long_Scalps_Favored_Above_1.10_body_USDCAD_SCALP.png, USDCAD Reversal Underway- Long Scalps Favored Above 1.10

Notes: Our focus has shifted back to the topside with today’s breach above the weekly opening range high at 1.0996 and long exposure is favored while above this mark. An outside day reversal pattern on the daily chart paired with a rebound off the 1.0905 key support threshold suggests that a more significant low may have been put in place here. The daily RSI signature remains constructive with the oscillator continuing to respect the 40-threshold with room to spare on subsequent pullbacks since the September lows. A topside trigger / 50-breach today offers further conviction on our directional bias and puts last month’s breakout of the 2003 trendline resistance back into play.

Our immediate focus is to the topside and we’ll look to buy dips / breaks of resistance with RSI conviction while above 1.0996 with only a break / close below 1.0905 invalidating our broader outlook. Caution is warranted heading into key data prints from both countries tomorrow and Friday with pullbacks likely to offer favorable long entries. Follow the progress of this trade setup and more throughout the trading week with DailyFX on Demand.

* 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




Resistance Target 1

Daily / 30min


50% Retracement

Resistance Target 2



Last Week’s High / Soft Resistance

Bearish Invalidation

Daily / 30min


61.8% Retracement / Jan 31st Close

Break Target 1

Daily / 30min


78.6% Retracement / 100% Ext

Break Target 2



Soft Support / Pivot

Break Target 3



Soft Support / Pivot

Break Target 4

Daily / 30min


2014 High / 50% Retracement

Break Target 5



March 2006 Low / Soft Resistance

Support Target 1



61.8% Retracement / Pivot

Bullish Invalidation



50% Retracement / Weekly ORH

Break Target 1



Soft Support / Pivot

Break Target 2



23.6% Retracement

Break Target 3



61.8% Fib Extension

Break Target 4

Daily / 30min


50% Retrace / Weekly ORL / Feb Low

Break Target 5



50DMA / TL Support / Pivot

Break Target 6

Daily / 30min


61.8% & 38.2% Retrace(s) / 100% Ext

Average True Range

Daily (20)


Profit Targets 17-20pips

*ORH: Opening Range High

*ORL: Opening Range Low

Other Setups in Play:

---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 or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars next week Monday- Thursday mornings on DailyFX Plus (Exclusive of Live Clients) at 1130 GMT (11:30ET)

Interested in learning about Fibonacci? Watch this Video

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